Supercharge Your Success: Get More Listings with Annual Reviews
Whether you’re new or experienced in the industry, the difference between $5 million in closed volume and $10 million is in the details. Consistency contributes to the success of most real estate agents.
One of the best known practices and secret weapons of any real estate agent is leveraging the data we have with our knowledge of the market. While its true consumers have more access to data than ever before, they still need a professional real estate agent to discern what it means.
Get More Listings with Annual Reviews – Tip #1 – Start from what’s missing
Before you create anything for your clients, come from a place of value. Get inside of the head of your future customer and consider, “what do they need right now?”. While they may not look at it this way, their home is an investment in their financial future. Most people keep track of their 401K statements annually to see how things are progressing, why wouldn’t you want to know about your home’s value? Structure your report in both look and feel from this stance.
Get More Listings with Annual Reviews – Tip #2 – Know why you’re doing it
You want one on one, face to face meetings with your sphere or referring partners. That is the main goal of this exercise. We close more business when we have more face to face meetings. With that in mind, create limits around what you offer. Keep the facts to a 30,000 ft view of the market and their home. Should someone need more information, it’s the perfect time for a phone call or one on one time with them. Get one on one, get more listings, that’s the why!
Get More Listings with Annual Reviews – Tip #3 – Make it easy peasey, lemon squeezy
Both visually and in verbiage, your listing review should be easy to absorb by your client. Remember, when creating listing marketing material, we never speak from above or below. Overwhelming the client with too much information about a listing will have an adverse effect on your goal. Keep your listing details clear and concise, sticking to the essential information. A well-organized listing will help ensure success.
Get More Listings with Annual Reviews – Tip #4 – The Must-Haves of all Reviews
Start your client’s by pulling a trend report from your MLS for the zipcode you’re working on. You could also find this information from RPR if you’re a member of N.A.R. You must be signed in to access it. In the trend report you should locate the following that indicates supply and demand:
Months of inventory (MOI): this is the absorption rate or supply of homes. Put simply, you could tell your client “MOI tells us how long it will take for all the inventory to go pending if not another home went on the market.” MOI is essential to understand. Learn more about it here.
Days on Market (DOM): In order for us to understand the demand in any given market, we must understand days on market. This is the number of days it takes for a home, once listed, to go pending (not closed). Put simply, you could say to your client “days on market tells us how quickly the market is moving and how long it should take to go under contract. Learn more about DOM here.
Median Home Prices: While the average prices are often offered in these reports, be sure to use the median sold figures in your reports as they are often deemed more accurate.
Disclosures: Remember to communicate that the market is actively changing minute to minute. Your report takes a snapshot of a moment and time that can quickly change. In this section, if the numbers are positive, you could create a call to action here to have your client strike while the iron is hot. Also articulate the report length. If you are pulling numbers for a 12 month period, be clear the information is not from when they first purchased the home.
Summary: Your summary should be an honest review of what your client should do. Even if you’re hungry for business, the right thing is to just give the facts and let your client decide if the time for action is for them or not. Keep it simple and easy to understand. Again, offer a one on one meet up if they want to speak further and with more details.
Get More Listings with Annual Reviews – Tip #5 – When to send it!
Your clients’ annual listing review should arrive around their Housiversary. You could combine it with a celebration card. By creating a system around when you send listing updates, instead of doing them all at once, you are more likely to keep up the habit. Attempting 30 listing reports in December is a recipe for failure. Use your CRM to indicate which monthly listing reports should be created and mailed.
Finally, there are several automation services that can be purchased in place of mailing these listing reviews. Companies like Homebot have done a good job creating market snapshots. But as in all things, real estate is a human-to-human experience. Secure the one-on-one meeting with your client. Break bread and learn about them and their life. In return, your reward could be to create a loyal client and maybe even a top referring source.
Disclaimer: Be sure to check the policies, laws and rules of your State to stay in compliance.
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