How to get the most out of your Price Updates

If you are not yet sending frequent property market updates to your database – you might be losing listings to Realtair agents who are using Price Updates.

There are three main reasons why it works so well:

1. Standing out with 1-to-1 information specific to the property

Instead of bulk sending yet another generic email newsletter like everyone else, you are sending an update specific to that client’s property.

Because Realtair integrates with your CRM and data provider, it only takes two minutes to create something unique for each property and client.

2. Time in the market, not timing the market

Building connections can be a lot like investing. If someone is not ready to sell, then they’re not ready to sell – until they are. Because Realtair will notify you when someone is viewing your Price Update, you know exactly when they’re entering real estate mode.

Investing early in tailored, regular property updates establishes you as the agent of choice and gives you a reason to contact them when the time comes.

3. Making prospecting a non-negotiable habit

Good habits are the key to success. The biggest problem with prospecting is that many agents are not doing it consistently.

Compared to cold calling or doorknocking, prospecting consistently is much easier with a Price Update since it only takes two minutes to generate and send. If you send at least 10-20 times a week, this consistency will stack the cards in your favour over time.

You have to make time to send consistently

As much as we all want a magic button that will land listings in our laps: you do need to make time for sending your property updates – consistently.

Price Updates are known to convert up to 1 in 10 prospects to appraisals, but it doesn’t happen overnight. Typically, the sweet spot tends to be around 3 months in – that is when agents with decent-sized (and engaged) databases will start to see consistent growth in new listing opportunities.

To get the best results, you need to commit to sending a set number each week and build it into a habit. It’s much easier than going out doorknocking each week, so there’s no excuse.

Your database makes a difference

For Price Updates to have maximum cut-through, having a good database sets you up for success.

A few rules of thumb for building a good database:

• Adding contacts you’ve had real estate engagements with, such as:
  • Vendors from all past appraisals, even if they didn’t list with you
  • Previous buyers of any properties you’ve listed and sold
  • People who enquired about your listings
  • Bidders and followers from your past auctions
• Don’t just add anyone and everyone – make sure they know who you are or will want to hear from you.
• Ensure data hygiene is a priority (ie. correct names and addresses).
• Avoid bulk sending them unwanted generic emails that aren’t relevant.

If you compromise your reputation by ‘spamming’ people or annoying them, they will block or unsubscribe and you will lose any chance of connecting in future.

By maintaining a consistent cadence of sending Price Updates to his 4,000+ strong database, agents like Max Wagschall can achieve $1 million GCI a year without hiring an assistant.

What does a good property update look like?

Here’s how to make an effective property update template:

1. Start with a short paragraph to introduce the report.
2. Add surrounding sales using the latest comparable market data via integrations. The information displayed includes:
   • Address and suburb
   • Number of bedrooms, bathrooms and car spaces
   • Land size
   • Last sold date and price
3. Follow up with a succinct agent profile and your photo.
4. Show off testimonials from your past clients.
5. Use the ‘Book Appraisal’ button at the end – make it easy for clients to take the next step.

How many should you send?

Start with sending 15-20 per week, as Brendan Stead from Elders Real Estate did.

Because he stuck with it, his Price Updates grew into a new listing stream where he and his team were sending 30-40 a week and had to employ a leverage agent to help with follow-up calls. He says on average 5-7% of his Price Updates convert to a sale.

We also asked Realtair agents on Instagram how many Price Updates they typically send – with most saying they get 10-20 out a week.

Some agents, like Taney Jain, choose higher frequency; this means sending updates every 1-2 months, instead of every quarter, increasing their volume to 150 sends a month.

Putting it all together: 3 things you need to nail with Price Updates

If you are not the one engaging with your database, another agent might be.

As with investing, start early – if you haven’t, then the next best time to start is today:

1. Ensure you set up a cadence you can stick to. Start with sending 15-20 Price Updates and increase the volume over time. Use Price Update reminders to help you automate and speed things up.
2. Take grooming your database seriously. Make sure you continuously build it by adding past vendors and buyers. Stay on top of data hygiene so your updates are accurate and use the correct information.
3. Test your Price Update template – do short updates work better in your area, or do vendors want more detail? Pay attention at opens and use what you’re hearing in the market to make your updates even more relevant.