Will you be ready when the market takes off again? The answer to that question, Jimmy Burgess writes, depends on whether you act now to prepare or continue to put off the things you know you need to do in your business.
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The real estate business is an if, then business. If you do certain things, then you can expect certain results. But the busyness of the business puts many agents in a state of procrastination for essential items they know they should act on.
This article shares seven things agents have put off for far too long.
1. Optimizing their Google Business Profile
Google is the largest search engine in the world and, according to the 2023 NAR Profile of Homebuyers and Sellers, 96 percent of all homebuyers used online tools in their search process. Optimizing your Google Business Profile (formerly Google My Business) page is an easy way to highlight your business for free on the platform where most homebuyers and sellers will at some point search for details on properties or to check in on who you are.
Making sure your page is optimized in a way that organically generates leads for you or confirms to the potential client that you are the agent of choice for them is crucial. Here are a few ways to make sure your page is optimized:
- Provide accurate and detailed information about your business
- Provide a compelling and keyword-rich description of your business
- Consistently add high-quality photos and videos
- Encourage reviews and respond quickly to any reviews or questions
If you’re looking for a more detailed article on maximizing the opportunities available through your Google Business Profile, check out this article.
2. Organizing their database
The better organized your database is, the easier it will be to scale your business going forward. The overwhelming opportunities the market presented through the pandemic left many agents struggling to stay organized. Now is the time to catch up and position yourself for the next market upswing.
Your database should have a few key ingredients to be able to assist you with serving your clients at the highest level. These include, but are not limited to:
- Inputting as much detailed personal information on the lead as possible like their contact info, family makeup, work info, birthdays or anniversaries
- Segmenting the database by tags as Buyers or Sellers, Neighborhoods Interested In, Price Ranges, and Timeframes for Buying or Selling
- Keeping a detailed log of all communications and what was discussed
- Automating property detail emails for each person in the database
Utilize the current market environment as a time to get your database in a position to be able to fire on all cylinders when, not if, this market takes off again.
3. Distributing a weekly newsletter to their database
Consistency is the key to staying top of mind and building trust. One of the best ways to build that is by having a weekly, or monthly at a minimum, email newsletter that is sent to your entire database. This email should have a template that is recognizable and consistent in its formatting. This will help you in the production of the email and help drive home your consistent branding with prospective buyers and sellers.
The format we’ve utilized for consistency is the following:
- Embedded video message about the local market or market stats at the top of the email
- Highlighted property with photo and link to full details and photos on your website
- Blog post on an upcoming event in your area or a simple list of events coming that weekend or month for your area
Your format should suit you and your branding, but make sure it is aesthetically pleasing and adds value to the potential buyer or seller.
4. Producing video content
If a picture is worth a thousand words, then a video is worth a million words. There is no better way to attract your ideal client than through producing video content. It helps potential buyers and sellers connect with you in a way that photos or written words simply cannot provide.
The key is to focus on producing video content your ideal client will appreciate and find value in. If you’re not quite sure about what types of videos to record, here is a link to an article with 23 video content ideas.
5. Geographically farming an area
Geographical farming of an area or neighborhood is the best way possible to build a consistent pipeline of listing opportunities. This is yet another way to systemize your marketing while targeting listings. If you aren’t farming, the time to start is now.
If you’re curious about how to choose your first or next area to farm, check out this article for the five things you should know before getting started.
6. Checking in with past clients
According to the 2022 NAR Profile of Home Buyers and Sellers, 89 percent of buyers said they would use their agent again or recommend their agent to others. This is an astoundingly high number. Yet many agents don’t prioritize staying in contact with their past clients.
People you’ve done business with are the best resource you have for additional business and referrals. They already know, like, and trust you. Although they state they are willing to recommend you to others, that only happens when you stay in touch with them.
A simple phone call to check on their family or to ask if they still love their house is an effective way to re-engage this group. By having a conversation and checking in on them, you will move to the top of mind and the referrals will begin coming.
7. Adopting ‘orphaned’ clients
Over 60,000 agents have left the business in the first half of this year alone. This is creating an amazing opportunity for agents to assist the “orphaned” clients of the agents that have left the business. The agents leaving the business are a mix of retiring agents, agents that were unable to generate enough income to stay in the business, and people that decided real estate wasn’t for them.
Most of these agents leave behind past clients, plus warm to hot buyers and sellers that are nearing the time to buy or sell. These agents oftentimes hate leaving these prospects and past clients behind. Why not help them provide a solution for their prospects and clients?
Approach the agents with a proposal to pay them a referral fee for any clients or prospects they refer to you that buy or sell. This provides a way for the exiting agents to potentially benefit from the work they put in and for you to have a fresh lead source.
Will you be prepared when the market takes off again? The answer to that question depends on whether you act now to prepare or continue to put off the things you know you need to do in your business. If you’re serious about growing your business in the coming year, it’s time to stop procrastinating and start taking action.