Will you be ready when the market takes off again? The answer to that question, writes Jimmy Burgess, depends on whether you act now to prepare or keep putting off the things you know you need to do in your business.
The real estate business is an if-then business. If you do certain things, you can expect certain results. But the busyness of business puts many agents in a state of procrastination for the essentials they know they should act on.
This article shares seven things agents have been putting off for too long.
1. Optimization of the Google company profile
Google is the largest search engine in the world and according to 2023 NAR Profile of buyers and sellers of houses and apartments96 percent of all home buyers used online tools in their search process. Optimizing your Google Business Profile page (formerly Google My Business) is an easy way to get your business highlighted for free on the platform where most home buyers and sellers will at some point search for real estate details or find out who you are.
It is very important to ensure that your site is optimized to organically generate leads for you or to confirm to a potential client that you are the right agent for them. Here are some ways to ensure your site is optimized:
- Provide accurate and detailed information about your business
- Provide a compelling, keyword-rich description of your business
- Keep adding high quality photos and videos
- Support reviews and respond quickly to any reviews or questions
If you’re looking for a more in-depth article on maximizing the opportunities available through your Google Business Profile, check out this article.
2. Organization of their database
The better organized your database is, the easier it will be to scale your business in the future. The overwhelming opportunities presented by the market during the pandemic have left many agents scrambling to stay organized. Now is the time to catch up and prepare for the next market upswing.
Your database should contain several key ingredients to help you serve your clients at the highest level. These include but are not limited to:
- Entering as much personal information as possible about the prospect, such as their contact details, family makeup, work information, birthdays or anniversaries
- Database segmentation by tags such as Buyers or Sellers, Neighborhood Interest, Price Range, and Time Frames to Buy or Sell
- Keeping a detailed log of all communications and what was discussed
- Automating emails with property details for each person in the database
Use the current market environment as a time to get your database in a position to hit all the bottles when this market picks up again.
3. Distribution of the weekly newsletter to their database
Consistency is key to maintaining focus and building trust. One of the best ways to do this is to have a weekly or at least monthly 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 create your email and help you achieve consistent branding with potential buyers and sellers.
The format we used for consistency is as follows:
- Embedded video report about the local market or market statistics at the top of the email
- Featured property with photo and link to full details and photos on your website
- A blog post about upcoming events in your area or a simple list of events coming up that weekend or month for your area
Your format should suit you and your brand, but make sure it’s aesthetically pleasing and adds value to a potential buyer or seller.
4. Production of 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 the ideal client than to produce video content. It helps potential buyers and sellers connect with you in a way that photos or written words simply cannot.
The key is to focus on producing video content that your ideal client will appreciate and find value in. If you’re not quite sure what types of videos to upload, here’s a link to an article with 23 video content ideas.
5. Geographic management of the territory
Geographically farming in an area or neighborhood is the best possible way to build a consistent list of enrollment opportunities. This is another way to systematize your marketing when targeting listings. If you are not working on a farm, now is the time to start.
If you are wondering how to choose the first or next area to farm, take a look this article about five things you should know before you start.
6. Check-in with past clients
According to 2022 NAR profile of domestic buyers and sellers, 89 percent of buyers said they would use their agent again or recommend their agent to others. That’s a surprisingly high number. However, many agents prefer not to stay in touch with their past clients.
The people you’ve done business with are your best source of business and referrals. They already know you, like you, and trust you. Although they state that they are willing to refer you to others, this will only happen if you stay in touch with them.
A simple phone call to check on their family or ask if they still love their house is a powerful way to re-engage this group. By conversing with them and checking up on them, you’ll get top of mind and the referrals will start coming.
7. Adoption of “orphaned” clients
More than 60,000 agents have left the company only in the first half of this year. This creates a wonderful opportunity for agents to help “orphaned” agents’ clients who have left the business. Departing agents are a mix of agents retiring, agents who have not been able to generate enough income to stay in business, and people who have decided that real estate is not for them.
Most of these agents leave behind past clients as well as warm buyers and sellers who are nearing the time to buy or sell. These agents often hate letting go of these leads and past clients. Why not help them provide solutions for their prospects and clients?
Approach agents with a proposal to pay them a referral fee for all clients or prospects they refer to you who buy or sell. This provides a way for outgoing agents to potentially benefit from the work they put in, and you may have a new lead source.
Will you be ready when the market takes off again? The answer to this 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.