High performance real estate agents tend to have one thing in common: they’re all perceived as being experts in their field and locale.
Because of this, establishing your authority as a real estate agent should be one of your top marketing goals. By demonstrating your knowledge of the local marketplace to potential buyers and sellers, you can position yourself as a go-to property expert. And people go to the go-to person.
One way to establish your authority is to produce and use market update videos. But if you want to do this successfully, you need to know how to use market update videos effectively.
What Are Market Update Videos?
Market update videos are videos that share up-to-date market information with potential sellers and buyers. They usually deal with a specific locale, as this increases their relevance to your target audience, and allows you to provide more specific numbers and details. Due to the nature of market update videos, it’s a good idea to produce a new one every quarter.
Why Use Them?
When done right, market update videos help to demonstrate your professionalism, establish you as a knowledgeable local agent, and create a point of difference to further distinguish you from your competitors. And these three characteristics all help to attract buyers and sellers to you.
What to Include in Your Video
Effective and interesting market update videos should include the following information:
- Sales Prices – Buyers and sellers want to know about the $$$. Use properties that you’ve marketed and sold as case studies to talk about sales prices. In addition to discussing the price you achieved, talk about your sellers’ expectations, and the sale methods you used. For potential sellers, this is a concrete way to show how you can help them. For buyers (who often complain about properties marketed without a price), case studies are invaluable for helping them see what’s in their price range.
- Enquiry Levels – Both sellers and buyers want to know how “strong” the market is. They want to know whether it’s a buyers’ market, or a sellers’ market. Providing and explaining figures that deal with enquiry levels is a great way to address their questions on this topic.
- Other Relevant Local Statistics – You know your marketplace best. If there are other numbers and statistics of interest in your local area, be sure to share them in your market update video too.
- New Developments and Upgrades – New developments and upgrades in the local area, such as new or upgraded supermarkets, roads, parks, public transport, and more, can all impact the prices of properties in the neighbourhood. Be sure to tell sellers and buyers about both recent and future developments, and always remember to include an explanation about how it will impact them.
- Special Features – In addition to this market information, include a special feature piece of information in each market update video you produce. This special feature could be a record sale price you achieved, an accomplishment such as selling the highest number of properties in your area, or a current market challenge with your suggested solution. One potential “challenge” would be properties that sell before buyers even see them. The solution: invite buyers to join your VIP mailing list so they get priority information every week.
Where to get the Best Data
When you’re providing statistics and other information in your market update video, don’t use data that’s available to the general public. To establish your authority, you need to provide information that buyers and sellers can’t easily access for themselves.
Some agents like to use RPDATA. However, RPDATA is 3 months behind, so while it’s useful for general statistics such as price growth for capital cities, it’s not so useful for specific local data. You can hardly share a “market update” when your data isn’t up-to-date.
Because of this, our number one suggestion is to use your database to get data.
When tracking the stock in your marketplace, note down which properties sell and the prices they sell for. If you can’t get the prices from the owners or agents, build a strong relationship with local valuers, and get the information from them. Your database should also show you numbers of enquiries; for added interest, it’s best to split these up by property type: houses, units, land, etc.
The information you present, and the way you present it, can make or break a real estate market update video.
While statistics are a very important part of your video, you need to present them in an interesting manner. Don’t just list the numbers and leave it at that. Instead, clearly and succinctly explain how the statistics are relevant to your target audience. If you’re stuck on how to do this, try beginning your sentences with “This means that…” or “This is great news if…”
It’s also vital to remember that visuals are everything. Your video must be visually appealing if it’s going to grab – and keep – people’s attention online. Use footage of yourself at the office, out and about in the local area, and at open homes. If you want to be particularly cutting edge, get aerial shots and use pin markers to showcase sold properties, new projects, and other points of interest. Here’s a snippet of the sort of things you can do.
Marketing Your Market Update
One you have a market update video, you want people to see it.
To get eyeballs on your video, feature it in your email newsletter, and include a link to it in your email signature for that quarter. You should also upload and share it on YouTube, Facebook, LinkedIn, etc. Remember that for Facebook, it’s best to upload the video directly to the platform, as Facebook ensures its videos are viewed more than YouTube ones.
Have you ever used a market update video? What was your experience? What would you recommend other agents include in their videos? Let me know in the comments below!