The Magic of Equity Updates
What Are Equity Updates?
Equity updates may sound like something grand and complicated, but let me burst that bubble for you. They are actually super easy to do. All you need to do is a quick search on the MLS (Multiple Listing Service) of active, pending, and sold properties within a quarter or half-mile radius of a past client's address. Then, you send that information to your past client, explaining that it's not a market analysis but just a snapshot of the activity going on in their neighborhood.
Why Are Equity Updates Awesome?
First of all, people who own real estate are naturally interested in what's happening in their neighborhood. So, they are likely to click on the link and check out the listings included. It's like driving by a house and wondering how much it costs or what it looks like inside. We all have that curiosity, right?
But here's the real beauty of equity updates: they are totally relevant. Even if your clients have no intention of selling their homes for many years, it's still a good idea for them to know how things are going in the neighborhood. Over time, they'll see trends develop, and hopefully, they'll witness prices increasing. Plus, it's an excellent opportunity for you to stay in touch with your past clients and show them that you care about their investment.
How to Create and Send Equity Updates:
Now that you understand the power of equity updates, let me walk you through the process of creating and sending them. I learned about equity updates from a coach years ago, and it was a game-changer for me. But like most people, I got busy and fell out of the habit. However, I implemented it with my team of agents, and that's when the magic happened.
Here's what we do:
1. Set up your email templates in Follow Up Boss, the CRM we use and recommend.
2. Use the MLS (we use Matrix) to search for active, pending, and sold listings within a quarter-mile radius of the client's address.
3. Select all the listings and email them to yourself. Copy the long, ugly link.
4. Go to Follow Up Boss, click on templates, and select the appropriate equity update template.
5. Paste the link into the template where it says Click here.
6. Send the email, and voila! You've just sent a personalized and professional-looking equity update.
The Benefits of Using Follow-Up Boss
While you can send equity updates directly from your MLS, using Follow Up Boss has its perks. Not only can you track who has opened and clicked the email, but you can also add your personal touch and personality to the templates. It's all about making the experience enjoyable for your clients, right?
The Proof Is in the Numbers:
Now, let's talk about the results. In just one week, my team and I sent out 234 equity update emails, with an impressive 85% open rate and a 41% click-through rate. And remember, these are people who are genuinely interested in what's happening in their neighborhood. We received 13 replies, which may seem low, but the quality of those responses was outstanding.
We discovered six potential listing prospects that we didn't even know about until they responded to our equity update email. These are warm leads who are already familiar with us and have a genuine interest in selling their homes. Talk about striking gold in your database!
The magic of equity updates lies in their simplicity and effectiveness. It's like putting your database into an ATM machine and watching the potential listings roll in. So, don't miss out on this opportunity to stay connected with your past clients, provide value, and potentially uncover new listing prospects.
Join Savvy Agent Club, and I'll send you a link to the Google Doc with three pre-written equity update email templates. Feel free to customize them to fit your style and start experiencing the magic for yourself.
Remember, the key is to make the time to send these updates regularly. It only takes a minute once you have your system set up, and the rewards can be incredible. So, dive into the magical world of equity updates, and watch your business flourish!