September 2018 - iDashboard Blog

How to Present an Offer in a Slow Market

When the market is slow, you may end up having to present offers to vendors that are a bit lower than what they were expecting. Doing this can create friction in the relationship, even when you’re doing everything you can and the reasons for the low offers are completely out of your hands.

However, while you can’t change what vendors think, you can change the way your present offers so that they will hear them better and be more likely to respond. Even just one word can sometimes be enough to sway a vendor from being open to an offer to rejecting it.

The most important thing you can do to prevent this is to figure out why the offer you’re presenting is an advantage to your vendor, turning your focus away from why it’s good for you.

It’s possible for our dialogue to create negativity. Perhaps because you don’t want to the vendor to accept, you might say something that creates doubt in their mind. This then causes them to go into defence mode, which encourages them to reject the offer.

The goal to preventing this from happening is to recognise the power of your words and to use them to create only positive emotions. Remember that your words will create images inside the minds of other people, and whether or not those images are positive depends on your choice of words.

Negative mental images create fear and insecurity, causing people to put up defensive barriers, which will hold them back from taking action. If you begin to push people when they’re in alert, then they’re going to bury themselves even further. And before you know it, they may be looking for a new sales agent.

To prevent this from happening, you need to work to eliminate all remnants of fear in your vendors’ minds. Think about what you are saying to your vendors and identify areas where you’re using words that create negative emotions. Consider where in the conversation with your vendor you may drift towards the negative and have a plan in place to help bring you back towards the positive.

It works like this: words create images and images create emotions. People make their decisions based on their emotions and then they defend these decisions using logic. If people create negative associations with you, then they’re going to start finding ways to defend this, and this might mean they start to question your abilities as an agent.

Keep an eye out for when this happens and work to inject more positivity into your language. If you can learn to empathise with your vendors and use words that they consider positive, then you’re well on your way to winning more sales and bringing in more business.

5 KPIs to Keep Your PM Business Running Smoothly

Using Key Performance Indicators, or KPIs, will help you measure, monitor and manage your team and business. They help you identify where you’re meeting your goals and where you need some work, effectively telling you whether or not you’re on track for success. Here’s a list of some of the KPIs you should be paying attention to in your business.

#1: Management Fee Annualised Income

This is the total annualised income a portfolio is earning, or for those who have more than one portfolio, it’s the sum of all of them. This number will change as portfolios grow because of the increased number of properties or the bump in rental rates.

After establishing your annual income goals, make sure to set up Management Fee Monthly income targets so that you can measure progress over shorter periods of time. If these targets aren’t being met, it’s your job to figure out why and to implement initiatives to help your team meet their numbers.

#2: Average Weekly Rent

Once you have prepared your annual business plan, the next thing to do is figure out your average weekly rent goals. When coming up with this number, make sure to keep aspects of the local market in mind, such as the average weekly rent and the make-up of each portfolio. However, you should always try to exceed average market rental rates, as this means you’re outperforming your competitors.

Furthermore, by doing this, you give yourself some extra breathing room. When you meet your target, it means you’re doing better than average, and when you’re not, you’ve still got a chance to figure out why before things become too serious.

#3: Average Management Fee

This KPI will help you determine both your monthly and annualised income targets. The goal here is to set your average management fee target as close as possible to your current management fee rate. This way, when you don’t meet your targets, you know it’s because members of your team are discounting rates, which is something you must avoid as it devalues your business.

#4 Average Arrears Percentage and Income

This helps monitor how well team members are managing their portfolio, and it also gives you the chance to assess the impact arrears are having on your monthly income. Most principals focus only on their arrears percentage, failing to consider the monthly income lost in management fees. To keep your bottom line intact, this percentage should really be zero. Setting this target will bring arrears to your attention immediately so that you can address them and remove them as fast as possible.

#5 Average Percentage of Fixed Term Tenancies

Your target for this KPI should be as close to 100 percent as possible. It’s important to constantly measure this metric so that you can prevent your team from allowing tenants to lapse into periodic arrangements.

Overall, setting KPIs is essential for keeping your business running smoothly. Every metric depends on and sometimes determines at least one other metric, so accuracy is key for you to use this data to help keep your business stay on track for success.

Make Friends with Your Database, Not Enemies

To succeed as a real estate agent, it’s important to work hand-in-hand with your database. Contacting the right people at the right time is key to maximising listing opportunities, yet if this doesn’t sound like the relationship you have with your database, then maybe it’s time to get to work improving it.

Your database needs to be your go-to source of information. It’s what will point you to exciting vendors and motivated buyers, and it will also help you record and learn from your many appointments, maximising your personal productivity.

But this doesn’t mean you need to create an exceptionally complicated database that has infinite categories. In fact, too many categories are actually a bad thing.

