By Melanie Kalmar
Historically low interest rates and a lack of inventory has created the perfect storm for agents.
Bidding wars on a single property, with dozens of prospective buyers who can afford to pay above list price, are taking those who can’t out of the market. Sellers aren’t immune to the fallout either. Low inventory is leaving them with practically nowhere to go — even rental properties are getting snatched up quickly. The situation is causing some buyers and sellers to walk away until the market becomes more balanced. While some buyers might be tempted to wait it out, that doesn’t mean the agents representing them should too — especially when it comes to staying connected, according to Brandon Wise, founder and CEO of Wise Agent CRM.
“You should be working on your business and staying in front of your database, so when they are ready to sell or buy, they think of you.” Take advantage of this time to organize your business using CRM, he said.
For almost two decades, Wise Agent has provided customer relationship management (CRM) technology to real estate agents, to help them organize their business and stay top of mind within their sphere of influence.
“Anytime you need to refer to notes about a conversation or see a document, it’s all in one place,” Wise says of CRMs’ organization capabilities. “You are not digging through files. It’s all on your phone or computer when you click on the client’s name or transaction.”
Wise Agent CRM keeps your transactions organized
Transaction management is a CRM tool that stores all of the documents involved in a transaction together, according to Wise. It also includes a complete checklist of tasks to be done and deadlines to be met. “When you have multiple listings and a lot going on, small details can get missed if you don’t have a checklist,” Wise says. “You can drop balls that can be expensive and wind up in lawsuits.” It also helps you keep track of every offer that comes in, so you can present it well to the seller.
“On the buyer side, you know the listing agent has 10 back-up offers,” Wise says. “If you are late on an appraisal or miss any deadline, they will throw out your buyer and take the next one.”
Market your brand
Wise also recommends using automated tools to stay in touch with your database: You can pre-set a drip campaign to send personalized emails or text messages to all of your contacts. “Even if they don’t read it, they still get the gesture,” Wise says. You can also farm neighborhoods using advertisements on social media that lead prospects to landing pages, which capture their contact information and add it to your database. Reach out to those same residents through postcards, emails and monthly newsletters. Create your own content for newsletters, fliers, emails and texts and get your message out to 40 contacts at once, according to Wise. “It’s all about consistency,” Wise says. “Keep your name in front of them and when they are ready to buy or sell, they will remember that agent who stayed in touch and kept sending them information.”
Phone first
Wise advises strengthening relationships by calling everyone in your database. Get the conversation going by updating their contact information or talking about the market and recent listings. “It’s conversations like those that motivate people to sell,” Wise says. “If you have enough of those conversations, you’ll get listings.”
Text is another way to start a conversation. Offer to pick up milk or other necessities for older adults who are avoiding grocery shopping during the pandemic. “While you have time,” Wise says, “Use it to help people and it will come back around.”
Remember, despite the pandemic, life goes on, Wise says. People relocate for work, divorce or inherit homes when loved ones pass away. “Those people all need Realtors,” Wise says. “Call them now and start those conversations.”