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Going After the Listings

“Where there are listings, there are buyers,” says Mike Pappas, CEO at The Keyes Co./Realtors® in Miami, who is taking a strong stance in favor of piling up as many listings as possible in today’s market. Call it a contrarian’s view, he says, but the associates who hold the listings are the ones that are reaping the most sales right now.

“We’ve been pushing inventory,” says Pappas. Three years ago, he adds, associates were selling 70 to 80 percent of their own inventory. Today, that percentage is down to about 20, which means the average professional needs three to four times the typical inventory to do the same business he or she was doing back in 2005.

“If you had 10 listings then, you need about 40 now to get that same revenue level,” says Pappas. To make sure Keyes’ associates understand the equation, he says, the firm’s managers have been educated on the importance of accumulating listings. A daily count of such accomplishments is sent out by the corporate office to those managers, and a countdown goal is used to help them develop and meet their listing objectives.

“Everyone reports their numbers on a call at 8 a.m. every Friday that we recently started doing,” says Pappas. Managers also attend monthly, in-person meetings and serve on task forces (management, training, etc.) designed to get the entire company on the same page. “These efforts help everyone stay focused on the opportunities, and makes us a tighter group.”