The first step in organising your database is to think about what you want to get from it. You want to design it so that the money information can be found without you having to sift through thousands of contacts. As a result, it’s important your CRM can make contacts that belong to many different categories so that you don’t have to duplicate data and overcrowd the database.

Here are 7 tips for helping you categorise your database:

Prospect Vendors

Organise your vendors into A, B, C, or even Hot, Warm, Cool. Another option is selling in three, six or 12 months. In the end, the terminology doesn’t matter, as long as you’re consistent. Make sure to clean these lists up weekly so that they’re up-to-date.

Buyers

A good thing to do here is split buyers into active and passive. Active buyers are bidding and making offers right now, whereas passive buyers are more interested in watching the market so that they can be ready to buy in a year or when something comes up.

Active buyers are directly linked to your hot vendors, especially if they are looking to sell their property before or after purchasing something elsewhere. If someone is not active, make sure to include them in your automatic email lists, as this will help keep them in tune with what’s going on in the market.

Past Clients

These can be both vendors or buyers, and the purpose of this list is to help you stay in touch with people you’ve already worked with so that you can maintain a relationship.

Annual Campaigns

Separate vendor and buyer groups according to the campaign activities you want to engage them with. For example, maybe you’re doing an anniversary reminder or a festive gathering. These are nice ways to stay in touch with people, so make sure your database helps you remember everyone.

Referral Partners

Always work to keep up with relationships that support your business. Bank valuers, brokers, accountants, solicitors, developers and school networks are all good sources of information and could potentially refer business to you. Make sure you do all you can to keep these people in your life.

Features and Requirements

Include specific property features to each buyers’ search requirements profile. This will help you better attend to their needs and avoid blast marketing. Don’t be tempted to make contact category names based on buyer needs or property features. This will hurt your ability to deliver tailored marketing to people, making it less likely you’ll make a sale.

With the Real Estate CRM iDashboard you can easily manage and your clients by categories and communicate and market to them based on these identifiers.

When is the Best Time for Posting on Social Media?

Everyone knows that posting to social media is a great way to engage with your target audience and market your brand and product. But when exactly is the best time to post?

A lot of time has been spent crunching numbers and analysing data to find out when the best times are to post to social media, and here’s what the experts have found:

Facebook

The bulk of the research about Facebook engagement has found that posting between the hours of 12 noon and 4 pm will bring you the highest amount of views, clicks and comments. This is interesting, largely because these hours coincide with the peak of the workday, but let’s not judge those on Facebook during work and instead post content to try and connect with them.

The second-best time to post is 9 am. Presumably this is because people are just getting into work and will log into social media as a way to reset their brains and start the day.

But remember: not all days are equal. Wednesday, Thursday and Friday are by far the best days to post, with Friday the best of the three. People are ready for the weekend and feeling good, and this leads to much higher engagement.

Instagram

Although it seems a bit strange, the best time to post to Instagram is actually 2 am. You might not think that a lot of people are on Instagram at this type of night, but that’s not really the point. Because so many people post during the day, sending out content in the wee hours gives your stuff a better chance at standing out. You may get your post in front of fewer eyes, but you have a higher chance of getting a response out of people at this time.

And if you do this well, by the time morning rolls around, your post will be performing, and this will put it at the top of people’s feeds, meaning even more exposure and engagement.

Wednesday seems to be the best day of the week, but engagement levels are high for nearly every day except the weekends and Tuesday.

Twitter

To maximise the use of Twitter, the best time to post is 12 noon. Because Twitter is so good for giving out bite-sized pieces of content, it’s a great way for people to take a break from their fast-paced days. The second-best time to post is between 5-6 pm, which makes sense for the same reason. People are getting off of work and are looking to disconnect.

However, because of this very same reason, you should try to avoid posting on Fridays. Every other day of the week outperforms Friday, largely because people have other ways of getting their minds off work.

The best time for LinkedIn engagement is right when people get out of work. Usually people get notifications to update their profile, or to congratulate someone on their new job, during the day, and then they take time after work to respond. Engagement is also pretty high during lunch time.

So, there you have it. Of course, things will change a bit depending on the time zone you’re in and also on the lifestyle habits of your target audience. But if you keep to this schedule, you should be able to improve engagement on social media and make more use of these valuable marketing tools.

5 Tips For Writing Irresistible Real Estate Copy

No matter if it’s for a real estate ad or a property listing description, it’s important you have copy that distinguishes you from the crowd and gets you access to your target market. Great real estate copy can increase click-through rates, but it can also help bring in more enquiries, increase the number of bids, and, eventually, decrease the amount of time a property spends on the market.

