If you’re fortunate enough to reach the “let’s meet” stage of a possible listing, you have one shot at impressing your future client. What matters most when you’re sitting at the kitchen table is showing up with the right tools to convince them you’re the perfect person for the job.
Every other agent will bring a comparative market analysis (CMA). After all, one of the first things a homeowner is going to ask is “how much is my house worth?” While this might be what they’re asking, what they’re really wondering is “How much equity do I have in my home?”
This is the chance to take it one step further: ditch the CMA and opt for a Professional Equity Assessment Report, or PEAR.
What is a Professional Equity Assessment Report?
A Professional Equity Assessment Report is a simple way for real estate agents to determine the cash value of a seller’s home. No guessing, no painful calls with the bank or a lender. With a simple twist, you’re not only telling them the estimated value of their home, but also what they could purchase a new home for. You just proved yourself as a trusted advisor.
Over 50% of the homes currently in the U.S. market are sitting on 50% equity or more without even knowing it. A PEAR is a powerful and effective tool for agents to use that not only impresses but also inspires homeowners to take action.
Here’s how you do it.
Step 1: Offer a PEAR
Whether you’re sending a follow-up email, door-knocking or setting up the first meeting with a potential client, let them know that you offer a complimentary Professional Equity Assessment Report.
Add it to your sales scripts, create a landing page, or include it in real estate marketing materials. However you present it, make sure they know why this is a better tool than a CMA, and that you’re unique for offering it.
Remember, as great as it may be to send via email, it will be especially powerful in-person. Plus, you can save an extra step by downloading our free customizable PowerPoint template.
Step 2: Ask for Their Mortgage Balance
Selling a home can be a sensitive time for most homeowners. It’s only human to become emotionally attached, and passions can run wild.
Therefore, asking for someone’s mortgage statement may seem like a personal matter. To overcome this fear, it’s best to present it as a matter of fact.
When setting up the first meeting, tell them that you want to do a Professional Equity Assessment Report of their home. Tell them that in order to do this, you will need their current mortgage balance, and that they can find this information on their last statement.
Chances are, the seller will jump at the chance of learning their equity and not make a big to-do of giving up their mortgage information.
Read More from Keeping Current Matters
Step 3: Establish the Approximate Value of Their Home
Running the comps of recently sold homes in the area will give you a good idea of what their property is worth. Once you’re in the home, you can further evaluate this and offer an estimate.
If you are unable to get into the home but still want to offer a PEAR, we recommend stressing that this is an educated estimate, and you’ll get a better understanding of the home value when you visit.
Step 4: Do the Math
It doesn’t get much simpler than this. By taking the estimated home price (ex. $150,000) and subtracting it from their mortgage balance (ex. $100,000) you can decipher that they have about $50,000 of equity in their home.
This can be a valuable tool for figuring out the listing price as well as what they can purchase a new home for. Given today’s current seller’s market, homes are frequently going over asking with multiple bids, which would, in turn, increase the seller’s equity.
That delivers an unmatchable incentive to move hesitant sellers off the fence.
The #1 job of any real estate agent is to be a trusted expert. Providing a Professional Equity Assessment Report to clients is a great way to build rapport, set yourself apart from your competitors and get the listing.
When every other agent only shows up with a list of comps, you are the agent that goes above and beyond to make sure your clients are educated and prepared for the selling process.
We’ve made this even easier by creating a customizable PEAR presentation that you can download and share with your clients. Add in your contact information, branding and the seller’s information and you’re ready to go. You can download the PEAR presentation template here and start differentiating yourself to potential clients today.
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Add Some Bling to Your Decor
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CHARLESTON, S.C., February 5, 2020 — BoomTown, the leading sales and marketing platform for real estate professionals, announced today that it will be opening a new office in Fort Mill, SC.
Since its founding in 2006, BoomTown has grown to 350+ employees solely focused on making real estate agents successful. BoomTown’s Fort Mill office, located right outside of Charlotte, NC, is slated to open in this month and will be the 5th office location for the company. BoomTown’s current office locations include Atlanta, GA, San Diego, CA, San Francisco, CA, and the company’s headquarters in Charleston, SC.
As demand for the company’s real estate marketing, sales, and service solutions grow, building a strong and scalable base of talent across the country is critical to fueling that momentum and continuing to deliver the premier solutions for real estate success.
“We are excited to kick off the year by opening this new office, and we are looking forward to spreading the unique and amazing BoomTown culture to a new city,” said Grier Allen, CEO & President of BoomTown. “Fort Mill offers more space to grow our BoomTown family, and a great location for attracting some of the country’s best tech talent.”
Learn more about BoomTown career opportunities by visiting boomtownroi.com/careers/
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6 Home Design Fads That Are Fading
In real estate, it’s all about that first impression. A strong first touch and effective follow-up are critical for converting leads to clients. So, we’ve been gathering data to learn what methods work best for lead conversion.
