Today, we’re talking about the real estate health check, or what we call the video CMA.
This is a straightforward video to deliver to every single person in your database twice a year. And it’s pretty simple—the video tells them what is going on in the market. I’m going to show you why this is so powerful and, if you use this type of video, how you’re almost guaranteed to get a minimum of five new listings.
I tracked this back to the number of emails that we sent out with this video last year, and it helped us create 20 listing opportunities. Sure, some of them would’ve listed with us anyways, but this video created the conversation.
It started the conversation with clients that if we didn’t stay in touch, could have started talking to another agent. And what is the number one reason why clients don’t use you again?
Because you don’t stay in touch. Or maybe you think you’re staying in touch, but it’s not with information that the client actually finds valuable.
Staying top of mind
It’s crazy to me, these NAR stats that some people forget their real estate agent’s name after a few years because they’re living their life. They’re not thinking about real estate all day long like we do.
So here’s what you need to know as we get started here. This is called the video CMA, and it’s a Real Estate Health Check. Get into the habit of sending this twice a year. And if your market is like mine, send it in March and in August.
Maybe you’re asking yourself, “Well, why would I send it those two months?” And that’s a fair question. My question for you, then, is “What two months are historically the most active in your market?”
For me, those months are April and September. So I want people to know what’s going on in March and at the end of the summer. If your market is different, you’ll want to send it at different times—just a month shy of when it gets most active.
This is also great to send to the potential sellers you haven’t heard from in a little while to learn what’s going on with them to show them what is going on in the market. It’s a two-minute video, and there’s no editing needed.
Don’t get stuck on what you’re going to use to send this. Just send it.
The thought process behind this video
A lot of real estate agents will send email CMAs to their database once a year saying, “Hey, here’s what’s going on in your neighborhood. Here’s a range of what your house might be worth in today’s market.” But that data can become outdated so quickly.
Things change on a week-to-week basis in most real estate markets across North America. So here’s the difference with the video CMA.
Number one, you are showing them, you are not just telling them. So you’re giving them an idea of how you’re actually coming to that conclusion.
Number two, most importantly, is you are not telling them the exact price of their property. You are just showing them what is happening in their area so they can review it. And if they have questions they can reach out.
Everything we are doing online is geared to take that conversation offline.
So, when you’re reaching out to clients you’ve worked with in the past and telling them what’s going on, the reason you’re doing that is because you want to have an offline conversation about what’s happening.
Why don’t you tell them the exact price? The same reason. You don’t want to give them the exact price in the typical kind of old-school CMA, because it could change very quickly.
The market changes. If the Fed changes the rates, again, the market could change. You don’t want to get ahead of yourself with this type of information.
Information to share in this video
Here’s what you’ll need to prepare for the video:
Three recent sales have happened in the last three months in that area.
So if it’s a condo building, focus on condo sales just in that building. If it is a house, then focus on sales in the neighborhood.
Then, send them a video. In the subject line of the email, it should say, “Your updated property value,” or “Did you see this sale in your neighborhood?”
Watch the video above to see a live demonstration of what this video will look like.
Keep in mind these are supposed to be casual. You don’t have to wear a suit unless that’s the vibe you’re going for. And you’re just showing people what is going on in their market and let them know how to get in touch with you if they have any questions.
Video CMA example
In the live demonstration, you can see what the video would look like as I walk you through it. I’m sharing my screen and you can see me in the corner.
As I mentioned before, you can use Loom, Bomb Bomb, or any other types of video creation program you like to work with. You could literally do this on Zoom as long as you save the file and send it to the person on the other side.
Let’s pretend that Byron owns a condo in Toronto, okay? This is the video that I would send him.
“Hey Byron, it’s Tom. I hope you are doing well. The reason that I’m sending this video today is we’re calling it our real estate health check. And most people go to their dentist a minimum of twice a year, and their doctor twice a year to check in, even if there’s nothing wrong. And that’s why I’m sending this video to you, to show you what’s going on in your market.
“Because I thought you might find it interesting, and I know you’re probably not thinking about selling at all right now, and that’s totally fine. But I think overall it’s still really good to know about what’s happening in your market.
“So, as you can see on my screen here, I’ve got three recent sales, and I’m going to put this link in the email below. You’ll have access to this link, so click on it and take a look. Two of these sales were in the same building as yours. Very, very similar square footage, and they’ve all sold in the last three months. Now, if you’re interested, you can go to the top right here and you can see what they actually sold for, what the list price was and what the sale price was. Anyway, I thought you might find this interesting. If you have any specific questions or are looking for a pinpoint evaluation of what your property is worth today, just let me know. I’ll make sure to send over all that information. Anyway, have a great day and we’ll talk soon.”
Tips and takeaways
So how simple is that? This video does not take long to create, and I guarantee this will be the best ROI you have in your business.
Will it take some time? Yes. Do you have to do some research beforehand? Yes. But think about where you’re spending money in your business right now. You’re spending money on online leads for people that don’t even know who you are, that you have to win over with general marketing, with whatever else you’re spending money on.
You have people here that have already worked with you, and who at some point are going to sell. Tell them what’s going on in their market. Create those conversations. Be the person that’s delivering value to them on a regular basis.
As Byron and Tom would say, “Be the knowledge broker.” Make sure they’re getting the information from you and not relying on media sources that are giving them scary news headlines.
I guarantee if you do this, you will get results. So, how soon can you start?