Master The Video CMA with Michael Thorne

Mastering the Video CMA with Michael Thorne

Introduction to the Webinar

• The webinar features Michael Thorne, a prominent figure in video marketing for real estate, joining from British Columbia, Canada.

• Michael is known for his innovative approaches to video and has been involved in various platforms like BombBomb and RE/MAX podcasts.

• He runs a video training company alongside his real estate business, showcasing his expertise as a prolific content creator.

Audience Engagement

• Attendees hail from diverse locations including Maine, Virginia, Texas, North Carolina, and more.

• The host shares personal connections to some attendees' locations, enhancing community engagement during the session.

Overview of Topics Covered

• The presentation will focus on Michael's method for creating Comparative Market Analyses (CMAs), specifically adopting techniques from Jimmy Burgess.

• Key points include common mistakes to avoid when creating CMAs and a checklist that will be provided post-webinar for practical use in Realvolve.

Creating Effective Video CMAs

• Discussion includes how to present unsolicited video CMAs that recipients find valuable rather than spammy.

• Michael emphasizes the growing popularity of video CMAs among real estate agents across North America.

Success Factors in Video Marketing

• Michael reflects on the replicability of successful strategies like "30 videos in 30 days," which he initiated back in 2012.

• He notes that effective systems are not reliant on market conditions or individual personalities but rather on consistent execution.

Industry Collaboration and Growth

• There’s an increasing trend of collaboration within the real estate industry over recent years compared to past practices where information was kept secretive.

Understanding the Value of CMAs in Real Estate

The Importance of Learning from Others

• Emphasizes the significance of reaching out to successful individuals in the industry for insights and strategies.

• Highlights that new agents may struggle to measure success when starting, making it crucial to learn from experienced peers.

Evaluating Business Activities

• Discusses the challenge of determining which activities yield better results, especially for those new to real estate.

• Suggests that agents should prioritize more productive activities over less effective ones, advocating for a strategic approach to business operations.

The Role of CMAs as a Prospecting Tool

• References Stephen R. Covey's idea about prioritizing impactful activities, suggesting that saying "no" to less effective tasks is essential.

• Clarifies that unsolicited CMAs are used as a prospecting tool aimed at existing clients rather than cold outreach.

Utilizing Technology Effectively

• Describes how technology can enhance prospecting efforts by providing digital indicators for potential client engagement.

• Explains the concept of placing "warning bells" within one's sphere of influence to identify when clients are ready to sell their homes.

Differentiating Client Needs

• Stresses the importance of recognizing varying client needs regarding communication frequency and support levels.

• Argues that understanding these differences leads to improved client satisfaction and more efficient use of resources.

Standing Out Against Competitors

• Points out that consumers receive automated market reports from companies like Zillow, necessitating agents provide added value.

• Urges agents to go beyond standard offerings and deliver personalized services that stand out in a competitive landscape.

Implementing Digital CMAs

Understanding the Timing of CMAs

The Importance of Sending CMAs

• Now is an opportune time to send unsolicited Comparative Market Analysis (CMA) updates to past clients, as they may be considering selling their homes.

• Clients will show interest in the information when they are ready, indicating that timely follow-ups can lead to potential sales or referrals.

Client-Centric Approach

• It's essential to make the process convenient for both agents and clients; this ensures that clients receive valuable information at the right moment.

• Video CMAs are becoming more common, but traditional CMAs remain detailed and involve personal interaction during listing presentations.

Detailed CMA Process

• Traditional CMAs include a two-stage process with a 15-minute walkthrough of properties, ensuring all clients receive personalized attention regardless of their history with the agency.

• Understanding client motivations for selling is crucial; agents should identify pain points and expectations through direct communication.

Building Effective Workflows

Frequency and Triggers for Sending CMAs

• Agents aim to send out two detailed CMAs per year along with additional communications on significant anniversaries like mortgage renewals.

• Recognizing key financial terms such as amortization periods helps agents anticipate when to reach out based on client circumstances.

Workflow Development

• Current efforts focus on developing workflows that automate follow-ups based on specific triggers related to client timelines and needs.

• The goal is to ensure every client receives timely updates while managing a large database effectively.

Personalized Client Engagement

Sorting Clients for Outreach

• A systematic approach involves dividing past clients among team members based on relationships, allowing each agent to connect personally with their assigned clients.

• The concept of unsolicited CMAs gained traction during COVID, providing an opportunity for agents to engage with clients from home.

Managing Client Databases

• Agents initially aimed for one CMA per day but have paused this effort to refine workflows that better track client interactions and responses over time.

Realvolve Workflows and CMAs

Introduction to Realvolve's Capabilities

• Discussion on the potential of Realvolve, particularly in non-linear workflows, to enhance client interactions and build out additional functionalities over time.

• Mention of new workflows being implemented in Realvolve's CRM to facilitate better communication with clients.

