RISMedia's Real Estate Magazine

MAY 2016

Real Estate magazine is the industry's leading source for real estate news and information since 1980. Published monthly by RISMedia, Real Estate magazine offers timely and relevant real estate news to the industry's top brokers and agents.

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32 May 2016 RISMedia's REAL ESTATE "This large share of pent-up de- mand, which, I would argue, is huge—and represented by the fact that the No. 1 reason people told us that they were buying a home last year is that they were tired of their current home—it's only going to get bigger," explained realtor.com® Chief Economist Jonathan Smoke during RISMedia's recent Broker Best Practices Webinar, "One Data- base, 1,000 Prospects, Unlimited Opportunities." The webinar, spon- sored by Top Producer® and moder- ated by Verl Workman, delved into the database-driven practices that propel business in today's market. "This big funnel and long journey is not going to change any time soon," Smoke added, speaking to the various life stages encountered by buyers. "Inventory is only going to get tighter." To come out ahead in a market weighed down by low supply, it's cru- cial for brokers and their agents to build—and work—their databases. "We're focusing on following up with people who are in our data- base," said Kevin Markarian, broker associate of San Francisco-based Marker Real Estate. "It's really im- portant to have long-term systems in place to be able to deliver and convert business." For Markarian, who uses Top Producer to manage a database of 13,000, that long-term system begins at frst contact. Leads receive a text message instantly through FiveStreet, fol- lowed by a phone call, all within fve minutes. "I use the word 'com- mitted'—'Are you com- mitted to an agent?' or, 'You're not committed to an agent, right?' I fnd that using that word works incredibly well," Markarian said. "Others say, 'Are you working with an agent?' Every- one's working with an agent, but nobody wants to be committed to anything. It gives us an opportunity to meet with them." "Speed really matters today," added Keith Hockin, senior bro- ker consultant with Top Producer. "Ultimately, when you look at con- version, it always starts at the be- ginning. If you don't make a frst impression, you don't have an op- portunity to convert them." Markarian focuses on consis- tent follow-ups for 30 days. Leads that are not prepared to act in that period are assigned to an email campaign and receive phone calls every 30 days thereafter. Following this system to the letter, Markarian is rest assured his business will thrive in any type of market. "Those millions of early stream prospects will likely turn into cus- tomers who can keep your busi- ness growing for a long time into the future," Smoke pointed out. "And the funny thing about that is, those early-stage [leads] in your funnel today are likely going to be the ones who say they've known you and have trusted you for some time." RE To listen to the webinar in its entirety, please visit https://youtu.be/dz0Pj3djVZM. Suzanne De Vita is RISMedia's online associate editor. Webinar Recap: Are You Tapping the Demand in Your Database? by Suzanne De Vita Of the 17 million would-be buyers in the market, short of six million will transact this year. How's that for a statistic?

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