As a real estate agent, your database is one of the most valuable resources you have – but not if you’re not using it properly.
Like many things in real estate, prospecting is a process. It’s something you have to do day in and day out to see great results – but that doesn’t mean it should take a lot of time either. Enter: the Price Update.
A Price Update is an online property overview that you can send to your prospects – think of it as a digital doorknock. A Price Update is tailored with info relevant to that property, including general market sentiment, surrounding sales and suburb information. And the best news of all? They only take a few minutes to pull together.
“What makes Price Updates effective is that the information is a direct one to one prospecting that is relevant, personalised and warm,” explains leading real estate industry coach Lee Woodward.
In an increasingly digital world, using Price Updates to prospect just makes sense. Here are five reasons Price Updates are the smartest way to prospect.
The problem with door knocking or cold calling is that you’re pulling people into a conversation they don’t want to have. Perhaps they’re about to make an important phone call, or are in the middle of cooking dinner.
Whatever they’re doing, you just interrupted them – and that puts you on the back foot immediately. Instead, a Price Update gives homeowners information they actually want, in a format they can consume in their own time.
Of course, because a prospect reads the Price Update in their own time, doesn’t mean you can’t gauge their reaction. Now you can read their minds instead – almost. We’ll let you know as soon as they open the Price Update, whether that’s once or one hundred times.
This means you have exposure to when your potential vendor is interested. And if they open it three or four times? You know it’s a strong lead and can strike while the iron is hot.
“The Price Update is the very best way to claim the doors of your area and secure future business,” explains Lee. “The notification system allows you to call the right people at the right time for a real reason. No more ‘touching bases’.”
Leads are more likely to open and take a look at your Price Update more than once, as it has information they actually want. It has the ‘what’s in it for me’ factor.
This is achieved by using PropTrack, CoreLogic or Pricefinder to pull comparable sales and related listings in the surrounding area automatically.
Research by Dynamic Yield suggests 71% of consumers say a personalised experience influences their decision to open and read brand emails. That’s a huge difference!
This is such an important point that it has to be said more than once: using Price Updates to prospect saves you time.
Why? Because Price Updates take two minutes to pull together, instead of 20. What would’ve taken you over three hours now takes less than 30 minutes, meaning you have more time to prospect. Compare that to spending a full afternoon dropping flyers or door-knocking. It’s a no-brainer.
Our research shows that agents who use Realtair from prospecting to settlement save about 11 hours per listing. Agents take back over 151 hours a year – that’s a whole week!
This increase in productivity results in an increase in listings – and more listings means more revenue. In fact, our research shows that up to 1 in 10 Price Updates sent convert to an appraisal.
Prospecting is no longer something to put off. With Realtair, prospecting is easier and more time-efficient, ultimately giving you back the commodity that matters most: time. What agent would say no?