One of the biggest appeals to the real estate business is the potential for big earnings. So how exactly do you take home the big bucks in commissions? Ben Bacal explains why selling volume, perhaps more-so than the big price tag sales, is how he and other top brokers make big money. And you can, too, so long as you use the right approach...
What does it mean to “sell volume”?
Much like it sounds, selling volume refers to selling a large quantity of homes, typically in the mid-price range (Bacal quotes $500K to $2M). As the focus of his first few years in real estate, homes in these price margin still constitute a large part of Bacal’s sales each year, even as he’s closing record-breaking sales in the high-end market. As he describes it, they’re good bread-and-butter--a reliable base that you can start, expand through referrals, and keep growing as you work your way up. But there is a correct way to sell volume so it doesn’t slow you down...
How to make it happen
The key is how you manage your time to take on more and more listings without taking away from your #1 focus--prospecting, working through referrals, etc. That’s only possible when you have your team (colleagues, assistants, etc.) conducting the showings, open houses and most other follow up for you. Since it’s not the best use of your time to take care of these items, yourself, here are some tips to make it work for everyone involved.
Have some sort of bonus or showing system in place to get colleagues on board to do their best work at leading open houses and showings for you. It’s always a good idea to reward whoever helped get the property sold--they’ll be more likely to help in the future.
A lot of your success in this business depends on building good rapport, so be open and up-front with introducing whomever you’ve recruited to show the home, to the seller. Bacal suggests bringing the person who’ll show the home to the interview and explaining to the seller that you’ll both be showing the property. That way, you’ll avoid communicating this info as an afterthought, and definitely avoid any surprises when someone else shows up in your place.
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