Hot Sheets: Every Agent’s Not So Secret, Secret Weapon
Proving value is often key to securing a potential client’s business. When an agent shows a homebuyer up-to-date market insights or when they educate them on unique opportunities, a bond of trust is formed. As an agent, you’ve shown your value — quick information to act on that a buyer wouldn’t normally have.
Typically, this has been done through MLS hot sheets. You get a market report and translate the data for your clients. Others use automated systems, like BoomTown, to provide updates via e-Alerts (or Listing Alerts). As we all know, information is invaluable, especially in a high-moving real estate market.
Utilizing hot sheets to foment urgency and schedule a showing does require some extra leg work, but the end result is often much greater than what an e-Alert provides. Consider these three scenarios in which the hot sheet can help move the dial.
1The Engaged Buyer
If you’ve already had conversations with the buyer and know what they are looking for (like price and property features) utilize your most up to date hot sheet and find properties corresponding to their needs.
Dig up the most unique opportunities to generate interest. For instance, 123 Main Street posts a price reduction of $15,000. You know the buyer has an interest in properties like these, so send them an email with the listing embedded. Let them know why you think this is an opportunity to act on … and quickly. Then follow up with a call to create urgency. Truly a simple process that buyers can’t resist.
2Breaking the Ice
Cracking the code to a buyer you haven’t spoken to yet is always difficult, but hot sheets can help. Monitor their online behavior and see what kind of houses they’re clicking on, either through e-Alerts or from your real estate website. If the buyer is engaged with these, try and find similar opportunities and email them directly about them.
Similarly, if they are searching your IDX feed and you have access to their search history, that is a huge leg up. Apply the same logic to the hot sheets here. When you find a property like that $15,000 price reduction for 123 Main Street, email them the information, stating you know they have expressed interest in similar properties on your site and would love to schedule a showing. Again, follow up with a phone call shortly after.
3Let the Tools do the Work
Some services, like BoomTown can automate some of the process for you. A plethora of data on the buyer — from listing alerts and property searches — may be housed in your system. Bridging the data you have on a buyer and opportunities in your hot sheet is the hard part.
BoomTown has a seamless integration between the MLS hot sheet and your buyer data. When searching the hot sheet in BoomTown, the system will actually match the buyers in your CRM with the properties that fit them best. It takes into account searches, views and even favorited properties a buyer might have to find the best opportunities. With the click of a button a personalized email can be automatically sent to all leads with an appropriate level of interest in a property. Letting your systems do the work is tantamount to a streamlined process, allowing you to find more opportunities in a shorter window.
Take Hot Sheets to the Next Level
The concept is simple enough. As hot sheets have evolved from quite literally a sheet of paper to a data driven software provided by the MLS, agents are better poised to use this service to their advantage than ever before. Unlike standard e-Alerts, agents will find themselves creating a sense of urgency among buyers, leveraging listing contingencies to motivate buyers into action.
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