Offering free market appraisals is one of the most common ways for agents to get property listings, but in a competitive market, property owners may seek appraisals from three or four agents before deciding who to sell with.
When you take into consideration that you may be competing against some of the top rating real estate agents in your area, first thoughts generally go to what you can do to win the listing and not surprisingly, there are a few things you can do which don’t include over-estimating the potential sale price.
Show you care
Don’t just pop in for five minutes and then present the owner with an approximate sales price – that just shows you don’t really care about getting their business and they are just a number on your list.
Take the time to find out about why they are selling, how long they have been in the property and what the property means to them.
By finding out why they want or need to sell, you will be able to target your spiel towards buyers specifically.
Be prepared to market yourself
Offering market appraisals isn’t just about getting the sale, it’s about marketing yourself to potential clients and with this comes being prepared with all your information.
An initial email about yourself and your process in selling properties works a treat. As does handing clients a small presentation folder which outlines your experience, properties you’ve sold recently, testimonials and an outline of how you sell properties (processes, marketing, databases etc).
This can be a great way to introduce yourself and make your potential clients feel comfortable with you.
Know your area
Part of the real estate game is being an expert in your area, whether that be in your suburb or in the style of properties you sell.
By knowing your area well, you can easily compare similar styled properties for your market appraisal and know that the information you have supplied is correct. Just starting out in a new area?
homesales.com.au has a lot of information in their available on their suburb profile pages.
Part of knowing your area is to be realistic in your market appraisal. While valuing over what the market is likely to pay might win you the listing, it is going to cause a lot of frustration down the line when you can’t obtain anywhere near what your appraisal came in at.
Provide as much information as possible
People selling their homes are looking to distinguish between what you and your competitor down the road can do for them when it comes time to sell.
Part of your market appraisal should be to offer as much information as possible in terms of the types of properties that have been selling in the area and what they have been selling for.
Do a Comparative Market Analysis (CMA) and make notes on why the property is similar or different to the one you are doing a market appraisal on.
Make sure you take the time to sit down with the home owners to explain the CMA and comparisons to other sold properties. This shows that you have done your research.
Keep in touch
One of the best ways to get repeat business is to keep in touch with your past clients. This includes people you’ve sold to, those whose properties you’ve sold, and those who have enquired on your sale properties.
By keeping good records and regularly keeping in touch with them via email and mail, you’ll be top of mind when they come to sell or buy again.
How often you keep in touch will vary depending on the person. For those whose properties you’ve sold, you may wish to keep in touch with the old and new owners every couple of months by sending them a newsletter full of relevant information, as well as the properties you are currently selling or have just sold.
For those who enquired on your sale properties, keeping in touch at least monthly with your updated property lists is a great idea.
Remember – communication is key, and by continually communicating, your details will be on hand for when someone goes looking to sell their home.
Preparing a market appraisal isn’t always an easy task. You may be dealing with property owners who have been forced to sell, or those who are reluctantly selling to move somewhere smaller or closer to family.
By taking the time to listen and provide them with an accurate appraisal, you are more likely to win their business than if you just send them a generic template appraisal.