Today we are going to talk about how to conduct a real estate property analysis. We’ll touch on what exactly it is, and how doing this analysis yearly can provide a great reason for you to reach out to members of your SOI. This is especially great to do as summer comes to a close. In the video below, I’m discussing the idea of an annual property analysis via Zoom conference with Albert Meggers, owner of five large brokerages in southern California (with over 850 total real estate agents).
What you do right now will help prepare you for the leaner winter months of November, December, January, and February. You’ve been there before and you know we’ll be there again. So, now is the time to get your ducks in a row. By continually working your sphere of influence through a set contact plan, you can help yourself get through the winter season.
As you may already know (especially if you follow us here at Icenhower Coaching and Consulting), an SOI contact plan enables you nurture your SOI and build a robust referral based business. If you look at the numbers, 80% of a real estate agent’s business is through their sphere of influence.
Today we are going to talk about a new way to reach out to your SOI that adds a lot of value this time of year — an Annual Property Analysis. This is especially valuable for your past clients in your SOI. It’s not salesman-y and it gets you into a good conversation. And, it has the potential to generate a lot of leads right away.
Chances are, if you provide a real estate property analysis to a past client, they are never going to do business with anyone else. They will know you are invested in their success. You are showing them that you are keeping an eye on the market for them. You are invested. Think about it — you don’t choose a different dentist every year. You certainly don’t switch financial advisers annually. Why would it be any different with a real estate agent? Demonstrate that you are their Realtor for life.
When it comes to the value we can provide to past clients, this stands out. Long after your transaction is done, they may think you’ve moved on to new clients. And the truth is, for many Realtors, this is sadly the case. A real estate property analysis once a year reminds them that no, you’re still there. You’re still looking out for their best interest. It shows that you are providing them with customer service constantly.
An annual property analysis is a great way to get the message out there that the market is hot. A lot of people want to upgrade their house to something bigger or better. They may not realize the value that they could get for their current house. An annual real estate property analysis could be the conversation starter they need! It may prompt them to start thinking about what buying/selling right now could do for them. Show them the opportunities are waiting for them!
In a nutshell, you are going to reach out to everyone who is a past client in your SOI database. Even if they were clients two or three years ago. Let them know that you would like to schedule an annual review of their property. You explain that it’s a simple video conference where you will share your screen with them and walk them through a quick analysis of the current value of their property. (Side note: this is a good reason to be comfortable with video conferencing as a real estate agent!)
While conducting your real estate property analysis, you will want to have a list of topics to touch on. In addition, having a few scripts will help you as you get started. You will get more smooth at conducting these, and practice makes perfect! We’ve come up with a great Annual Property Analysis Template that you can use. No reason for you to come up with all of this from scratch!
In the video at the beginning of this post, I walk you through how to use the template. The template provides you with a solid foundation to get you started with your real estate property analysis. In addition, there are helpful scripts for you to practice!
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