The Celebrity Agent defined
Our definition of a Celebrity Agent is one who has a listing market share in their farm between 10% and 60%. The farm can be as small as 500 homes, though more typically we see farms in the 1,000 to 10,000 range.
The common thread of all Celebrity Agents is owners in their farm know their name. Consumer psychologists call this knowledge “awareness.“ If your farm is not aware of you, you cannot be a Celebrity Agent.
If you want to become a Celebrity Agent, or if you are one but want to increase your market share, this post explains how to do it.
What Celebrity Agents do with our software
Set the Celebrity Agent software such that:
1. Every time you have a new buyer, the software works with that buyer to find off-market listing opportunities. We call this process Buyer Concierge. We’ve written this separate post on the many ways we’ve seen Buyer Concierge create a commission.
Note usually the buyer would select that the phone number above ring to a voicemail that the agent screens, as buyers do not want to give out their personal cell phone numbers.
2. Every time something unusual happens in your farm, the software shares the info with the farm and includes how the news relates to their home.
Top agents inform neighbors of unusual activity, whether it is their listing or not. They understand that unusual activity is an attention grabber and the optimum time to brand themself as the the Celebrity Agent and neighborhood expert.
3. Every time you put a property pending, the software informs the owners of like homes and asks them if they are interested in knowing the price or snagging a backup buyer.
4. Every time you get a new listing, the software informs your past clients. Per NAR, most transactions come from past clients and their referrals, yet 91% of agents never contact the buyer or seller after closing. Don’t fall into that trap or it will cost you listings. There are few worse feelings as an agent than to see your past client list with another agent!
5. Every time you get a new listing, the software broadcasts it to the buyers who bought your previous listings. Per NAR 2020 report, 91% of buyer agents never talk with their buyer after closing. If you stay in touch with these buyers, you have a high chance of getting the listing. As we’ve written elsewhere, you can easily make a million dollars in commissions from this group. You are already the expert on selling that home.
6. Every time you get a new listing, the software informs all the neighbors. Owners pay great attention to real estate activity on their block. Seize this moment to reinforce that you are the Celebrity Agent.
7. The software queries neighbors of a pending listing. Do the above whether the listing is yours or not. Most recipients will assume the listing is yours.
8. Annually ask everyone in your farm if they want a personalized home value report.
9. If the above messages aggregate to hitting an owner in your farm less than [4-24] times per year, the software finds other compelling messages to reach these owners.
Get your airplane off the ground
Note we have 4-24 in brackets above. Agents already well-known in their farm can get away with as little as four hits a year. Everyone else, however, should endeavor to create awareness in the farm by reaching owners 12-24 times per year. We know of one agent in an area of San Jose who hits her farm weekly. Her market share is between 50% and 60%.
The analogy we use is the airplane. It takes a lot of fuel and engine noise to get the plane off the ground. However, when the plane hits cruising altitude, you can coast.
It’s the same for real estate agents. If you are just getting off the ground in your farm, you will need to expend great resources to become a Celebrity Agent. Once you reach cruising altitude, it’s beautiful. You can spend appreciably less on marketing and will generate large returns over decades.