To help you develop this game-changing copy, consider these five tips:

1. Stay Away from Buzzwords

Words such as “gorgeous,” “luxury” and “charming” will actually lower your chances of making a sale. You may have properties that can be described this way, but many agents misuse these words. And when this happens, people arrive at inspections with inflated ideas of what they’ll get. They’re disappointment will naturally push them away from other ads using this language.

Instead of these buzzwords, consider using synonyms or other one-line descriptions. For example, instead of saying, “beautiful views,” perhaps write something like “Enjoy stunning vistas of rolling hills and bright blue sky while sitting on this home’s large front porch.” This will stand out to people and will resonate much more than “spectacular views.”

2. Always Remember Your Target Demographic

This is true when wiring any type of copy, so it makes sense that it applies to real estate writing as well. Make sure to highlight in your words the things you think your audience seeks. For example, if the property you’re selling has just one or two bedrooms, then consider marketing it as a great downsizing option, just like you would want to speak to families when trying to sell something with three or four bedrooms.

3. Focus on the Best Features and Amenities

When writing about a property, ask yourself: what makes it unique?

It might be where its located, or it might even be its history. Some homes have truly amazing kitchens, whereas others have awe-inspiring views of the nearby landscapes.

It’s better to speak more about these features than to try and name off every single feature of the home. And if you can get great photos to go along with your copy, then it’ll be that much easier to catch someone’s eye.

4. Use Numbers When You Can

When using a lot of descriptive words, sometimes people can get a bit lost. And there’s nothing like hard numbers to help bring people back and call their attention to something. Good things to include are walk times to local transport stops, or the distance from the CBD. Numbers also work well when stating the number of rooms, the size of the property, the potential rental returns, etc.

5. Keep Things Simple

It’s important to be simple and descriptive when writing real estate copy, but it’s just as important to get to the point. Going on and on about certain features is just going to bore people and push them away. You want to encourage them into action, so give them just what they need to do this and nothing more.

9 Ways to Improve Your Google Rankings in 2019

Getting onto the first page of Google is harder than ever. Google updates its algorithm constantly, so you can’t expect to keep doing the same thing and get the same results. However, ranking well in Google is still just as important as it’s ever been. Here are nine ways to improve:

Get High-Quality Links

The sites that link back to yours have a big impact on your Google ranking. Guest posting is a very effective way to get links back to your site. By offering good information to a site, they will often compensate you with a link. Google views this as a credible verification of your authority, and it will reward you with an improved ranking.

Make Sure Sites are Designed for Mobile

Google prioritises your mobile site over the desktop version, largely because so many people use phones now to access the internet. Make sure your site is fully optimised for mobile so that Google will view you favourably.

Develop Micro Sites

If your business specialises in different things, such as commercial, residential and industrial properties, then consider making a site for each one. This will tailor your site better to each market, and Google likes this type of specificity.

Blog Weekly

The more content you have, the easier it will be to optimise your site. Most sites do this through their own blog, but no matter what you do, you should be posting at least once a week to let Google know the site is ‘active.’

Use Long Tail Keywords

Most companies are still stuck trying to write about one or two keywords. But it’s really hard for small companies to compete with larger ones on these keywords. The response is to instead focus on phrases and questions. This will help you optimise for smaller keywords, but it also makes your content more specific, increasing the chances it shows up on search results.

Get People’s Attention

Internet users have short attention spans. Make sure the information you want them to get is easily accessible. If people have to work hard to get to the information, they’re going to tire out and move on, and this will hurt your stats and search engine performance.

Make Sure the Site is Fast

If your site takes more than two seconds to load, then people will turn away and look somewhere else. This will hurt your bounce rate stats and will ultimately hinder your ability to rank on the first page of Google.

Use a Keyword Hierarchy

Going into a keyword frenzy will hurt search engine performance, as Google will recognise when you’re trying to keyword stuff. It’s better to focus on just one keyword and then filter in other important keywords elsewhere on the site. For example, if you want to optimise for “phone screen repair,” then make this the title and the URL, but then filter in the words “phone,” “screen,” and “repair” on other content.

Write 1500-2000 words per page

Google needs a certain amount of content to crawl effectively. Having longer articles means Google has more stuff to go through, increasing the chances Google will pick up on your content and put it at the top of rankings.

9 Tips to Help You Improve Facebook Ad Conversions

Recent changes in Facebook’s news feed algorithm has marketers reeling to keep organic reach figures from declining.

Conversion rates are a critical metric for most social media marketers. “Conversion” is the term used to describe the transition someone makes from being a browser to buyer. But it’s not always about making a purchase. It can sometimes be an action, such as signing up for a newsletter.

Facebook is the top social media site for driving conversion, so no matter the purpose of your conversion content, it’s important your Facebook strategy is optimised.

