Real estate values are constantly changing, challenging agents to provide clients with the most detailed, up-to-date property reports available. While there are many valuation services available, selecting a solution that provides agents with the ability to deliver strategic comprehensive property reports can maintain valuable connections between agents and consumers. To understand how a property valuation service can optimize agents’ long-term relations with their customers, Swanepoel undertook a case study of how Berkshire Hathaway HomeService (BHHS) Fox and Roach successfully implemented ePropertyWatch, a company-branded solution that effectively cultivates a client-for-life strategy. Here is a summary of the Swanepoel T3 Sixty report.
Property Valuations Aid Client Retention
Generally speaking, valuation services look at local property tax assessments and other public data including sales price histories for comparable properties in an area to derive a trend line that can applied against the target property’s assessment to estimate its market value. The reports generated by the various services differ with regard to the scope of data they include, and the way they present it. Property valuations provided by different services can differ significantly as they may use varying property comps and proprietary algorithms. In addition, the data sets that each service relies on can diverge in quality and comprehensiveness.
As a result, when agents leverage their valuation service to implement stay-in-touch programs with past clients they may actually be providing information that could undermine a trust relationship. When the valuation services are not based on accurate and comprehensive data, clients may not feel the agent is reliable or knowledgeable on local area trends. In addition, while most programs enable agents to provide clients with information on area statistics and sales, they do not provide detailed answers to customer’s most compelling question: What is my home worth if I sold it today? Agents find it cumbersome to compile personalized reports for the potentially hundreds of contacts in their CRM.
BHHS Fox and Roach examined all of the options available on the market with an eye toward advancing their client-for-life strategies and, in the end, selected CoreLogic® ePropertyWatch™. This valuation solution is a customer opt-in program that delivers agent-branded property reports based on comprehensive and current data based on the company’s CoreLogic database. This database is comprised of more than 3.5 billion records, representing more than 99.8 percent of the population, in addition to data from public and non-public sources and contributions from lenders—all of which is hand-vetted by their team of in-house specialists.
Giving Customers Knowledge They Value—Without Hassle
As a result of the accurate and comprehensive data provided by ePropertyWatch, BHHS Fox and Roach can now provide their clients broad-spanning reports on valuation, property details, neighborhood activity, and local real estate trends. Agents can also give their customers include scalable maps and adjustable comps for added personalization. The added-value that ePropertyWatch delivers for BHHS Fox and Roach’s client-for-life customer retention strategy include:
- Opt-in approach. Since clients sign up to receive the reports, they are more inclined to pay attention to the content– unlike typical client retention strategies that inundate recipients with unwanted mail and electronic correspondence that usually just end up in the trash. As validation, customers are opening the emails 52% of the time and clicking through to the detailed report 31% of the time.
- Consistent client outreach. The system automatically delivers monthly reports containing quality information that clients actually want. The service has the highest engagement rates of any Fox and Roach email marketing campaign.
- Agent positioning. Each report is agent-branded, positioning the agent as the go-to source for accurate and localized real estate knowledge.
- System-wide integration. This solution can be implemented alongside other client retention tools and broker or agent websites.
- MLS enhancement. In many US markets, ePropertyWatch can pull property report information from a broker’s MLS through a data agreement to improve the accuracy of the reports
- User-friendly interface. Agents can access online training on how to use the program through video, classroom training, and train-the-trainer resources—resulting in a high adoption rate. In many cases, ePropertyWatch can be integrated right into the CRM of the brokerage and on the agent or broker consumer website.
- High-value for customers. ePropertyWatch gives customer’s the detailed and personalized information they want and ask for.
Overall, BHHS Fox & Roach found that ePropertyWatch delivered a solid valuation and customer outreach service containing the most current, valid, and comprehensive property report data available while also providing an easy-to-use interface that supports a client-for-life strategy.
Results: Increased Client Engagement
BHHS Fox and Roach found significant positive results for both agent adoption and client engagement during their implementation of ePropertyWatch. In 2015, nearly two-thirds of their agents used the tool regularly, with three or more customers signed on for the service. As a result, over 323,000 clients are contacted each month with their personalized valuation report via email—with an unprecedented 52 percent open rate! This trend continues to be on the rise with past clients increasingly interested in the service.
Our case study shows how selecting the right valuation service can help agents deliver property reports that client’s value, even after a transaction has closed. Leveraging these reports can positively support ongoing relations with clients throughout the years, increasing the likelihood that they reach out to the agent again when they are ready to sell or buy another property.
For more information about eProperty Watch – https://epropertywatch.com/
To download a full copy of the Swanepoel T3 Sixty Report at the bottom of the ePropertyWatch broker page https://epropertywatch.com/brokers
