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:
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.
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.
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.
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.
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:
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.
Here’s how to make an effective property update template:
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.
Prospecting tip from Taney Jain:
Allocate 6–9 PM as your time block for prospecting. That’s when people have wrapped up work and have time to engage with your 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: