Annual Real Estate Review

Most sales professionals would rather prospect for new business and are typically too unorganized or bored (not excited) to farm their current database of past clients.

Our current client database also has a lot of competition vying for their attention as well: other realtors in their network, mailers, social media, lead funnels to Zillow, Realtor.com, Redfin, etc. And many of them, especially millennials, are moving every 3-5 years now.

So… A great way we can stay in front of our current closed client database is to have recurring Annual Real Estate Review calls (ARR).

The ARR is comparable to visiting your Accountant, Financial Advisor, or Primary Care Physician yearly (and that’s also how we’ll posture it), and here are the top benefits:

• Rapport: it’s a great way to catch up with people personally (often you’ll learn about a new job, exciting trip, or a growing family).
• Retainment: it’s a great way to stay tethered to your current client in an informative way and ensure they are clear that you are still their go-to resource for anything real estate related.
• Referrals: speaking with your clients regularly will spark referral opportunities because you’ll be gently asking for them to refer you to their network when the opportunity arises. You can also cultivate referral opportunities for your network of professionals (financial advisor, accountant, mortgage lender, etc.) and for out-of-state referrals which you can get a piece of.
• Deal Flow: often our clients do have plans to sell, relocate, purchase an investment, house hack, move up/downsize, Airbnb, etc. but haven’t called us because we have not done a great job staying in touch and keeping that communication thread open.

The strategy should be to stagger these calls throughout the year and typically on the yearly home anniversary date. However, an alternative is to simply use the Fall and Winter months to complete a massive ARR prospecting campaign.

Pre-Call Tactics:

The first step is the initial outreach to schedule these calls, which can be done via email, text message, or video (my preference):

“Hi [Name]!

[Happy Home Anniversary] or [Hope this message finds you well!]

It’s time for your Annual Real Estate Review! It’s just like having a yearly conversation with your Accountant or Financial Advisor.

It’s important that you know your exact home value, your home equity position, and the market conditions in your neighborhood. We’re also going to provide you with a [market analysis] or [CMA] in advance of our call and can also review any general questions you might have upon review.

I’m excited to connect with you and will be in touch soon!

This can go out as an email, text, or even through your CRM. However, I personally recommend sending a video because it’s more authentic and more likely to pique their interest.

*Pro Tip: If you have an admin, ISA, or assistant who is comfortable making calls, he or she can use the above scripting to start calling your database on your behalf and scheduling these calls for you. I typically block out 2-3 hours on a Wed/Thurs and just stack these calls one after another. If you need more scripting for you or the admin, I can help.

Live Calls:

On these calls, I show up with enthusiasm and always start with some genuine rapport. I’ll also have my CRM open and will be taking notes about any personal facts to reference down the road.

Rapport

“Hi, Mike! It’s Justin – how are you buddy?” “Is this still a good time to talk?”

“Great! Before we get started, how are you personally? Anything new and exciting? (they will also ask about you so share your personal updates too. Don’t be vague, be specific and even vulnerable about something).

“How is everything with the home? Are you still loving it? (this is an important question)

Agenda

“Well thank you again for carving out some time today. These calls are my favorite as I love catching up with my favorite clients and ensuring their needs are met.

As I mentioned in the email/video, I typically cover the following things:

One is to review your current home value.

Two is to determine how much equity you have so you’re informed as this is important to understand. Many of our clients have been using their home equity to renovate, invest, or purchase another property given how much values have increased in the last 2 years.

Three is to see if you have any questions and of course to discuss any of your real estate goals in the coming year.

Sounds good? Okay great, let’s jump into it. Did you get the CMA/market analysis I sent you….”

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Work your way through that agenda in that exact order. Have them pull up the CMA or analysis you sent them and review it. Discuss recent comps, listings, and the general market conditions in their neighborhood.

Don’t be shy or afraid to discuss their equity – DO NOT SKIP THIS STEP – it will elicit more questions like “so how can I use my equity again” or “can I really take money out to renovate the kitchen and bathroom” or “If I wanted to take cash out to buy an investment, how does that work?”

Many of our clients have these questions but need to be probed and nudged so they ask them.

Ask for the business:

At the end of the call, you must ask them the following question with some “social proofing”:

“So Mike, several of our clients have reached out to discuss selling their home in the next year and this is another reason for our call today – I want to be proactive for you.”

“Do you have any real estate goals or plans in the next year that you’d like to discuss today?” “Not that you have a crystal ball, but how long do you see yourself in this condo?”

“If you are considering selling within the next 6 months, we’re helping our clients get their listing photos taken before the winter season is here. This ensures you that your property will look exquisite when it’s time to list, compared to the others that have snow and dead trees in their photos…”

That should get them speaking a bit and will help you determine the next steps.

Closing the conversation:

“Well as we wrap up – do you have any lingering questions or thoughts?”

“Was this call helpful today?” *Be sure to ask this, when they say “yes” it opens the door to ask for a referral.

“It was so great to reconnect with you today, I loved hearing about XYZ and your dog Rufus…. hilarious!”

“Lastly, I know people have Real Estate on their minds a lot, when any of your co-workers or friends bring up buying or selling a house, would you feel comfortable recommending me?”

“Thank you so much! If you need anything in advance of our next Annual Real Estate Review, please do not hesitate to reach out.”

This is simply a framework for you to follow. Remember to incorporate your own style but be sure to stick to the principles – it works!

Make sure you are updating your CRM/database, connecting with them on social media and staying organized. This business is about consistency and organization, we don’t need to be “fancy.”

Be a professional and take care of your database. Water your “garden” so you always have a harvest in the Spring.

xo- KG