Attracting potential home sellers is beneficial to brokers. Not only can they earn a commission by selling the property, but odds are good that the seller will also buy a property shortly thereafter.
Traditionally, it took a lot of work for agents and brokers to generate seller leads. Their options were limited to:
- Contacting people in the same building or neighborhood where they recently sold a property through direct outreach or the USPS.
- Hosting an open house and hoping potential sellers will visit to get an idea of the market.
- Displaying yard signs that might pique the interest of potential sellers who need help.
Those tactics still might work, but with today’s technology, there are more targeted, aggressive ways to attract home sellers. Many of these methods use the local and property data Onboard has readily available.
Zillow and Reator.com both launched seller lead generation tools last month. These tools are designed with sellers in mind and include AVM information and market trends.
Zillow’s tool is called “Best Time to List” and is available for registered users of Zillow. It is designed for sellers to choose the ideal time to put their home on the market based on local trends and even weather patterns.
Realtor.com also launched a tool to attract seller leads last month called “Connections for Sellers.” They build a tool to help sellers price their home based on local properties for sale and overall trends in their area.
These two powerhouses of real estate recognize the need to have tools for sellers. The value of seller leads has long been known, but these are the first two specific tools of their kind.
How can I create my own tool to generate seller leads?
To create a tool that attracts seller leads, you’ll need some key pieces of information:
- Market Trends: Property Sales Trends Data should include median and average home sales prices, sales volume, percent increase in price (both by quarter and year-over-year). This information should be segmented by transaction type (existing home versus new construction) and property type (condo, single family home, etc.). Also, you’ll need to tie this information to a specific area, so this information will be relevant for the seller visiting your site.
- AVM: An Automated Valuation Model will give your visitors an estimate of what their property might be worth. There are several models out there, and Onboard has a model that has property values calculated using multiple models and inputs including assessments, sales, on-market prices, and trends.
Those two data points seem to be the bare minimum of any seller tool you may design. Some other ideas might include:
- Property Reports: Being able to generate a report for a seller can give them a better picture of how their property appears to potential buyers. Onboard recently announced our intent to acquire AddressReport, a tool that can integrate into your site to add value to visitors.
- Local Information: Include local information on your page that will help sellers identify the key features of their neighborhood. They might not know they’re located in a good school district, for example, or have the full list of amenities within a square mile. That’s valuable information you can include on your tool that will build trust with your visitors and make them more likely to turn to you and your agents when they are ready to sell.
Now that Realtor.com and Zillow have announced their tools to attract seller leads, more brokers, franchises, and agents will likely follow. If you’re interested in building your own tool to attract sellers, contact us today.