Unique Benefits of Calling Vs. Texting
With recent floods of robo dialers and spam calls, it’s easy to see why texting has become a popular choice for agents. Texting has the advantage of delivering messages with high open rates, versus calling which requires an answer to get the conversation going. With a text, you also have the ability to show and not just tell. You can easily include links to properties, your website, etc., without the added step of an email. Another advantage that almost goes without saying is that texting is the preferred method of communication for millennial and Gen Z consumers. And generations across the board have grown more comfortable with texting with businesses. In fact, a recent study showed that 39% of businesses use texting to talk to customers. [Zipwip, 2019]
However, phone calls oftentimes still reign supreme in the minds of real estate professionals. Why? Because they’re in the business of relationships. The human-to-human connection is where they thrive.
We hear it all the time; “If I can just get them on the phone, I’ll close the deal!”
So, what’s the most effective approach?
We recommend a hybrid approach. Based on our data, a text-to-call strategy works really well. Leverage the automation, consistency, and high open rates of a text message to start the conversation and build that trust to then invite the lead to a phone call.
Use the text to introduce yourself and immediately display value. Then, schedule a call or (better yet) bring the text conversation to a point of engagement where the phone call actually feels natural and easy.
Looking for the perfect text script?
Here are two top-performing openers from the texting data we’ve collected.
21.38% Engagement: “Hi (visitor name) this is (agent name) with (company). I wanted to send you some listings. Which neighborhoods are you looking in?”
41.42% Engagement: “Is this (visitor name)?”
Let BoomTown handle the outreach for you.
Here’s a trend that I’ve noticed in my 10+ years of working alongside real estate professionals. The most successful agents and brokers tend to do these 3 things: prioritize their time based on dollar-productive activities, leverage the value of their database, and diversify and grow their lead sources. Agents should be out in the field, going to appointments, shaking hands, making connections, closing deals. Not bogged down in the trenches of follow-up.
But, those texts and calls that engage new leads are critical for building a healthy book of business. The reality is, most agents simply don’t have the bandwidth to keep up with it on their own. That’s why BoomTown recently announced a new program called Success Assurance. This program uses a lead concierge to handle the qualification and initial follow-up for you. Allowing you to jump in when the leads are ready. We’re gathering data and feedback from our clients to continuously improve the lead engagement experience and boost lead conversions.
Those clients of ours who have taken advantage of the Success Assurance program have already seen remarkable results and we’re excited to empower agents in this new era of technology that works smarter and harder.
Discover What’s Possible with BoomTown!
Request a Demo
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CHARLESTON, S.C., January, 28, 2020 — BoomTown, the leading sales and marketing platform for real estate professionals, is excited to announce new website customization tools to help clients capture and convert more prospects right from their homepage. Now clients can leverage the power of customization as well as a self-serve advertising portal, recently-released Marketing Central, to quickly and effectively promote listings with ads that generate and re-engage leads.
New customization features allow clients to customize their homepage experience to drive more conversions.
- Call-to-Action buttons are completely customizable. Leverage “search” “sell” or “buy” to capture different leads right from the homepage. Easily promote programs like iBuyer, recruitment campaigns and more, to maximize ad spend.
- Agents can customize their subdomain homepages to showcase a unique look and highlight their own areas of expertise
- Optional eye-catching video backgrounds grab attention and keep branding hyper-local.
“Sellers have more options than ever before and it can be confusing to determine the net results, but the smartest agents deliver a service to not only collect the best instant offers available, but also analyze them in an apples-to-apples comparison that makes it simple for the Seller to choose what’s best,” said Brad Nix, COO and co-owner of Path & Post. “With BoomTown, we’re able to capture those sellers as leads, directly via an “Instant Offer” CTA on our homepage at pathpost.com.”
With the influx of new listing business generated, agents can now easily promote their listings through BoomTown’s intuitive self-serve advertising portal, Marketing Central, which offers the ability to:
- Build advertising campaigns through channels such as Instagram and Facebook to highlight active listings, promote open houses, and showcase successfully sold properties.
- Create dynamic ads for real estate (DARE) to effectively re-engage database leads and website visitors with listing content that matches their unique tastes.
- Prove value to seller clients with reporting that shows the effectiveness of Marketing Central’s ability to drive hyper-targeted, in-market buyers to their listings.
“We’re very excited to help clients leverage the power of social media marketing and remove the pain points of managing each system and campaign manually,” said Grier Allen, CEO & President of BoomTown. “Dynamic ads provide content that a lead is most likely to engage with, re-engage leads already in an agent’s database, and ensure a better conversion rate and ad spend ROI.”
BoomTown exists to make real estate agents successful. 40k+ of the industry’s top professionals trust BoomTown to grow their real estate business with easy-to-use technology that creates opportunities and turns them into closings. Capabilities include a customizable real estate website integrated with local MLS data, client success management, a cutting-edge CRM (Customer Relationship Management) system with custom marketing automation, personalized advertising and lead generation services, and a mobile app for agents on the go. BoomTown’s service offerings extend far beyond technology with coaching services from peers who have catapulted their growth with the system, lead qualification services to contact, qualify, and nurture leads, and dedicated advisors to offer personalized support at every step from onboarding and training to optimizing your business and planning for strategic growth. Founded in 2006 and headquartered in Charleston, SC, BoomTown has additional offices in Atlanta, GA, San Diego, CA, and San Francisco, CA. For more about BoomTown visit boomtownroi.com.
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