Answers to the Top 8 Questions Realtors Ask
Are you looking for more listings with zero budget? Here are the 8 tips that require no money but are all about on you.
Question#1 is “What’s the best way to build a listing pipeline on sweat equity?”
Tip#1 is building a listing using sweat equity.
We have 4 strategies for this. First, you want to focus your marketing and prospecting efforts around recent sales. We know that when one home sells, usually two or more homes in the area sell right away, especially if that home had multiple offers.
Even if it wasn’t your transaction, you can piggyback on the momentum of the market by knocking on the neighbor’s doors and saying, “Did you know that Mr. John’s house at 123 sold? Did you hear it had five offers? That means four buyers are crying right now and you’ve got one new neighbor. So, I want to talk to you about those four, have you had any thoughts of selling?” Using that kind of very direct marketing approach is going to cause you to win. Over the phone is great but face to face is always better.
The second is to write down the properties for sale by owners. You go into the marketplace, knocking on their doors, making phone calls, scheduling a chance to preview their home. At the end of the day, you can go back and look at the archives of content that you’ve created around these campaigns.
Let’s say you talk to ten for sale by owners, three are actually interested in hiring a real estate agent. We know the numbers, it’s usually several days of being on the market before they finally say that this isn’t working. So, going after the fastest source of business opportunity, cost you no money, you just have to have the skills.
The third is expired listings. Right now (and most of the time) shocking number of expired listings because the sellers know it’s a seller’s market and they’re overpricing properties. This is giving you an opportunity to repackage and reposition those properties, and ultimately get them sold. If that’s not in your marketing plan, then you need to add it in.
And then the last one is to make sure you’re bringing value to your database.
One of the things we’re recommending to people is creating a three to four-minute video CMA for every person inside your database who owns a home. Imagine that you’re going to send three to four CMAs a day in the mail, with a note, or in a video email. And say/write the following:
“Hi again, I was thinking about you the other day and I thought you would love to see the stats. And the present value of your home. Please take the time to review it and if you have any questions.”
For the CMA by email, you can add a photo. Use Google to map it, make it special and unique. At the end of the day, you’re bringing your clients value. Whether they’re past clients or they’re leads, we know the vast majority of people do not know the present value of their home.
And as we’ve heard from so many others, if we can be the knowledge broker and we can educate those customers, you’re going to get a percentage of them that are ready to go. Let’s move on to how to stay on track.
Question#2 is “How do you stay focused when you’re feeling discouraged?”
Tip #2 is to stay focused whenever you’re feeling discouraged.
When some things are just off in your personal life and you’re dealing with anxiety and you’re trying to get back on track, then you take a big listing and that deal falls apart or it doesn’t sell, you need the right mindset to not get frustrated and disappointed.
Instead ask: What was the mistake we made? Where did we go wrong? And what are we going to do better? I get back into action. And the more action you take, the faster that stuff goes away.
Be clear on your goals. If you’re ever in a rut, if you’re ever feeling depressed, you also have to do it physically. So why don’t you move your body in a powerful way? Pick up the phone, call five past clients, call one of your current listings who love you, call your most recent sale and check-in. You do this and you remind yourself to get back into action.
Now, it’s pretty easy to say but it takes conditioning. You have to remind yourself. You can say it to your friends inside the office and give them permission to call you out on it. It’s like, if you see me being gloomy and things aren’t that great, then I want you to walk up and smack me in the head.
If you create a team around you, you give them permission to hold you accountable to the standards that you have for yourself. They’re going to do it for you and you’ll do the same when they need it as well and that’s what it’s all about.
Question#3 is “What’s one thing that a high producing agent needs to do to get more accomplishment?”
Tip#3 is leverage!
You have to get a list and say to yourself, what are all the things I do that have massive value? That is impossible for me to replace. We both know that that only comes down to you following up with leads, going on appointments, negotiating, and perhaps you overseeing the marketing. Not doing the marketing but overseeing the marketing and writing the strategy for your business.
Everything else can be outsourced or delegated. How do you take your business to the next level? You stop doing the $15-$20 an hour work. You stop doing the things you always did, when your production was lower, that now gobbles up so much of your time.
You know that made a lot of sense when you had five listings but now that you have almost 30 with no lockboxes, all you’re doing all day long is servicing these listings which means you’re not getting any more new listings. So, what if you just let go of it? What if we hired somebody that was a specialist?