Here are 9 tips for improving Facebook conversions.

1. Define Your Conversion Event

Make sure you’re clear about the action you want people to take as a result of your conversion content. On Facebook, there are a few different options: view content, add to Wishlist, initiate checkout and purchase. But you can also create custom events.

One ad cannot do all of these, so it’s important you have a clear goal for each piece of content so that you can optimize it correctly.

2. Put the Destination Upfront

If you’re landing page isn’t right, then your ad isn’t going to work. You need to make sure people get what they’re expecting when they click on an ad.

3. Use Visuals to Capture Attention

People make decisions in just a few seconds when viewing online adds. Make sure your visuals direct people to the right place as fast as possible. Don’t overload images with text, make sure to use high resolution images and use videos and GIFs wherever you can.

4. Keep Things Simple

Fluffy content turns people away. Make sure you’re only conveying the most relevant and personal information as quickly as you can. Avoid jargon and make sure you’re conveying the exact message you want to convey.

5. Include a Clear Call-To-Action

If the purpose of your conversion content is to drive an action, then make sure you make this clear. Use direct language to direct people to where you want them to go.

6. Expand Your Audience

When you create a Facebook ad, make sure you opt for “targeting expansion.” This means Facebook will expand the reach of your ad to people with similar interests. This is a great way to enhance the effectiveness of your ad.

7. Optimise for Conversions

When creating your ad, Facebook gives you the option to “optimise for traffic” or “optimise for conversions.” Make sure you choose conversions when this is your goal, as it will help put your ad in front of people who are more likely to take your desired action.

8. Choose the Right Format

Sometimes videos are the right format for your ad, whereas other times a photo will do the job. Think critically about what it is you’re trying to convey, and then choose the format that does this the best. This will help optimise your ads and increase your ROI.

9. Track Across Different Devices

Mobile and desktop users behave differently. Find out which devices are producing the best results, and then tailor your ads so that they are designed for these devices.

Using Drones for Real Estate Videography – What You Need to Know

20 years ago, drones were used almost exclusively for military purposes. Today, however, they’re quickly gaining popularity in other areas of industry – and real estate is no stranger to them.

When they first hit the commercial market, agencies across Australia were flocking to professional drone pilots in a bid to take their listings to the next level with dramatic flyover shots and aerial bird-eye views.

Calling a pro is without a doubt the best way to get drone photography and videography that meets all your requirements. However, if you’re going to be engaging a drone pilot, there are a few things you need to know. Read on to find out more.

Operators need to be licensed

If you’re planning on engaging a commercial drone operator, they need to be licensed. Local regulations and requirements can be strict and often face strict penalties if not followed. As a result, your drone operator needs to hold a valid license, should be qualified and experienced and insured appropriately.

You might be able to do it yourself

Regulations on commercial drone photography were relaxed by the Civil Aviation Safety Authority (CASA) in 2016, which has led to agents actually being able to operate drones themselves in certain circumstances.

So, instead of shelling out hundreds, if not thousands on a professional drone operator, agents can get the job done themselves. As long as your drone is under 2KG in weight and is being flown for commercial reasons under 120m and not within 30m of people, you can operate a drone yourself as long as you let the CASA know in advance.

However, if you’re planning on operating a drone that doesn’t fit within the CASA exclusion category (less than 2kg), you’re still going to need a UAV Operator’s Certificate.

What is Commercial usage?

Commercial usage is any drone being used not for sport or recreation purposes, which includes all of the reasons an agent might be using one.

The most popular use for drones in real estate is for marketing properties, so if you’re looking to do the same, consider picking up a 2KG or less drone and taking to the skies.

Adding an edge to Real Estate

Just a few years back, the only way to get aerial shots of a property was to hire a helicopter pilot and get up in the air yourself. However, with the recent surge of drone photography, agents across Australia are adding an edge to their property marketing, targeting buyers in new ways.

By highlighting features of a property, such as impressive landscaping or outdoor pools, agents can give potential buyers or tenants a heads-up insight into what life could be like for them.

Drones for inspections

This is a use for drones that’s growing pretty quickly. By getting a close-up look at certain areas of a property, agents are able to inspect areas that may have otherwise been inaccessible. Additionally, flying a drone to take a closer look at aspects of a property such as chimneys, roofs, fences and balconies is also often a far safer option.

Safety comes first

As with any kind of technology, drone use isn’t without its risks. In fact, research from QBE has shown that as many as 1 in every 50 drones crash, with crash rates doubling year on year.

Another factor that needs to be considered is privacy. Since drones are often fitted with high-resolution cameras and recording equipment, it’s easy to accidentally breach privacy laws if the footage collected is then used in an advertisement.

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