This week, we are focussed on leverage.
In these current market conditions, listings are hard to come by. So you need to make the most of every opportunity to grow your business.
What does this look like in practice? It's all about leveraging the work you are already doing for maximum benefit.
A great example is when you've just made a sale. Most agents post a sold-sticker-selfie on Instagram and call it a day. There is so much more you can do though...
Here are 9 ways you can leverage your recent sale to create more listing opportunities:
Quick list below (scroll down for details and examples for each idea):
- Idea 1: Write a short case study detailing how you achieved your last sale.
- Idea 2: Take that case study, print it and deliver it to the closest 100 neighbours.
- Idea 3: Email your local newspaper.
- Idea 4: Text every owner in your database who lives in the same suburb.
- Idea 5: Call or text every open home visitor to let them know what the property sold for.
- Idea 6: Search your area for similar listings and let them know you have buyers who missed out.
- Idea 7: Talk to your team to find out who has a similar property in their pipeline.
- Idea 8: Share the case study with all past appraisals from the last 12 months.
- Idea 9: Put a list of recent sales in your email newsletter.
Scroll down for a full breakdown of each idea and keep in mind, you definitely don't have to use all these ideas! Implementing just one of them into your regular marketing activities could generate more listing opportunities.
Idea 1: Write a short case study detailing how you achieved your last sale.
What marketing did you use? (eg. property video, professional photographs, feature listing online). How many visitors did you attract? What made that home special? How many offers did you receive? Write it up into a paragraph or two and post it on Facebook with a few photos of the house to educate future potential sellers (current buyers love this info too).
I find the best results come when you write a case study with an educational tone, rather than an "I'm so great, please list with me" vibe.
Click here to view the template I used.
Idea 2: Take that case study, print it and deliver it to the closest 100 neighbours.
While you're at it, throw some extra information in each envelope: Recent sales in the area, a fridge magnet notepad (those things never get old), this week's feature article 'What is a Free Appraisal?', whatever you've got on hand.
Idea 3: Email your local newspaper.
Newspapers love content and many will have a 'recent results' area in their property section. Owners read these and it only takes five minutes to email the case study you have already written to your local property editor. Once you have found their email, you can send every sale their way.
Idea 4: Text every owner in your database who lives in the same suburb.
As a homeowner, I would love to know when a property sells in my suburb (even if it's not just like mine). My preferred form of contact would be a text message. It doesn't interrupt my day, but gives me helpful information. The best part for you is that text messages have a 100% open rate. They are a great way to keep in touch with owners in your area. Many CRM systems will allow you to text multiple people at once, but even if you have to copy & paste the text and send it individually, it's still worthwhile. VIP clients or past appraisals should, of course, get a phone call as well as (or instead of) a text message.
Text message script template:
"I thought you might be interested to know, XYZ Street recently sold in the high $700's. This 4 bedroom, 2 bathroom home attracted 61 visitor groups and 6 offers in 3 weeks. The market sure is busy and buyers love this area!"
Note: One aspect of text messages that is very cool - most phones now preview links in the messaging app. So you could actually include the URL for the property in the text message above so the recipient can see photos of this recent sale. Use a tool like Bitly.com to shorten the link and make it text-friendly.
Idea 5: Call or text every open home visitor to let them know what the property sold for.
If you already do this, good on you! In my experience this strategy is vastly under-utilised. You don't know how many potential sellers might be hidden in that group of past open home visitors. They may have seemed like a tyre-kicker when they visited, but it's possible they were there to check you out and evaluate your service.
Every single buyer who visited your open homes is likely interested to know what the property sold for, even if they didn't like the property themselves. It's human nature, we love to know. Some locations will have rules around divulging sale prices, so speak to your manager about what's appropriate and quote a sale price range (eg. Mid $500's) rather than an exact price. Or, wait until the property has settled and the sale becomes public, before calling all past visitors.
Text message script template:
"Thanks for visiting XYZ Street during our marketing campaign. I thought you might be interested to know it ended up selling in the high $700's. Please visit our website to view other properties currently for sale: (INSERT DOMAIN NAME). Best of luck with your search!"
Idea 6: Search your area for similar listings and let them know you have buyers who missed out (as long as you actually do).
This is one of the most successful prospecting activities I ever used in my career and it goes like this:
- Search your online property database for similar properties to the one you just sold. Look for houses of a similar size, similar number of bedrooms and similar land size. Ideally of similar value too.
- Try and get the list down to a manageable size, like 100 - 200 houses.
- Send them a posted letter with a script like this.
Idea 7: Talk to your team to find out who has a similar property in their pipeline.
If your colleagues are open to it, talk to them about your underbidder's requirements and see if there is a sale to be made there. You might want to bring the idea up at your next team meeting. If you have a keen buyer then you could provide them with an outstanding level of service if you help them find a home that suits their needs before it hits the open market.
Idea 8: Share the case study with all past appraisals from the last 12 months.
Even if it isn't a similar property. Send your past appraisals the case study info via a quick email. Don't underestimate the interest your past appraisal clients have in the current market. Focus on the activity generated, and what that means for their upcoming potential sale, rather than the comparability of the recent sale itself.
Eg. "We were impressed by the amount of interest in this property. It shows the market is still strong with a large number of buyers feeling frustrated by the lack of properties available for sale."
Idea 9: Put a list of recent sales in your email newsletter.
Buyers and sellers love information. Your job is to make it easy for them to find it. What info can you provide that is different from everyone else? Why, feature articles from Agent Monday of course, but in addition, buyers and sellers crave hyper-local, recent sales information.
Insert a list of recent sales (with price ranges) in your next email-newsletter. This helps educate buyers and gives homeowners a reason to stay on your email list long after they have already bought.
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