Client Engagement Strategies

• Emphasis on using significant dates, such as home purchase anniversaries, for timely outreach through automated triggers in Realvolve.

• Importance of providing value during client communications rather than generic messages; realtors should focus on relevant information that showcases their expertise.

Community Connection and Value Addition

• The role of community advocacy in real estate; showcasing local businesses can reinforce a realtor’s presence while adding value to client relationships.

• Encouragement for realtors to present valuable insights related to their expertise instead of unrelated content like cookie recipes.

Demonstration of CMA Process

• Transition into a practical demonstration of creating Comparative Market Analyses (CMAs) using Cloud CMA software.

• Explanation of how CMAs are built from templates that include all necessary listings and comparable details for efficient processing.

Utilizing Technology for Enhanced Communication

• Description of integrating screen recording tools like BombBomb within Gmail or Realvolve for personalized video messages accompanying CMAs.

• Strategy for increasing email open rates by personalizing video messages with clients' names displayed prominently at the start.

Effective Communication Techniques

Market Analysis and Client Engagement Strategies

Simplifying Market Comparisons

• The speaker emphasizes the importance of keeping market analysis simple, focusing on a straightforward overview rather than detailed investigations. This approach allows for quicker assessments and helps set future triggers for clients.

Current Market Insights

• The discussion includes recent sales data, highlighting that properties in the area are primarily three-bedroom homes with similar square footage. This information is crucial for understanding current market trends.

• Sale prices are noted to be within the range of $525,000 to $550,000. The average selling price is 99% of the list price, with properties spending an average of 21 days on the market.

Communication with Clients

• The speaker mentions providing detailed comparables and photos to clients as part of their communication strategy. They encourage clients to reach out with any questions regarding the market or assistance needed.

• After recording a video update for clients using BombBomb, they highlight how easy it is to send personalized emails that include screen recordings and attachments.

Utilizing Snippets for Efficiency

• Snippets are introduced as pre-written texts and links that streamline communication after recording videos. This feature enhances efficiency by allowing quick customization before sending emails.

Tracking Client Engagement

• Three key indicators are mentioned when sending out communications: email opens, video views, and link clicks. These metrics help gauge client interest and engagement over time.

• A significant point made is about following up with clients months later when they revisit previous communications—this can lead to timely discussions about selling or buying property based on changing circumstances.

Real-Life Application Example

• An anecdote illustrates how a past client revisited an old CMA (Comparative Market Analysis), prompting a follow-up call from the speaker which led to discussions about selling their home due to life changes.

Market Evaluation and Client Engagement Strategies

Importance of Detailed Market Analysis

• The speaker emphasizes the significance of a detailed Comparative Market Analysis (CMA), showcasing an updated version from March 8, 2021, which reflects a more thorough evaluation process.

• Acknowledges that effective evaluations consider broader market factors beyond just individual properties or subdivisions, leading to more accurate pricing insights.

• Highlights the current market conditions where properties are selling at 108% of list price within 17 days, indicating a favorable selling environment for clients looking to cash out.

Client Follow-Up and Triggers

• Discusses the importance of timely follow-ups with clients who show interest in selling their property, as indicated by their engagement with CMAs.

• Stresses that client actions such as opening emails or requesting information signal readiness to sell, necessitating proactive communication from agents.

Prospecting vs. Listing Presentations

• Differentiates between prospecting efforts and traditional listing presentations; emphasizes that prospecting is about identifying potential sellers rather than merely determining list prices.

Planting Seeds for Future Sales

• Describes the strategy of "planting seeds" within a database to prepare for future sales opportunities, suggesting that consistent engagement can lead to eventual transactions.

• Mentions the serendipitous nature of real estate interactions where timing plays a crucial role in client decisions.

Building Relationships Through Consistent Communication

• Emphasizes adding value when offering services to interested clients versus pushing services on those who are not ready; this approach enhances brand perception.

• Notes how maintaining regular contact with past clients through various triggers (birthdays, anniversaries, etc.) keeps agents top-of-mind when clients are ready to engage in real estate transactions.

Responding to Seller Requests

15-Minute Walk-Through and Evaluation Process

Initial Property Walk-Through

• The speaker mentions a scheduled 15-minute walk-through of the property with Trish to update on each room's status before returning for an evaluation.

• Emphasizes the importance of face-to-face interaction, even in a digital age, highlighting that personal connection remains vital despite being paperless for 15 years.

Importance of Client Interaction

• Stresses the necessity of meeting clients in person when conducting evaluations, as it builds trust and rapport.

• Discusses alternative methods like video CMA (Comparative Market Analysis) for leads who prefer not to meet face-to-face, suggesting it can be an effective second option.

Competitive Advantage through Communication

• Highlights that providing high-quality communication through video CMAs sets one apart from competitors who may not offer similar services.

• Notes that familiarity with an agent—through seeing them speak or hearing their voice—can influence client decisions, even if another agent might seem more suitable.

