May 16, 2016 by SmartZip in Articles
Hugh Price’s team team in Granville, Ohio, averages 100-120 control-side transactions each year, with 50-60 listings on the market at any given time. There’s no doubt that Hugh is a local market leader, but he had two goals for his listing business:
1. To grow his market share in his traditional "farm" area
2. To expand to a brand-new market
With the help of predictive analytics, automated marketing and smart follow-up, Hugh has managed to accomplish both goals in less than a year. See how one predictive platform is increasing his success across the board.
The starting point
Hugh’s team worked with SmartTargeting’s data and analytics team to optimize the regular "farm" area where Hugh was performing outreach. Using the power of predictive analytics, SmartZip’s algorithm then gave Hugh a ranked list of the homeowners most likely to sell in his selected territory. In just weeks, automated marketing postcards, digitally "handwritten" letters and online ads were being deployed to these top seller targets.
Getting seller leads
Hugh’s marketing directs home sellers to two primary destinations:
Hugh noticed that some of the inbound leads from SmartTargeting were past acquaintances and some of them were "fresh" leads -- people he’d never met. For him, that was a good sign that regardless of their affiliation with Hugh, home sellers were responding to his campaigns.
"I love the "Name Your Selling Price" offer. So far, I’ve gotten two listings in one neighborhood from it. I follow up saying, ‘I’d love to meet with you and help you get that price.’"
Strategic follow-up, proactive outreach
Initially, Hugh’s marketing drew in more than 120 potential seller leads in eight months. He knew his team needed to get serious about a follow-up process. After the Price Team receives an inbound lead alert, they pull local data to see if their computer-generated CMA estimate was accurate or not. They also send a package with information on the team, a resume, a pen and other small, branded tokens. From that point forward, the team aims to follow up every six weeks. They believe six weeks is the "sweet spot" where owners won’t forget about them but also won’t be overwhelmed by their outreach.
But what about the potential sellers who haven’t responded to Hugh’s marketing? To engage them, Hugh hosts neighborhood events. In the spring, Hugh and his preferred lender sponsor an ice cream truck event in a local park.
"At the ice cream truck event, we distribute our cards and introduce ourselves to people within the territory and target list. It’s a great, no-pressure way to get meet local homeowners and have them put your face, name and business together."
What about that 75% conversion rate?
Twelve homeowners within Hugh’s top-ranked seller targets listed their homes in Hugh’s first eight months in the program. Of these twelve sellers, Hugh and his team represented nine of them! By focusing on a narrowed list, proactively reaching out and following up, the team managed to convert 75% of their seller targets who listed.
"By focusing on the rankings, we were able to convert 75% of predicted sellers in our area in our first eight months. The predictions are refreshed monthly, so we always have a new list of targets to focus on."
Accomplishing Goal #2: Building out a NEW market area
All of the above success happened in Hugh’s traditional market area, but he still wanted to accomplish his second goal: to find success in a brand-new market area. After he saw how SmartTargeting had changed his business in his Granville farm, Hugh decided to "double down" with a brand-new territory in Pataskola, Ohio. While just a few months into marketing to seller targets in this new territory, Hugh is already seeing a high response rate and is excited to begin working with Pataskola sellers.
"SmartTargeting worked so well in our traditional farm area that we made the strategic decision to start building a second market are using their predictive analytics platform. We know it will pay off!"
Let's get started!
Whether you're an established listing agent like Hugh, or just starting out, we can help you land more seller clients. To get started check listing predictions in your area.
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