Midweek Inspections: The Most Underrated KPI in a Shifting Market
What's an extra sale worth to you right now?
In a shifting market, one of the most important things you can do as an agent is start to monitor your weekend sales against your midweek sales.
So you might say to me, "Aaron, why is that important?"
It's very simple.
When the market is surging and it favours the seller, most of your sales are made on the weekend.
But as we start to see fewer buyers through the open homes, less traffic and less demand, we need to pick up the slack somewhere.
And that is going to be done midweek.
Key takeaways
- In a shifting market, sales move from the weekend to midweek.
- One of my top performing teams went from 80% of sales on a Saturday to 60% of sales from midweek inspections.
- The KPI to adopt right now: one midweek inspection per day, Monday to Friday.
- Start monitoring your weekend transactions against your midweek transactions.
What happens to your sales when the market shifts?
Sound familiar?
- Fewer buyers through your open homes
- Less traffic and less demand
- Enquiry numbers starting to drop
- Listings sitting longer, and vendors getting nervous
The good news is you're probably not alone.
And here's the opportunity. A market like this is when market share changes hands.
While every other agent in your marketplace is still relying on Saturday and Sunday sales, you can be picking up the slack through private inspections midweek.
How much difference can midweek inspections make?
Here is an exercise we ran with one of my top performing teams.
Before the market shifted:
- 80% of all their transactions were being made on a Saturday
- Only 20% were being done midweek
As the market started to shift, here is the end result:
- 60% of all sales were coming from midweek inspections
- Only 40% were being done on the weekend
I cannot emphasise enough the underrated importance of midweek inspections, whether that be private inspections or midweek open homes.
What KPI should every agent adopt right now?
One midweek inspection per day, Monday to Friday.
Work with one buyer per day midweek.
Here is what's going to happen:
- You'll better qualify your buyers on the weekend and figure out who the quality buyers are.
- You'll work with those buyers midweek and build a better quality rapport.
- You'll monopolise that buyer's time by showing them more properties.
That's how your sales numbers go up while everybody else's in the market soften.
Your midweek inspection action plan
- Count it. Look at your recent sales. How many were made on the weekend, and how many midweek?
- Qualify on the weekend. At every open home, figure out who your quality buyers are.
- Book one a day. One midweek inspection per day, Monday to Friday.
- Show them more. Take those buyers through more properties.
- Start monitoring it. Weekend transactions to midweek transactions. It's the number one underrated KPI in this business right now.
It's important we get ahead of it.
The buyer is only half the sale
Midweek inspections put you in front of the quality buyers.
But the buyer is only half the sale. The other half is Mr and Mrs Seller.
When a listing has been sitting, finding the buyer isn't enough. You still have to:
- Have the tough conversation about price
- Get the offer accepted
- Keep the vendor on side while you do it
I've been in real estate for 26 years, through the GFC and the Royal Commission. And here's what I learnt.
Opinions don't move a seller. A system does.
So I built one.
The Vendor Management Blueprint
It's my brand new training program. It shows you how to turn stale stock into sold signs, without losing the vendor.
Inside you'll find:
- Ten audio chapters in my voice, about 80 minutes all up. Each one ends with "Do this this week".
- Ten Shifting Markets videos. The midweek inspections video on this page is one of them.
- The vault: twelve documents in Word and PDF, ready for your logo, including every script word for word.
This is for you if:
- You've got stock sitting and an owner who has dug in
- You list well but dread the price conversation
- You've only ever sold in a rising market
- You're a principal or team leader who wants the whole office managing vendors the same way
See everything inside the Vendor Management Blueprint →
Frequently asked questions
What is a midweek inspection in real estate?
It's any inspection you run Monday to Friday. It can be a private inspection with one buyer, or a midweek open home.
How many midweek inspections should a real estate agent do?
One midweek inspection per day, Monday to Friday. That's one buyer per day.
Why do midweek inspections matter more in a shifting market?
Because fewer buyers come through the open homes. As enquiry drops, you need to pick up the slack somewhere, and that's done through private inspections midweek.
What is the Vendor Management Blueprint?
It's my brand new real estate training program for managing sellers in a shifting market. Ten audio chapters, ten Shifting Markets videos and a vault of twelve documents you can put your logo on.
Here's my advice
Start monitoring your weekend sales against your midweek sales today. Then book one midweek inspection for tomorrow.
And when you're ready to get the seller side right as well, the Vendor Management Blueprint is waiting for you.
This is where the best get better.
List. Sell. Repeat.
Aaron
P.S. The video on this page is one of ten Shifting Markets videos inside the Vendor Management Blueprint. If it helped, the other nine are waiting for you, along with every script and document. See it all here →
About Aaron Shiner: Aaron is one of Australia's most in-demand real estate coaches. He has been in real estate for 26 years and was the number one agent in his network three years running. He delivers real estate coaching and real estate training to agents and offices across Australia and New Zealand.
