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Competing for Market Share as a Real Estate Agent

running businesmanI've been reading a lot lately about competition amongst listing agents. Depends who you ask as to the biggest competing factors, the best tools to have in your arsenal, and the most important points of difference (POD). Many sellers look for a listing agent based on two criteria – lowest commission and highest listing price.

But that is only a tiny part of the big picture, really. If you're competing for market share as a real estate agent, what are some things that can set you apart and get you ahead?

NAR tells us that nearly half of all sellers (45%) said they expect an instant response from their agent and 97% of all sellers expect a response within an hour. Timeliness is a critical factor when it comes to beating your competition and winning listings. Like sellers, buyers also rank immediate response highly. Adopting mobile technology is a great way to enable faster response times and greater availability to your sellers. Make an impact with potential buyers by providing extensive information on your website, QR codes and SMS.

Sellers and buyers alike most commonly choose an agent based on a referral, with trustworthiness and reputation being the most important factors. For all the dissatisfaction (27% of sellers say their agent doesn't respond quickly enough), 89% of buyers are likely to use the same agent again or recommend to others. Winning the first sale is most important, or so it would seem.

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