This is the system we use in our market to manage our pipeline of buyer prospects. Keep in mind that this program was designed using our MLS system and you will need to make changes that work within your MLS system.
Step 1 - Enter each new lead in your Contact Management program. If the prospect provided a telephone number, call to introduce yourself and verify all of their search criteria. This will allow you to build rapport and easily start a conversation that can flow into more investigating and prequalification questions. We find that most people are very easy to talk with if we call within 1 - 24 hours.
Sample Conversation:
“Hi Dave, this is Nancy Moeller with The OC Experts in Orange County. I received your registration to receive bank owned properties, and I have a couple of quick questions for you. Do you have just a minute?” Sure
“Great, I noticed you are looking for a minimum of 2 bedrooms and 1500 square feet in Mission Viejo for no more than $450,000. Would you like me to expand your search into any of the neighboring cities, like Lake Forest or Rancho Santa Margarita?” … continue to ask a few questions that will allow you to expand or narrow their criteria.
“By the way – I didn’t even ask, are you looking for investment property or will this be your next home?”
… now do what you always do – investigate, qualify and build massive rapport. As always, work to get them pre-approved and ready to set an appointment to meet you and visit a few homes or neighborhoods.
I also like to investigate to see how well they understand the foreclosure and bank owned process. This is a great time to build tremendous value with working with an expert who understands the process and can help them negotiate the best deal.
Sometime during the call, it’s important to explain how your automated process works, how often they’ll receive updates, how to use your MLS or other property search website, etc. And most importantly, explain how they can receive additional information on any of the properties that look interesting.
Step 2 - Set up the lead in your MLS system to receive automatic updates for property that meet their criteria.
Tip: To find only bank owned property, we use the following MLS search in the "agent remarks" field. Sometimes a short sale sneaks in our search, but overall, it works pretty well to find bank owned properties.
%bank owned%,%bank repo%,%lender owned%,%reo%,%bank foreclosure%,%lender foreclosure%,%corporate owned%
Email #1 -
Hello _____,
Thanks for registering to access to bank owned and other value priced properties in _________.
I have set up your personal web site based on the search criteria you provided. If you'd like to see any of the homes, just let me know and I'll be happy to meet you or provide additional information.
Of course, if you'd like to change or expand your search, just call me at (714) 555-1212 and I'll adjust your criteria accordingly.
I hope you find the service useful,
Follow Up Emails
Dear _____,
Here are the new or changed listings that meet your criteria. Please let us know if you'd like to change (expand or limit) your search. Of course, if you need additional information on any of the properties or if you'd like to see any of these homes, just let me know.
My best,
Step 3 - Using your contact management system, set reminders to call each prospect at the following minimum frequencies:
- Buying in 1 - 3 months: Weekly
- Buying in 3 - 6 months: Monthly
- Buying in 6 - 12 months: Every 60 days
Your goal is to re-verify their search parameters, build more rapport, further qualify their buying needs and timeframe and schedule a meeting.
Daily - Check your MLS prospecting system daily to see if any of your prospects have saved any new listings. If so, research the property and call or email them with specific information about the property. Based on our schedule and the quality of lead, we may offer to preview the property for them and invite them to come along.
- This proactive follow up system demonstrates exceptional service and care for your customers. You will be on your way to competition-proofing your buyer pipeline from every other agent!
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