Troy Palmquist is an indie broker in California with more than a decade of experience. His regular column, which covers a range of helpful tips for agents and op-eds on industry happenings, publishes Thursdays on Inman.
If you are anything like me, you’re constantly trying to figure out the best possible way to communicate with your sellers about everything you have done to market their listing within the first 14 to 21 days. For most real estate agents, we hit the ground running but often forget the importance of tracing our steps.
A detailed progress report, aka a seller update letter, is a great place to start. Below, you’ll find things you can easily outline in a seller update letter that will communicate your value to the client immediately.
1. Competition analysis
At the 14- to 21-day mark, it’s time to take a closer look at the competition. Do your research. A great agent will know how to find what changes have occurred in the marketplace and what is going on with competitive listings. Look at what has gone into escrow since you went to market.
Find out what listings have been expired or withdrawn. Share this information with your sellers so they have a clear picture of what is happening. This not only keeps things transparent, but it also helps you build your case down the road should a price adjustment be necessary.
2. Marketing snapshot
Strategic marketing is key. And although it may be old hat to you, your client most likely doesn’t understand what it takes to get their home to market.
In a seller update letter, you can list everything you have done to launch the listing. This is a good place to showcase how many hours you spent executing a marketing plan versus simply showing a photo of the open house or sticking a for-sale sign in the yard.
Nothing is more important than getting the word out on a listing. But if your seller doesn’t know you are marketing far and wide, you are doing yourself a disservice.
This is the perfect opportunity to provide samples of every “just listed” postcard that was mailed out and outline exactly how many homes/neighborhoods they were distributed to.
4. Showing activity
There is power in numbers. Offering an account of all private showings you’ve hosted and how many people attended your brokers open house will demonstrate you are working hard to earn your client’s business and get their home sold.
A seller update letter is the greatest tool in your arsenal to win sellers over for good and let them know you’re working hard on their behalf — so use it.