Equity Updates to Past Clients and Leads: Why Realtors Should Make It a Priority
Sep 26, 2023
Why is it that when life gets hectic, the most important things are often the first to go?
For real estate agents, that usually means maintaining relationships with past clients and leads. It’s so easy to focus on the next paycheck and forget about the slow burn.
Don’t fall for it! Staying top-of-mind is one of the most impactful things you can do on a daily basis. Not only does leveraging past relationships lead to future business, but it’s free! Of course, it always helps to have something meaningful to say when you reach out. Our job here at SellWell is to give you every possible idea for sparking meaningful engagement. Your job is to try as many things as possible and see what works.
Today that focus is the Equity Update.
It’s one of the most powerful and effective tools working for our 1:1 clients today. In this market, many homeowners feel stuck and aren’t aware of the power of equity. Simply showing them what’s right in front of their eyes (estimated property value less mortgage balance) can be a game-changer. The Equity Update is easy to compile and can spark conversations that lead to new listings at best or great reconnections at worst.
Download Our Free Equity Letter Template
Get an email template, plus a handy Canva template to include a gorgeous chart in your letter.
Benefits of Sending Equity Updates
Before we dive into what exactly to say and how to implement an Equity Update, let’s talk about some additional benefits.
Prove You Are a Trusted Expert
While other agents are desperately calling to see if someone wants to sell, you are delivering value. Not only are you demonstrating your market expertise, but you are proving that you care about their financial success. If they are a past client, they are going to be impressed that you are checking back in after the paycheck. They are going to be impressed that you continue to care about their best interest. If they are a past lead, they are going to impressed that you are offering value instead of delivering a cheesy real estate script.
Nurture Client Relationships
One of the mantras we stress again and again here at SellWell is “remove the timeline.” It’s essential to nurture your client relationships even when they don’t have immediate plans to move forward. Sending an Equity Update is a great way to engage and nurture those relationships by providing valuable information. In the process, you are showcasing your value and solidifying yourself as an important resource. This will make them more and more likely to mention your name when someone they know is thinking of entering the market.
Land New Opportunities
Of course, this is the biggest benefit of all, but it might not happen tomorrow! The Equity Update might just be the first step in laying the groundwork for what becomes a future opportunity. A lot of potential sellers simply don't know that they are in a position to make a move. Buyers from 2020-2021 aren't necessarily aware of the amount of equity they've already built up. Providing this helpful information can plant a seed for a future move.
What to Say in Your Equity Update
If you downloaded our free template (great move!), you can quickly use our editable chart to personalize the update for each client with a visual aid. If they are a past client, you should have all the information you need to send an accurate update. If they are a past lead but you have their address, you can still use databases and public property values to create a helpful update.
Although we’ve included an email template to help with messaging, you’ll also want to personalize the email as much as possible. Have you kept a client profile with fun facts about your client? What personalized talking point can you throw in so they know it’s not just a scripted template?
Another tip: keep your email concise. Remember that large blocks of text send people running! Try to keep it personal, helpful, and to-the-point.
Should you send the update via email, explain it over the phone, or send it in the mail? We recommend starting with an email. You’ll notice that we end the email template by promising to give them a call in a few days. This gives you the perfect excuse to arrange a second touchpoint. In fact, you have to call because you already said you would! Worst case, they are annoyed at your call and you say, "just sticking to my word!"
Download Our Free Equity Letter Template
Get an email template, plus a handy Canva template to include a gorgeous chart in your letter.
Arranging Next Steps
The conversation shouldn't end with the Equity Update or even with the follow-up phone call. Whether or not the client is ready to make a move, you’ll want to lay the groundwork for the next step. Maybe you mentioned some loan programs that might benefit them or some new properties on the market. Be sure to follow up with relevant resources. Mention that you plan to touch base in a few weeks. Your goal should be to keep the momentum going with regular, consistent communication.
If you’re wondering, “does this actually work?” The answer is a resounding yes! We’ve had clients use this process and generate as many as seven listings in just a few weeks. This didn’t just happen with a simple “copy, paste, send, wait” but with personal touches, consistent follow-up, and hard work.
Remember, at the end of the day, an Equity Update is just another example of how you can provide value and create genuine connections with your network. The more value you provide by being a helpful, good person, the more referrals and repeat business you’ll get.
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