Expert Update - 12.02.22

Friday, December 2, 2022

Win New Clients Quickly Through Texting

Many successful real estate agents use texting to ensure their daily operations run smoothly. It's also a great way to reach new clients and maintain relationships with current buyers and sellers.

There are two types of texting — SMS mass texting which delivers the same information to multiple people, and one-to-one texting for personal communication. Both are effective. Here are four ways they can help improve your business:

1. Better Visibility.

People are inundated with hundreds of Internet ads everyday, but usually don't get that many daily texts. So, if they see a real estate agent texting, they'll take notice and will be more likely to engage with you.

2. Higher Response Rates.

Did you know texting has one of the highest response rates of all marketing methods? It's 98%! And if a buyer quickly responds to you, you have a better chance of convincing them to use your services.

3. Personalized Communication.

Over 90% of marketing experts say that today's customers expect personalized experiences. Texting is more personal than an email or social media ad (although both can be useful in conjunction with texting).One-to-one messaging also simulates regular conversations which encourages prospects and clients to be more attentive to texts.

4. Affordability.

Text messaging is much more affordable than many other marketing means. While you may need to install new software for automated messages and perhaps buy a separate work phone, text message marketing is generally still much more affordable.1


Forget Black Friday! Thursday's Bargain Day For Homebuyers

Now that the holiday season is in full swing, home buyers looking for a deal might want to consider shopping on Thursdays.

Stats show that it's the day of the week when sellers are most likely to decrease their list price. Earlier this fall, a record 28% of sellers had lowered their list price, which means house hunters who can afford today's high rates have a better chance of snagging an affordable home.

When sellers cut prices,18.5% do so on Thursdays. But the timing can differ by metro area. For example, price cuts occur more often on Tuesdays in Baltimore and Philadelphia, while in Detroit, Cleveland, and Buffalo, Monday is the best day for deals.2

Three Next-Level Leadership Strategies

Effective leadership strategies have been around for decades, and they work well within the real estate industry. However, given the transformational changes in technology and culture that are taking place in today's workplace, three new principles of leadership are emerging:

1. Make employee wellness imperative.

Every organization must make taking care of their employees atop priority. It's simple: If you take good care of your employees, they'll take good care of your customers.

2. Think of customer service not as a department, but as a mindset.

To lead an organization successfully, you must ensure that everyone on your team has the mindset to serve your customers exceptionally well every day.

3. Create a culture of learning.

Encourage your staff to learn new skills in an accelerated fashion, either online or in a classroom environment. This helps create more organizational cohesion, fosters greater innovation, and entices employees tostay.3

How to Improve Your Feedback Process

If you're struggling with how to solicit customer feedback, or undecided when it comes to the type of feedback to request, you're not alone. It can be an intimidating process, but it doesn't have to be. Here are some dos and don'ts:

1. Don't program your feedback loop to cherry-pick positive feedback.

The industry is often guilty of this. Instead, encourage constructive criticism too...and be sure to reach out immediately and offer to resolve any problems.

2. Don't just use a simple Google form to gather feedback.

Use a meaningful feedback collection tool/service provider instead.

3. Do some research on service providers' methods and look at their ratings and reviews.

This will help you choose a feedback service provider that's user-friendly while preserving the integrity of all responses.

4. Don't solicit customers for testimonials by asking leading questions.

This strategy will just urge them to cheerlead.4

Today's Multigenerational Households

An increasing number of individuals are embracing the benefits of multigenerational living, which is defined as a property housing two or more adult generations. For some first-time home buyers, it's a positive way to achieve their homeownership goals.

There are several reasons people choose multigenerational living. Often the arrangement is personal, especially for adults who want to care for aging parents.

For most people, the #1 reason is financial. More people are choosing to buy homes together so they can save money across the board. By combining their incomes to make a purchase, they may be able to afford a home they couldn't buy on their own.

Living in a home with loved ones provides family members with more quality time together. And in households with young children, grandparents and other relatives can assist with child care.

If you have clients who are thinking of buying a home and living with siblings, parents, or grandparents, then multigenerational living may be for them. Make sure they discuss their needs openly with you, helping them navigate the process to find the right home for both themselves and their loved ones.5

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