Cross-Selling Your Real Estate Agents

What are most homeowners interested in? It is the current value of their real estate.
Here’s a marketing idea you can implement right now, with the added bonus of getting your foot in the door with real estate agents.
It’s called the Rapid Real Estate Review System.
Consider this one of the methods to not only keep in touch with your past clients, but a way to connect (or re-connect)
with real estate agents.
What is the Rapid Real Estate Review System? It’s a formal review of the value of your client’s real estate. Here’s how it works:
1. Review your database or closed loan files. Identify the real estate agent who sold your client the home. If the deal was a refinance, determine which real estate agent would “match” your client’s personality and/or area.
2. Call the real estate agent and let them know that you are working with their past client and you would like to provide the past client an updated CMA (short for Comparative Market Analysis).
3. If you find the original real estate agent is out of the business, or the deal is a refinance, chose another real estate agent. It could be someone who currently gives you referrals, a new agent you have wanted to do business with, or an agent who regularly works that subdivision (or area).
4. In addition to the CMA, provide your client with their current assessed value and current property taxes.
5. With the other real estate properties used in the CMA report, also include the property taxes and assessed values of those, too. The reason? It gives them the opportunity to compare their taxes/assessments with that of their neighbors.
6. Ask your real estate partner to include the most recent MLS statistics on home sales in your area.
7. Include a cover letter telling them why you are providing the Rapid Real Estate Review.
8. Provide a RRER once a year.
A couple of notes here:
• What if the value of their real estate has decreased? Tell them. They are going to find out sooner or later. By letting your customer know the value, on a continual basis, they have time to absorb the “truth” and can make a more informed decision if they decided to sell or refinance.
• What if the real estate agent doesn’t want to provide the CMA or balks at showing the client the value of the real estate now? The National Association of Realtors reports that when it’s time to list a home for sale, at least 60% of the time, the seller lists their home with the very first agent they interview. You are instrumental in keeping the agent’s name in front of your clients. Or, if their Realtor is out of the business, introduce them to a new agent.
One last item: Be sure to keep detailed notes (in your database) of which agents provided the CMA. The worst thing you could do is use a different agent year after year. Consistency is the key.
Here is a sample cover letter:
One of the services I provide to you on an annual basis is my Rapid Real Estate Review.
What is it all about? It’s a Comparative Market Analysis of the estimated, current value of your home, based on other sales in your area. It’s not a formal appraisal. It’s not the absolute value. It’s an estimate to give you an idea of the value if you decide to sell or refinance your home.
It’s being provided by, ____________________________, the real estate agent who sold you your home. (And then provide contact info here.)
OR
Since the real estate agent you originally worked with is out of the business, I would like to introduce you to _______________________________________ who can answer any questions for you.
You will also find information on the assessed value of your home versus those homes featured in the report. Property taxes are also displayed.
(Name of Agent) has included the most recent MLS sales statistics. (You may want to explain MLS sales stats to them here or provide the agent’s phone number to call with questions.)
Please let me know if I can help you in any way and look for my Rapid Real Estate Review next year!