Typically a larger percentage of referral business will be buyer based. This means that you need to eventually develop a method outside of referrals to create and attract listings.To create long-term success, a high quality of life, and a strong real estate business, set as your goal to eventually join the elite group — comprised of fewer than 5 percent of all agents — who are listing agents. The advantages are many:
- Multiple streams of income: Listings generate interest and trigger additional transactions. Almost the minute you announce your listing by putting a sign in the ground, uploading the property on your website, and placing the listing in the MLS — syndicating the listing to sites like Zillow, Trulia, Realtor.com, and thousands of others — you'll start receiving calls, emails, and texts from active buyers; calls from neighbors; inquiries from drive-by traffic; and queries from people wanting to live in the area. These leads or inquiries represent current and future business opportunities that only arise when you have a listing with your name on it.
- Promotional opportunity: A listing gives you a reason to advertise and draw the attention of prospects whom you can convert to clients or future prospects. And when your listing sells, you can spread the word of your success with another round of communication to those in the neighborhood, on social media, and throughout your sphere of influence.
- A business multiplier: Talk to any listing agent and you'll have this fact confirmed: One listing equals more than one sale.
- Creates quality of life: Being a strong listing agent creates quality of life as well.
- A free team of agents working for you: The moment you post your listing, all the other agents in your area will go to work on your behalf. And the best part is that they don't require payment until they deliver a buyer, and then they'll be paid not by you but by your seller through the commission structure.