Your clients must be freaking out about their property values. I know I am.
So what are you, the real estate professional, doing about it?
I can tell you what the agent who sold me my residence is doing about it… nothing.
No phone calls. No analysis. Not even a postcard.
Oh, and by the way… nice job.
I know that postcards cost money. And besides, something this sensitive requires a more delicate touch than a postcard offers. You can make phone calls but I know that takes time. Besides, few folks answer them these days. And door knocking might not work for you.
So what can you do as an agent (or a brokerage company) — that won’t cost a dime, won’t zap your time, but will blow clients’ minds?
A new twist on an old killer app
Technology, at its best, saves time and money. Your email listing alert application is one of these technologies. Here is another way to use it to your advantage.
Brian has written plenty on email listing alerts. He’s offered several ways to use them to drive engagement. But what if you used your listing alert app to help past clients stay on top of the market and keep track of what their homes are currently worth? It could be quite useful in that regard, and as an ongoing reminder that their agent is on the job.
Try this:
- Sign up past clients to receive an alert (get their permission first).
- Set the criteria based on the location, price, bedroom, bath and square footage of the home they currently own.
- Submit.
Let your clients know they will periodically receive emails with lists of homes similar to theirs. Thus they can check the listings and compare homes on the market as a way to monitor increasing or decreasing value.
Yes, I know that for the most part values are falling. But for better or worse, this truth helps clients. For one thing, it levels their expectations by providing a better sense of the market. So in reality this is a simple market update — like a stock ticker sent from you, their agent.
The long term play here is when and if they ever do consider listing their home, they might, as a result of this feature, possess a deeper appreciation of the market and prices.
You almost certainly have this application on your Website — most likely as part of your IDX solution. Take a look at where it currently resides on your site. If it’s not on the home page, clearly defined with a list of benefits to the consumer, including the one I suggest here, maybe now would be a good time to bring it forward.
It won’t cost you a dime and it might just blow your clients’ minds.
- Davison
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Freaking...
Marc,
Great ideas. As we've talked about in the past, it's time that we all started thinking about what "value" we actually bring to our clients before, during and after the transaction. Below is a testimonial from one of the agents that I coach that decided to "add some value" to her after-close transactions in this turbulent market.
“I sent out 12 market updates to clients today- thanks for the recommendation! I am going to do that with all of my clients and friends over the next week, and follow up quarterly with the same report. Whoever did those neighborhood synopses did a great job! I'm going to stay on this track of being in (personal) touch with old clients, I've been neglectful in the past. I thought that e-blasts, newsletters and occasional mailings were enough, but they're not. Thanks for all the recommendations for personalization. I have scheduled 4 coffee meetings and feel great answering their questions and helping them in this crazy time!"
To quote Stan Lee… 'nuff said.
We sold our home 30 days ago and are in the market to buy so email listing alerts are my new best friend. Obviously they come from the MLS and have the most timely and accurate information. The kicker though is that I had to ask my agent to set them up for me. It amazes me how out of touch the "old guard" of real estate professionals is with the needs of today's consumer.
Marc,
This is actually be a 'fully' decent idea (vbg). I get irritated with myself when I should ALREADY be doing these things.
JASON…without using your name I'm going to read your comments to about 800 in my company later this month, unless you object. We have far too many old guards in our biz that don't understand how important these things are. Thanks!
Jason,
Overall, the problem today is how often the consumer has to lead their agent.
Overall, the thing of it is, real estate has become a web based business.
Today's old guard are no different than their ancestors who in the 20's and 30's probably opted out of using cars or phones because the phone illiterate or auto challenged.
Nevertheless, the industry moves and progresses because it has too, led by consumers who require it. I'm sure there became a point where real estate buyers simply refused to view open homes riding in the back of their agents stagecoach and as a result, cars became mode of transportation choice for agents.
As the web and its vast array of great tool will be one day.
Nice idea – I like the association to the ticker tape. I do this now somewhat, but not often enough. I am going to revisit my approach to this. Thanks!
George
Marc,
Phenomenal idea, and I wish I had posted on this topic! As a team, we practice this with our past clients and have had great response. Granted, Michigan has been in the middle of a buyer's market for nearly 4 years, so we've gotten a little extra practice before the rest of the country….
We also add value to our services by being "creatively aggressive" in our marketing and drive to have a conversation about purchasing. I recently did a post on Reverse Offers and how sellers and buyers appreciate the flexibility and unconventional approach.
Greg,
Absolutley use my post with your company. I like the fact that as a consumer I actually have a forum to express areas for improvement based upon personal experiences and some good could actually come of it.
Let me know how it goes.
That's a great idea. In times like this, people need to see the truth and the real value of their homes. On the flipside, we all need to take advantage of the technology that is available to us. It will make life (life 1.0) a hell of a lot easier.
Sean Murphy, http://www.Rofo.com – San Francisco Office Space
In 4 days I'm amazed at the feedback. Where' my brain been on this one? It's just too easy. Thanks again MD.
I use market snapshot for my Ann Arbor area real estate clients; the client recieves the updates every 2, 4 or 6 weeks as they define. As long as they continue to open the email, they will see the data in their area. See right side of http://www.KathyToth.com
Best to You,
info@KathyToth.com