how to convert leads - AgentEDU Blog

Receiving a low appraisal can be frustrating. If you’ve done the appropriate research and if all the parties agreed to the price, then it can’t be too far off base, right? So what options are available to you if the appraisal you received isn’t what you and your client expected?

Here are three steps to handling a bad appraisal:

#1. Try To Get the Appraisal Adjusted

Before taking this route, be sure to let your clients know that it’s difficult to get an appraisal changed. You can ask the appraiser to return, provide additional information to support your own findings, or have the lender send out a different appraiser take a look, but this is an extra expense and rarely yields positive results.

#2. Apply for a Loan with Another Lender

Another route you can take is to have the buyer apply for a loan with a different lender. There may be new fees incurred, but if you’re sure that the appraisal was simply wrong and you can’t get it changed, this may be the best way to get the property reappraised and produce a more favorable outcome.

#3. Have the Clients Agree to a New Price

You may have to ask your buyer to agree to a new price or put in a higher down payment, or ask the seller to lower the price to meet the appraisal results. If you’re representing the buyer, you may want to try to get the price renegotiated. Putting the price in line with the appraisal can be a chance to get a better value for your client. If you’re representing the seller, your goal is to get the buyer to make a higher down payment — because the lender is really only concerned with the amount of the loan, not the total price of the property.

Both Sides Might Have to Give a Little

These negotiations can be tricky, and both sides might have to give a little. What happens will depend on the market and how motivated the buyers and sellers are. But at the end of the day, the most successful agents avoid this situation by having an appraisal strategy already in place.

To learn more about how to overcome a bad appraisal and how to make the most of the appraisals process, explore our Appraisal track at AgentEDU.

AgentEDU features more than 70 different courses, each designed to teach agents the best practices for every situation. From daily core skills to high-level negotiations and everything in between, AgentEDU helps agents become top producers with increased earnings and a plan for continued growth.

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Finding potential buyers for your listings is one of the most important aspects of a real estate agent’s job — and marketing is essential to their success with this task. As an assistant, your role will be to use marketing to attract and secure new customers for your agent’s business, and once engaged with a client, you’ll use marketing to sell properties.

Tools of the Trade

In this blog post, we’ll focus on three things every real estate assistant needs to know about marketing their agent’s listings.

#1. Multiple Listing Service (MLS)

The first place you’ll want to put a listing is in the MLS, or Multiple Listing Service. This central database of listings allows home sellers a centralized location to post details on the properties they have for sale and is an industry standard.

Accuracy in preparing a listing cannot be overstated. Not only is the MLS the central location for your listing, but listing sheets are generated directly from the system and sent to agents and buyers.

Also, websites that are accessible to any potential home buyer, such as Trulia, Zillow and Realtor.com, use the data directly from the MLS. So remember to check and double-check that the specifications and descriptions for the site are exactly as you want them.

Besides the standard form data, which includes details on the home such as square footage and the number of rooms, you’ll have an opportunity to provide a 1,000-character description. This description will appear on the listing sheet and on any websites that pick up MLS data. It’s important that this copy sells the home, and should be treated like any other marketing material.

#2. Photography

Photography is one of the most important parts of your marketing plan and should be handled with care. You may consider outsourcing the photographs to a professional photography company like VHT Studios. Along with ensuring that your photographs are of the best quality, there are a number of other concerns when preparing your photos to upload. Use this checklist to make sure your photos are ready for the market.

Photos should be beautifully lit, color-corrected, cropped properly and show off your property’s best qualities.
Individual photos can be no larger than 10 megabytes.
The image size can be no larger than 2880 x 2880 pixels.

Most MLS allow a limit of 25 photos, but don’t confuse quantity with quality. A photo of the exterior of the home is standard, and a good strategy for the other photos is to have at least one photo per each feature mentioned in your description. For example, a description that mentions an attached garage, a bay window and high ceilings should have photographs that show each of these features.

#3. Social Media

The most popular social media used in real estate are Facebook, LinkedIn, Twitter, Instagram and Pinterest. Your agent might use one, some or all of these. Each platform comes with its own set of analytics, so you can easily see if your postings are effective in driving engagement and, ultimately, sales.

Facebook and Twitter allow you to schedule posts, but if you’re using more than one platform, a dashboard like Hootsuite allows you to generate all your posts from a central location. Depending on your subscription level, you can easily replicate posts across platforms and receive great analytics to help you determine how well your posts are performing.

There are four general pillars to consider when using social media across all platforms.

Accuracy

The Internet is unforgiving of typos, broken links and other inaccuracies, any of which can also cost your brand credibility and trust. When a posting about one of your listings contains errors, it can negatively affect your chances of a sale. When posting about your business or brokerage, it can damage the perception of your brand. Check and double-check before you post content online.

Relevancy

Social media is a crowded landscape with a significant amount of content competing for an audience. The more relevant your content is, the more likely it is to drive engagement. Engagement can help your business even if it doesn’t directly lead to a sale. Make sure that each and everything you post has some value to your reader.

Positivity

Never engage in negativity online. Avoid controversial topics like politics or religion, and never disparage one of your clients or competitors. Bring value to your audience by staying upbeat and sharing more positive content. If it’s a beautiful day in a neighborhood where you have a property, share a photo with your audience. If you’re involved in a community fundraiser or charity event in support of a favorite cause, invite others to attend as well.

Personality

Social media is an opportunity to share your unique personality. An Instagram photo of your agency serving meals to the homeless shows that you’re compassionate; a Facebook post about your team attending a baseball game shows that you’re fun. These are qualities that a client wants in a real estate agent, and social media is a great way to show them off.

A marketing plan can have multiple other pieces, including brochures, floor plans and open houses. To learn more about an assistant’s role in marketing real estate listings, view the full course here.

Explore the entire AgentEDU Assistants track today, which features eight different courses designed to provide real estate assistants with the most comprehensive online training available.

Tag: how to convert leads

3 Steps to Handling a Low Appraisal