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3 Mobile Strategies for Winning in the Current Market

July 17 2023

Welcome back to our weekly "Tips and Tricks Tuesday" series, which highlights articles around a monthly topic. July's theme is "How can I make more money with my phone?" Read on to learn more about the latest mobile apps and innovations that can help you be productive from anywhere:

mobile phone windowAs interest rates have risen and the number of available homes for sale have reached historic lows, real estate professionals have had to adjust their expectations. At the same time, there are still many buyers looking for homes and owners interested in selling, which means there are opportunities for agents to be successful.

Based on our recent discussions with top producers, here are three strategies for winning in the current marketplace that you can follow through on anytime, anywhere from the palm of your hand.

Be responsive

The National Association of Realtors estimates that the average lead conversion rate in residential real estate is 0.4-1.2%. That means for every 200 leads agents receive, only one or two turns into a client. With the odds for conversion already low, it's important to do everything you can to turn a lead into a client. It sounds basic, but that starts with being responsive. Research has shown that buyers, especially if they are searching online, move on quickly. If they don't hear from an agent within minutes of submitting an inquiry on a listing, they will find one who is responsive.

The good news is that our smartphones allow us to stay connected whenever and wherever. Even if you are with a client or at a family gathering, it's easy to respond quickly to a lead by letting them know you received their inquiry and you will call them back shortly.

Stay in touch with prospective clients

Turning a prospect into a client takes time. Research shows that it can take six to 24 months of nurturing to convert a prospect into a client. Often that's because consumers aren't actively looking for a home when you first connect with them, or they begin their conversation with an agent when they are just embarking on their search for a home. So regular contact is important. Again, this is an area when your smartphone can play a major role in winning business.

For instance, Rodolfo Trujillo, a top producer with RE/MAX Advantage Plus in Minneapolis, reports success with a mobile app offered by his brokerage that analyzes his contacts specific to their online real estate activity, prompting him to reach out at the right time. According to Trujillo, the app has resulted in two listings in the past six months.

Double down on marketing to expand your sphere

Building your brand and differentiating your knowledge is always important, but it's critical when the market slows and the competition becomes more fierce. Check out tools offered by your MLS, association or brokerage, and look for innovative solutions that allow you to cost-effectively and seamlessly reach new audiences, turbocharging your current marketing channels.

One solution is DirectOffer's patented DO AudioTours™. With DO AudioTours, you have the ability to add audio to your property listings from your smartphones in one of two ways. You can rely on AudioTour's natural language processing capabilities to auto-generate and add a description in over 20 languages in both voice and closed captions to each listing photo, or you can take the time to personalize the AudioTour by recording a 30-second voiceover to each listing photo. Once complete, your AudioTour can be shared across your marketing channels, including social media, emails and text messages, via your smartphone. In addition to differentiating yourself in listing presentations and reaching your new audiences, leads on your listings are routed directly to you at no cost, making AudioTours both an effective marketing and lead generation tool. To learn more about DO AudioTours™, visit www.doaudiotours.com.

Katie Lappe is the CEO and founder of DirectOffer, Inc.