Real estate reviews can be an excellent tool to get the ball rolling with a client who has shown interest in selling their home. When done correctly, they can lead to a listing presentation (if it makes sense for the client’s goals), and then a formal listing agreement. They are also a great way to show your authority as a real estate professional, and deepen the relationship with your client.
The following is a list of 7 tips for putting together an effective real estate review:
1. KNOW YOUR INTENTION
Doing these types of real estate reviews not only gives the client an updated value from a subjective, “human brain”, it also gives you the chance to learn about anything that may have changed for them since you last spoke, similar to what financial advisors do for their clients.
2. KNOW THE PROPERTY
Have you been there? Do you know the neighborhood? Is there anything “quirky” about the layout or the lot? What makes this home stand out from the rest? You should aim to be so knowledgeable about the “ins and outs” of the property that you yourself could be the owner! This will absolutely come across when it comes time to deliver your final review.
3. ASK ABOUT UPDATES
Have the homeowners done any updates recently? This information will help you identify comparable properties that are the best fit. Adding square footage, energy efficiency updates, and kitchen/bathroom updates are all examples of updates that can increase a home’s value.
4. VALUE RANGE
Find a value range, not a target. The goal with a real estate review is to find a range of value, not to do a CMA. If the homeowner wants a deeper dive into the value and they are interested in making a financial move, you can offer that. However, the intention is to let them know they have equity.
5. KEEP IT SIMPLE
50 page CMA’s are not only confusing. A real estate review is intended to be a bite-sized piece to show you are paying attention and are invested in helping them track their value.
Mix it up. We, as real estate agents, have access to lots of different types of data about the homeowner’s neighborhood, their home, and their options. Find different things to send to them and mix up the way you deliver them. Try a mix of printing materials as well as emailing them, and then ask which method they prefer.
7. FOLLOW UP
You have wasted your time doing a real estate review if you don’t bother to follow up. Did they receive it? Did they understand it? What questions do they have? This is not only an opportunity to show your expertise and add value, but it’s also an opportunity to deepen your relationship with them.
If you’re struggling to put together a real estate review, or if you have interest in learning more and/or becoming part of the CHR family, contact us by submitting a form or giving us a call. We’re here to help!