Now I know that they’re not going to be as good as you for the first couple of weeks. No one’s going to be as good as you, you’re a control freak, you’ve been doing this forever. But after a little testing, and practice and giving them a little rope and let them try it? Two things are going to happen. Number one, they’re going to become really good at it too and number two, you now have all that extra free time.
So, ask yourself where is your control freak in this showing up and saying, you’re the only one that can input your listings and the only one that can create your marketing when you and I both know that you were at your very best. When you are knee-to-knee, belly-to-belly, at somebody’s house talking about getting their home on the market or selling them a property.
Do more of that, let everything else go. You do that, your production soars to the next level.
Questions#4 is “What is the absolute non-negotiable must achieve goals?”
Tip#4 is to stay healthy and nurture relationships.
It’s two things, this is just the evolution of life and business and maturity. It’s health and relationships. Those are non-negotiables. Taking the time to make sure that you’re doing everything you can to make sure you’re physically and mentally fit, being a great partner, a great parent, and a great friend. Because at the end of the day, money and business are easier. It’s easier than all the other stuff. Those are non-negotiables and of course, you still want to make money, serve others and have an impact.
Question#5 is “How do you respond to an online lead?”
Tip#5 is to book an appointment.
What’s the best first response in email or text to an online lead who’s inquired about a particular house? There’s been so much work documented on this. At the end of the day, when would you like to see that home? When would you like to schedule an appointment to see one?
From the experience of so many others, you go directly to getting an appointment. That’s where you win because people are inquiring today online.
Of course, there are some people out there that are just screwing around but I’m not referring to those. We’re talking about the legitimate people who leave their phone number and email. They clicked on this property, they went to a listing portal, they want more information, they’re asking for more information and we give that person what they want.
Ask them when would they like to schedule a time to see the property. That question will absolutely help you crush it. You could do it a video, in text or you could do an email, but the best people will tell you to do it in all three.
Question#6 How do I increase conversion?
Tip#6 Simple: Follow-up repeatedly!
Let’s say you’re doing the basic things, like calling and following up, but you’re not getting the conversion rates that you want or you should. What else should we do?
Well, when the lead comes in, you call, text or email but have you considered trying to get on social media like LinkedIn, Facebook or Instagram? Maybe that’s a subtle little adjustment that you can add to increase your conversion. Remember, we all are using these different platforms where we’re most comfortable to communicate so you want to make sure you’re maximizing these channels for follow up too.
The next one is using a video. Incorporate a video into your follow up saying;
“Hey, thank you so much for coming by and looking at 1-2-3 Peach Street. I see that you’re from the Prairies, it’s got to be cold there. We’d love to have you on the west coast. When would you like to schedule a time to see some properties? When you’re going to be here? Let me know”
Then you email the video. That’s another way to work in your marketplace now. It’s really about that instant connection and then bringing them value over time. We have discovered by increasing video follow-ups and increasing connections on the other social platforms, as a way to touch the customer, you will drive your conversions up.
In summary, because you’ve followed up over time and made sure that it wasn’t just one video but multiple videos. It wasn’t one touch on Facebook or a private message but it was multiple touches. So sometimes, it’s just the little things that you do with greater repetition, not just set it and then forget it. Do a follow-up campaign and create a system around the campaign.
Question#7 is “What’s the best time to make calls?”
Tip#7 It would be during the day you get too many voicemails
You might think people are at work, is Saturday the best?” There’s been a lot of research on this. The later you go in the evening, the higher the conversations are going to be and of course on Saturdays and Sundays. The key is we have that hour of power, that daily discipline to do the numbers and talk to our past clients and sphere and those new prospects every day.
Our advice: We want that discipline. So, start early, that’d be my first recommendation and then do some follow-up later at the end of the day and if you want to throw in an appointment setting session on Saturday, I’m behind you all the way.
Question#8 is “What’s that one thing, that one magic tip or one best hack I can do?”
Tip#8 is knowing and accepting the reality that there is no magic or hack in real estate. There is no magic!
Well, it is about taking on a life of experimentation. About always living under the right mindset. There’s nothing like talking with someone to become wildly successful and take it to the next level. It’s not doing the one or two things in your follow-up. It’s testing three, four, five, six things to find the one that sparks and increase conversions.
We hope these tips make an impact and help you. Remember always, your strategy matters and now more than ever. Your execution is what absolutely rules.