It's Time for a CRM Cleanup
Customer relations management (CRM) systems are essential for effective marketing campaigns, data management and much more. That's why one of the first things you should do this year is to organize your CRM data.
This will lead to better communications with both clients and prospects, and easier marketing campaign management. Here are the six steps to take for CRM marketing clean-up success.
- Identify and remove duplicate data.
Segment your list by buyers, sellers and other relevant categories.
- Review the success of your 2022 marketing campaigns and adjust accordingly.
- Set up tasks to follow up with contacts regularly throughout the year.
- Move old contacts to inactive for potential future communications.
- Set and keep goals for ongoing CRM maintenance tasks.1
Four Tips for Becoming a Top Producer
Did you know that there are 21 million millionaires in the U.S. today?
That number is rising, and you could eventually join them. Here are four tips for becoming a top-producing real estate agent and retiring a millionaire (or more comfortably!):
1. Never let go of a lead.
Leads usually aren't ready to buy or sell the first time they call you. It could take months or even years. For example, ad legend David Ogilvy, who preached "never discourage window shoppers", house-shopped for 20 years before buying a French chateau. Invest in a quality CRM, add each lead, and continuously follow up.
2. Farm where the money is.
Most millionaire agents don't live in lower-valued areas, and the wealthy move just as much as other homeowners. Focus your attention on high-income areas.
3. Take your brand-building seriously.
Top agent Ryan Serhant attributes his success to branding and emphasizes the importance of building a brand locally.
4. Automate your relationship-building.
Make sure to automate what you can and hire for everything else. This includes using AI tools like Rezi Leads or similar software to accelerate the lead nurturing process.2
Ask These Questions to Qualify Leads Like a Boss
Top producers know how to build a sales pipeline and qualify leads – and they follow up nonstop. Here are four questions you need to ask prospects to get information quickly and qualify leads like a boss:
- Do you have a contract with someone else?
It goes without saying that an exclusive contract with another agent would leave you spinning your wheels. However, be sure to ask if they're happy with the agent. If they're not, offer to check in when the contract ends.
- Could you give me a quick summary?
Ask prospects to give you a one-page summary of their plans, goals and obstacles before you launch into your sales pitch.
- Who will be the official buyer/seller?
Find out who the decision-makers are before you determine who might need to be added to the process.
- Are there any obstacles?
Potential risks with prospects can be minimized if you ask whether they see anything that could be problematic during a transaction.3
Real Estate Trends to Expect In 2023
Rising interest rates, inflation, and a slowing economy reshaped the real estate landscape last year for buyers and sellers.
For example, a recent Opendoor survey found that nearly half of respondents would consider relocating somewhere with a lower cost of living. Here are three other top real estate trends that are expected to emerge during the next months:
1. Pre-construction sales will increase.
The increase in the availability of inexpensive land and labor in certain areas will result in more pre-construction purchases. This is a great way for your buyers to get in on the ground floor and can often be a better deal than completed new homes.
2. Multiple offers will continue.
The days of multiple offers will continue in areas with limited inventory. There could be three to five offers on individual listings. However, most of these homes will probably sell for list price instead of the astronomical offers made by some buyers in previous years.
3. Prices will drop along with rates.
Buyers could see a price discount of as much as 5-10% and a 1% rate reduction during the first half of this year. They'll act quickly to take advantage of these deals. In addition, prices may begin to stabilize by mid-year.4
Core Strategies for 2023
Data from The National Association of Realtors® (NAR) found that more than half of all agents have never worked in a down market with falling property prices. If you're one of these, here are some core-related strategies that you need to keep in mind this year.
Demographics of first-time buyers have changed from 33 years old in 2021, to 36 years old last year. Research what these potential buyers want at a local level to ensure you're ready.
You'll also need to manage seller expectations. Some may not realize that the days of multiple offers and bidding wars are over.
Understand what types of financing are available for buyers who can afford less, given today's higher interest rate environment. (This is something I can assist with.)
Make sure that you find a niche if you don't already have one. Agents within challenging markets never want to be perceived as a jack of all trades and expert in none.5
Sources: 1nar.realtor, 2theclose.com, 3theamericangenius.com, 4finance.yahoo.com, 5realtytimes.com
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