Brokers and Agents: The Secret to Finishing the Year Strong
How can you finish the year strong and carry momentum into next year? We have found there is One Thing that most quickly produces transactions. If every sales associate in your company is doing it, revenue, market share, and profits soar. What is the One Thing? It’s Real Estate Reviews. Sometimes they are called Annual Real Estate Check-Ups or Annual Real Estate Wealth Reports. They are simple, easy, and powerful. The best time to do them is in November, December, and January.
Real Estate Reviews are a simple market overview, not a full market analysis. They can usually be prepared in 15 minutes or less. Here’s the formula.
Who? Real estate reviews are prepared for clients, friends, or anyone who owns real estate. When you’re asked, “How’s the market?”, that’s an invitation to do a real estate review. If you notice a listing or a sale in a friend or client’s neighborhood, do a real estate review for them.
What? A basic real estate review shows what’s been listed and sold in their neighborhood (or their type of property) over the past 12 months. You can also include market trends such as days on the market, sales price to list price, supply/demand, etc. If they want more detail, you can prepare a full Comparative Market Analysis.
What it’s not. Real estate reviews are not a disguised listing presentation or effort to sell anything. You are merely offering a valuable service that helps them with their most valuable asset.
When? You can do real estate reviews any time, but we’ve found the best months are November, December, and January. During the holidays, people reflect on their year and set goals for the coming year. They also tend to have more time over the holidays.
Where? Ideally, you want to discuss the real estate review face-to-face. So, coffee, lunch, their home, or your office are the most common places. If they’re busy, drop the review in the mail and follow-up later with a call to see if they have any questions.
Why? You do real estate reviews to position yourself as their trusted advisor versus a salesperson. You’re now in the same role as their accountant, doctor, and investment advisor. You’re a part of their trusted advisory team. You are also differentiated as one of only 6% of real estate professionals who do real estate reviews.
How? Don’t overcomplicate it. It is simple. Call the person and use one of these three approaches:
- “Would you like to have lunch, coffee, etc.?”
- “As part of my service to you, I offer the opportunity to sit down once a year and update you on the value of your real estate. I’ve prepared a packet of information for you. When would be a good time next week for us to get together?” A variation is, “At the party, you asked me about the real estate market, so I’ve prepared a packet of information for you. When would be a good time next week for us to get together?”
- “I noticed a new listing/sale in your neighborhood, and it made me think of you. I’ve prepared a report to give you an update on the value of your home. When would be a good time next week for us to get together, go over the report, and get caught up?”
Referrals. Most of the business that’s generated by real estate reviews are referrals. Research shows that most people know at least four people who will move this year. There’s something about sitting down with friends and customers and discussing real estate that triggers these referrals.
Results. Sales associates in the Ninja Coaching program are required to turn in their activities and results every week. We track how many real estate reviews they are doing and their results.
- Face-to-Face: 33% of the time a transaction results, usually a referral.
- Phone call – Mail – Phone call: 15% of the time it results in a transaction.
- Mail only: 2% of the time it results in a transaction.
- Email only: 0%
Just One Thing. I believe a real estate manager’s primary responsibility is only one thing: Drive GCI (Gross Commission Income) through production, recruiting, and retention. Real estate reviews are the one thing that will quickly help you Drive GCI.
Have some fun. Gamify real estate reviews with a contest to see who (or which office) can do the most in one month. You’ll finish the year strong and build momentum for next year.