15 Day Challenge

Lesson 5: Real Estate Check Up

Tasks

  • Determine if you will do these regularly throughout the year or if you will batch them.

    • If doing them regularly throughout the year, do 2 real estate check-ups

    • If batching, block off 2 times in the year when you will complete these for all of your clients and leads. Note, block off between 2-5 days, depending on how many past clients and leads you have.

Reminders:

  • Keep them short (less than 1 minute)

  • Conduct every 6 months

Here is an example

 
 

Places We Can Hang 🤙

Video Transcript

0:00 Hello and welcome back to your 15 day challenge. Today we're going to discuss a topic that quite easily could have the highest ROI of anything that you will do throughout the year.

0:12 If you do this and just this alone, you are going to start producing at a significantly higher level. So what's the concept and what are we getting into?

0:21 This is the real estate health check. This concept you will see in a lot of different other structures out there.

0:28 You'll hear it as the equity review. You'll hear it as the real estate review. What these topics really are, are about every one of our past clients should have an understanding of what the value of their home is.

0:39 However, how do we go about and actually do this in somewhat of a scalable way, ensure that people have the value of their home after we've helped them buy, or maybe if they're considering selling, how do we actually give them that information on a regular basis?

0:54 Well, some structures out there have you do a full cma. Now, if you are growing your business, that might actually be doable, but you're going to reach a point where that's going to become extremely difficult and this is just due to time constraints.

1:07 Or the other alternative is having you reach out to your clients and asking them if they would like an updated cma.

1:13 Now, there's nothing wrong with that approach either, although a lot of clients are probably just going to politely decline or not respond and not because they're not interested in the information, but simply because they don't want to inconvenience you.

1:24 So that's why we have the real estate health check. It's extremely easy for you to do and it's very impactful for them.

1:32 So how does this work? Well, think of it like a health checkup. So if you were going to the doctor or you're going to the dentist, you should be going to them a few times every year.

1:41 And so the real estate health check works in the exact same way twice a year. You're simply going to record a video, and this should be less than one minute using a screen record and simply recording your MLS and indicating what is going on in their neighborhood.

1:58 So this doesn't need to be long. It shouldn't be long at max. It needs to be a minute. We always want these less than a minute, and what we're doing is we're just picking out a couple of comparables, and from those comparables we're indicating how long have they been in the market, what did they sell for and how does it compare to their home?

2:16 Now, this process is actually extremely quick. We're doing this in less than a minute. Maybe we have to do one or two takes.

2:24 That's fine. Ultimately, they're getting something of value. They're understanding what properties are trading for in their neighborhood, and you are staying in touch and you are going to do this twice a year.

2:35 Now, there are two ways that you can go about doing this. The first way is just have a repeating every six months in your calendar in your CRM to provide this real estate health check to the individual client.

2:47 Alternatively though, what you could do is you could batch these and so maybe in March you are doing all of them and then again in September you are doing all of them. 2:56 So whatever that might be, you can batch them or you can do them Just on a regular basis. There's no real right or wrong approach to this.

3:04 Batching them in a sense is kind of nice. I quite like doing it in matches because then you're going to have like a full few days of just recording these and getting them done, and you can also structure them in a way that they are going out at times when people are thinking of buying and selling.

3:18 So maybe before the springtime, maybe into the summertime before the fall. These can be times when people are thinking of buying and selling.

3:25 So it's a really good time to send these. So what is your task? Your task is twofold. Number one, you're going to determine if you are going to be doing these just on a repeating six month cadence.

3:36 So every six months, regardless of what time of year it is, this person is going to get a real estate health check or are you going to batch them?

3:44 Now, if you are choosing to start doing them right away and have them every six months, regardless of when they enter into your funnel, then you are going to do two of these.

3:53 You are going to get two of these done. However, if you are going to batch them, you are going to put it into your calendar when you are going to be doing these.

4:01 So you're going to block off a week that you are able to do these. Now, that doesn't mean that you're not doing any real estate work during that week.

4:07 It just means that during that week you are focusing almost exclusively on doing these real estate health checks. And so you're putting that into your calendar two times throughout the year that you're going to do them, and that you're going to ensure that you are following through with that.

4:20 This will have a huge impact on your business.

Example Real Estate Check-Up Video Transcript

0:00 Okay, so here's an example of a real estate checkup. It's extremely straightforward, so I'm just recording my screen using Loom at this point in time.

0:09 You can use Loom or any other tool out there as long as you can actually record your screen. And then when we jump into this, we just quickly greet them.

0:17 Hey, hope your weeks off to a great start. Hope you're enjoying spring, summer, whatever time of year it is. You're just doing a very, very quick greeting and then you're jumping right into it.

0:25 So when we're jumping into it, all I'm doing is simply saying, here's an example. Property down the street from you sold for 6 0 6.

0:32 It's sold in 10 days. So that's what this is showing us here, that it's sold in 10 days. And here's the interesting thing, very similar size to yours, however, it has a partially finished basement.

0:44 So you'll notice here we have the partially finished basement size is relatively similar. So this is what this one sold for.

0:51 Realistically speaking, you'd probably go for more than that. Here's another really good example. So this one nicely updated that you'll notice here.

1:00 They've put some work into the interior of this home and still kept a lot of the charm. This one was sold for 6 0 9.

1:06 It sold in three days. And here's the really cool thing. It's just a fraction of the size of yours, so this is quite a bit smaller.

1:15 And then you'll also notice this one also has a partially developed basement. So with those two comparables in mind, let me know if you have any questions.

1:24 What's so that is your quick real estate checkup. Please let me know if you have any questions about what's going on in the market and hope you have a great day.

1:38 There you go. That's it. That's all we need to do. And ideally, we want to keep this less than one minute.

1:45 And of course yours is going to look different than mine. This is my mls. Your ML S might look a little bit different, but you're noticing, I'm not going into a huge amount of detail here.

1:53 I'm just hitting the high points.