Building Trust and Value

• The goal is to create a unique value proposition that encourages clients to choose your services over others by establishing trust.

• Discusses the human need for reciprocity; when clients receive valuable information without asking for anything in return, they feel compelled to reciprocate.

Monitoring Notifications and Engagement

• Suggests adding value consistently through communications so that when clients are ready to sell, they think of you first.

• Explains how notifications from past CMAs help track engagement and prompt timely follow-ups with potential clients.

Effective Use of Technology

• Questions arise about tracking notifications related to CMAs; emphasizes ease in managing these notifications via technology tools like BombBomb.

• Describes how specific subject lines in notifications help identify which properties require follow-up actions based on previous interactions.

Valuation and Market Updates

Importance of Property Valuation

• The speaker emphasizes the need for regular property valuations due to changing market conditions, suggesting that updating clients can enhance engagement.

• A common response from clients is noted, indicating a familiarity with the process; they often express interest in referrals or updates.

Client Engagement Strategies

• The speaker discusses offering additional value through updated evaluations, positioning themselves as an expert in the real estate market.

• They mention sending specific content related to property valuations twice a year while also acknowledging other forms of communication like birthdays and anniversaries.

Automation and Technology in Real Estate

• The conversation shifts towards using technology (Realvolve) to automate processes related to client follow-ups and property evaluations.

• The speaker highlights the importance of workflow automation, explaining how it helps track client interactions over time.

Continuous Improvement Through Testing

• There’s a focus on testing different approaches within workflows to determine what yields better responses from clients.

• The idea of A/B testing various email subjects or formats is introduced as a method for optimizing communication strategies.

Integration of Systems for Efficiency

• Ongoing evolution in workflows is emphasized, with plans to tag clients effectively for streamlined communications regarding their property evaluations.

CMA Tools and Their Impact on Real Estate

Overview of CMA Tools

• The speaker discusses the importance of having a reliable Comparative Market Analysis (CMA) tool, emphasizing its magical ability to provide timely information even when agents are out of town.

• Mentioned tools include Realvolve and Firepoint, which are products from the same company. They offer home valuation reporting and lead generation capabilities.

• Different users prefer either Firepoint for lead generation or Realvolve for past client follow-up workflows, highlighting the versatility of these tools.

Common Mistakes with CMAs

• A question arises about common mistakes agents make with CMAs, prompting a discussion on over-explaining details in video evaluations.

• The speaker reflects on their tendency to provide excessive detail in communications, which can overwhelm clients who may prefer concise information.

• Emphasizes the need to respect clients' time by delivering essential information quickly without unnecessary elaboration.

Relationship Management Through CMAs

• Discusses how unsolicited CMAs should maintain a personal touch without overt self-promotion; it's more about relationship maintenance than salesmanship.

• The speaker argues that once value has been established through previous transactions, ongoing communication should focus on adding value rather than selling services repeatedly.

Earning the Right to Ask for Business

• Highlights the concept of "earning the right" to ask for business after providing consistent value over time instead of making every interaction transactional.

• Suggestion that periodic reminders about services can be effective if they come after genuine value-added interactions throughout the year.

Opinions on CMA Platforms

Cloud CMA and Real Estate Tools Discussion

Overview of CMA Tools

• The speaker mentions that as a Canadian, they have access to Cloud CMA integrated into their board, which is preferred over Auto Prop, a British Columbian business.

• Home Bot is introduced as an unfamiliar tool for the speaker, suggesting it may be more common in the U.S.

Technology's Role in Real Estate Processes

• The effectiveness of the CMA process isn't heavily reliant on specific tools; success can vary based on individual approaches.

• A question about pricing for Realvolve leads to insights on its value and various options available depending on user needs.

Navigating Technology Integration

• The importance of understanding how different real estate tools work together is emphasized; regular team meetings help uncover new functionalities.

• BombBomb is discussed as a crucial tool for notifications related to email engagement and video content delivery.

Importance of Client Engagement

• While alternatives to BombBomb exist, they lack key features like tracking viewer engagement and automatic notifications.

• The speaker shares a personal anecdote illustrating how past client interactions are influenced by previous email engagements.

Strategies for New Realtors

• New realtors are encouraged to reach out to friends and family with home evaluations as a way to establish connections in the market.

Real Estate Insights and Tools

Introduction to Real Estate Evaluations

• The speaker discusses their recent acquisition of a real estate license and the importance of understanding various property price ranges through evaluations.

• An evaluation template is provided for recipients, emphasizing its value in assessing property worth.

Engagement and Follow-Up

• The speaker invites questions from the audience, encouraging them to reach out via email for further inquiries or clarifications.

• A checklist related to Michael's process will be shared in a follow-up email, enhancing user engagement with the platform.

Personal Connection and Support

• The speaker offers personal assistance through Facebook Messenger, highlighting their willingness to provide value and insights into using Realvolve effectively.