Is Your Brokerage Leveraging Recommended Properties Effectively?

Homebuying can be stressful, especially right now. Historically low inventory (a situation that, according to NPR, has been decades in the making) means finding the perfect home is that much harder. Additionally, once buyers do find the right home, it might be snatched away from them after a bidding war or all-cash offer. This means agents and brokers need to be strategic about effectively recommending properties to get their clients the keys to their dream home faster.

Here are six reasons why recommending the right properties to your clients is an absolute must and can help your brokerage's bottom line:

1. Homebuyers crave useful information

We're living in the information age, with almost any fact just a few taps away on our smartphones (or you could just ask Siri or Alexa!). Regardless of how accessible information is, many people don't have the time or the motivation to look for it, or they're already bombarded from all directions and have information overload. By offering customized recommendations up on a silver platter, you'll satisfy your homebuyers' appetite for listing information they can actually use.

2. Recommended properties position you as an expert in your market

You already know you're the expert, but do your clients? Having the inside scoop on the hottest new listing can score you big points, especially if you find a hidden gem. As the expert, you'll know where to search for the right properties and which ones might appeal more based on your customers' preferences. You get to demonstrate that you're really on top of your game and know your stuff. From a branding perspective, this is huge, and will help increase your referrals and repeat business.

3. Homebuyers often don't know where or how to look for the right property

These days, most homebuyers start their search online using websites and apps powered by industry giants, but these sites have several drawbacks. For one, buyers don't necessarily know how to search for properties that fit their budgets, what neighborhoods to focus on, or how to modify their searches to find what they are looking for. When you're making the recommendations, you're taking out the guesswork. If you were to leave homebuyers to their own devices, they probably wouldn't find very good results.

4. Regular touch points for keeping you top of mind

Due to low inventory, homebuyers are spending more time than ever before finding, negotiating, and buying homes. When houses are plentiful, it might only take six weeks from getting preapproved to closing. Today, it might take six months. That could lead to discouraged and weary buyers. By regularly providing recommended properties, you can keep your team top of mind (more tips on that here) and your clients engaged in their home search. Slow and steady wins the race!

5. The industry giants can't compete with your data

Most homebuyers have no idea what an MLS is or how listing data is collected, stored, or shared. So, they probably won't know you have access to a treasure trove of data that the giants don't. Your MLS data is fresher and more complete, meaning you can share a new listing with your clients much faster than they could find it themselves. This increases the chances they will fall in love with an active listing that they can view and make an offer on fast, instead of sending you a link to something that is already pending.

6. Recommending the right properties can boost your brokerage revenue

With tight brokerage margins, every broker wants to maximize double-sided deals to capture the full real estate commission. When your brokerage owns a listing that may appeal to another buyer you represent, it's in your best interest to recommend that property for a chance to represent both the seller and the buyer. By strategically recommending broker-owned listings to your buyers, you can increase the likelihood of closing these elusive double-sided deals.

Automate the property recommendation process

Constellation1 Websites have an automated recommended properties feature that sends homebuyers up to 10 relevant, helpful, and customized property recommendations via a weekly email. These recommendations are based on what homebuyers have searched for and saved on your website. These emails keep your leads informed, boost your online presence, and help you increase revenue.

Interested in learning more? Download our recommended properties feature sheet.

To view the original article, visit the Constellation1 blog.