How to Help Clients Understand Real Estate Data
Resource Library Tactics for Agents Technology

How to Help Clients Understand Real Estate Data


If I’m a homebuyer, I want to feel secure and confident in my decision. The same if I was a seller. But, I’m not going to get there unless someone connects the dots for me. In today’s digital age, anyone can find tons of real estate information online. But can the average Joe decipher it? Pinpoint opportunities? Identify threats? Probably not.

That’s where you — the real estate agent — come in. At Boomtown Unite 2014, Steve Harney demonstrated how brands aren’t always a mish-mash of slogans and logos. It’s about how customers feel at the end of a transaction. He explains in today’s industry, it’s not about how much information you have. It’s about how you connect them (i.e. connect the dots).

So, here’s a quick breakdown on interpreting data and showing it to your clients:

1. Know Statistics. Look at Trends.

Real Estate Trends

Any homebuyer can look at previous sold data on Zillow. Any homeowner can see what their neighbors are selling for with a quick search. And every company that has that data presents it in an understandable way.

Having the information is important, but rarely do people analyze where that data is leading into the future. That’s where you identify opportunities and threats. Numbers look great on paper, but I guarantee you someone is still going to ask, “So, is the market headed up in a good way or a bad way?”

With the data you show me, I want to know my home purchase (my biggest financial investment ever) is still going to be a good decision five years from now. I want to know that I can sell my home in five years … for a profit. So, show me where the data is going. If you do that, your client will definitely feel a boost in confidence and security.

2. Compare and Contrast

Think about science fiction novels. How do they explain scientific theorems, foreign worlds, and mysterious aliens — without boring you? Answer: comparing and contrasting them to something we already know. Authors like Orson Scott Card don’t go into intricate detail about the bodies of the enemy aliens (in Ender’s Game). He simply compares them to bugs, and voila, you have an instant image of what they might be. He doesn’t bore you with endless lines of prose. He just gets to the point, clearly and concisely.

The same rule applies to any data you’re explaining. A situation might run like this:

Homebuyer: I like the house, but I think we might just hold off for another year before we move.

Agent: Rates are expected to rise from their current 3.7% to 4.7%, so if you waited a year on this $300K house that would cost you an extra $243 per month. I’d advise buying now if you can.

All the agent did was highlight the difference in buying now and waiting. He used statistics to argue his point, but made it simple to understand.

3. Present Data Visually

A picture is worth a thousand words, right? Visuals help people understand difficult information, like lots of real estate data. It sums it up into a quick visual that takes only seconds to comprehend. Compare that to looking at lines of endless numbers and deciphering it.

Example:

BoomTown Real Estate Data

And you don’t need special skills to visualize data either. Programs like Canva and Microsoft PowerPoint are easy tools to use. Draw inspiration from outside resources like Template.net and Envato Market. Gather material from places like Flat Icon, Infogr.am, and Visual.ly. You can even search Google Images and see how other people present their stuff.

You don’t need to reinvent the wheel. Use the resources you have available and be creative.

Connect the Dots for Your Client

I’m not going to figure out that I should buy a house in Charleston from looking at low mortgage interest rates. I need someone to connect those two ideas for me. Tell me straight and honestly. As a real estate agent, you need to know the market (i.e. data), but you also need to connect the dots for your clients.

If you do that, your clientele will feel more confident and secure in their decisions. As a result, their experience will be positive, because they didn’t gamble one of their life’s largest investments.

The data shows them the right move to make. You just need to explain it to them. Then they’ll share all the happy news with their friends and family, further building your brand.

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Resource Library Lead Management

Increase Lead Conversion with List Building


Today, you got 100 leads. Now, how many of them can you convert before they go stale? Everyone loves to talk about real estate lead generation. However, few focus on the leads they have and how to nurture them.

If you’ve ever noticed revenue dropping or flat-lining, the solution isn’t always getting more leads. Sometimes, it means re-examining how many leads your team is closing. So, let’s talk about increasing your conversion rate, so you don’t waste money on lead generation efforts.

 

The Problems of a Large Database

Lead Conversion Real Estate

Have you ever walked into the grocery store and shopped for toothpaste? Picking the right one can be overwhelming. Do you want the anti-tartar kind or the cavity-prevention kind? Do you want the one with whitening material or enamel protection?  Fluoride, non-fluoride?  Then there’s flavor: mint, Listerine-infused mint, sparkling mint, intense mint … and that’s just mint.

When you look at your lead database and see 10,000 leads sitting there, the first thing your mind does is freak out. It stalls out, really. How in the world are you going to call and close 10,000 leads? Where do you even begin? These are just a few thoughts you’ll experience.

“In Hollywood, there’s a saying for every 100 flyers you hand out, you’ll get 1 person to attend the event. That’s a 1% conversion rate.”

Faced with so many choices, you don’t know what to do or who to call first. Some may champion their way through by organizing a call night, where you cold-call as many leads as you can. But I’ll share a quick tidbit for you: In Hollywood, there’s a saying for every 100 flyers you hand out, you’ll get 1 person to attend the event. That’s a 1% conversion … 🙁 . Attacking the problem randomly won’t be efficient.

The solution: Segment your database into workable lists, i.e. group your leads.

 

How to Increase Lead Conversion

Conversion Funnels for Real Estate

Not every lead is the right fit for your business. Some may have a price point that’s too low. Others might be looking to buy in areas you don’t work. The first thing you need to do is figure out which leads to call.

Outline what business criteria you want to focus on, such as leads who want to buy houses at $300k+ or leads who want to buy along downtown. Maybe even break your database into leads who have come back to your website recently. This will take that 10,000 lead database and sift it into a list of 30-50 leads.  Now, calling them doesn’t seem as hard, right?

Plus, by building lists based on behavior means they’ll be twice as receptive to your call (or email). You know where to start the conversation and you know who to start calling. Lead conversions will jump because you’ve set yourself up for success.

 

Lead Follow-Up Strategies with BoomTown

There are two resources I want to share: 1) BoomTown’s prospecting tools & 2) the BoomTown Library. Each of these will show you various ways to increase lead conversion, support your business, and generate a real ROI.

Smart Prospecting BoomTown

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