Get FREE training and mentoring from top producing real estate agents and DOUBLE your sales
Listen to the podcast below
Watch the live teaching below
Transcription (was completed by automated process. Please ignore any speech-to-text errors)
Beatty: [00:00:04.77] Welcome to the Get Sellers Calling You podcast for Christian Real Estate Agents, where we help you grow your business with great marketing tips and grow your faith with powerful radical faith Bible teaching. I’m Beatty Carmichael and I’m glad you joined us today. We’re going to be talking about growing your business with some great marketing tips. So let’s get started.
Beatty: [00:00:29.99] Well. Hello, everyone. This is Beatty Carmichael with Get Sellers Calling You back with another really cool interview that I want to do and share with you. So I have Ryan Daredevil on the line with us and actually he’s on Zoom. So if you’re on YouTube watching this, he’s the guy on the left and I’m the bald guy on the right. Yeah, the guy waving. How are you doing, Ryan?
Ryan: [00:00:51.80] I’m doing good, Beatty. Thanks for having me.
Beatty: [00:00:53.48] Yeah, we’re going to have a fun time on this. I want to just to kind of be real upfront with our listeners on this, because it is not normal that I bring a vendor onto a call. But I am so impressed with Ryan, his understanding and farming and what they do that I wanted to share Ryan with you because the topic on this is smart farming. Ryan’s actually done some blogs on that topic and the whole idea is how do you farm smartly? And there’s a lot of wisdom you’re going to get out of. Ryan some really cool technology for those that it fits, so you’ll get a lot out of that. Also, I’ll be a miss if I didn’t say this. Please make sure that you click either the subscribe button if you’re watching this on YouTube or the subscribe if you’re listening to it as a podcast and come back for more. But Ryan, as we get started, I’d love just to have you share a little bit about tell folks who you are individually, and then we’ll get into a little bit who you are professionally.
Ryan: [00:01:57.60] Yeah. So. Right. And undeveloped. And right now I my current position in life I’m the vice president of business development and strategic partnerships with a company called REVALUATE that’s in the predictive analytics space in real estate and mortgage. But I have a lifelong background as any good sales person. I’ll tell you, I’ve been doing sales my whole life since my young years growing up in a family of four aunts and being the only boy to my first job as a paper delivery boy. But I’ve done a lot of sales training and a lot of active sales, and I’ve worked in the real estate space or real estate adjacent space for the last six and a half, seven years. So in that time I’ve done everything from IHSA work to training and coaching, ISS to working with some of the largest teams in the U.S. on their strategies and technology and what’s going on with them. So just a lot of hands on in the trenches work with helping people to grow their businesses and and mindset and frame things the right way.
Beatty: [00:03:07.08] And I like to put a little plug in to how good you are because some of that work you’ve done in the past in this real estate industry is with a good friend of mine and I’ve always been impressed with his is a team you guys, at the time that you were there, I want to say y’all were doing like over a million YSA, phone calls, scheduling appointments for agents, closing over $1,000,000,000 a year in sales volume. Is that right? Am I remembering those numbers correctly?
Ryan: [00:03:40.71] Yeah, that’s right. And I was there when they started off with like our little tow people in a small office and we ballooned to well over 200. Issa’s calling all across the country and there’s a really exciting time. And I got to train most of them, which was really exciting to my claim to fame. When I was on the phones, there was that in my first three months I had the highest appointment to listing ratio in company history, which is why they let me do the training afterwards.
Beatty: [00:04:08.40] I love it. So I wanted to share that with our listeners because, you know, sometimes you you get involved with you hear someone talking and you ask the question, what does he really know? Am I going to get anything out of it? Right. I have to tell a short story as an aside. But just to articulate, I was involved years back with a business group called Vintage, and we bring in really top notch, very successful business speakers to come in and speak to us. It’s a small group like 12 or 18 business owners, and normally the guys coming in, you know, they wear these great big Rolex watches, they have this fancy outfit and they just eke money. I don’t know if you ever seen any of those, Ryan, you know that you just look at someone and either they’re trying to be impressive or they really are right. And I remember this as young in my business career, I was pretty cocky because how quickly our business had grown and how much money I was making. You know, sometimes you let your own success make you think that you’re special. And this guy came in and I was looking at him before the introduction, and he just had on a normal outfit, not even a suit, normal shoes, normal watch, nothing fancy, nothing that says this guy would stand out. And I remember making the comment, I wonder what I’m going to learn from this joker.
Beatty: [00:05:25.74] That’s how that was my pride. Okay. I don’t have that pride anymore. But then the, the the guy running the the program said, I like to introduce this person. He was here yesterday, but he had to fly back in his private jet to Dallas to make a tee time on the golf course. And then he flew back this morning and I’m thinking, oh, well, maybe I misread this guy. And then the guy said, and he has four businesses and I’m thinking, okay, Jack of many, master of None. And last year they did a combined revenue of over $1 billion and I was humbled. Okay. Okay, so now I’m going to learn something. And that’s what I want people to understand about you, Ryan, is you’ve done an amazing job. You know, this industry and most importantly, this is the most important part is you understand expectations. Okay? You’ve called through those leads, you’ve called through the homes and the addresses, and you understand what is real and what is not. And and, in fact, if I’ve got my story correct, because I want to kind of tie these things together is where you are now with reevaluate is because of where you were there and you all started working with Reevaluate at that time because of the targeting success you were able to deliver to your clients over in the other companies. That right?
Ryan: [00:06:54.90] Yeah, absolutely. You know that every time. We were predominantly at that time client wasn’t expired and starting to dabble a little bit in Internet leads. And when you didn’t have any physicals or expired for a client, you still needed to generate opportunities. So the next the next pond you jump into is just listed, just sold or basically cold calling. Right? And everybody hates cold calling. And you have to make a thousand calls to get one. Yes. And we would hype them up and say, you know, the good thing is that the yes’s you get are more likely to list because you caught them. And they’re not getting 100 million calls from people because you’re calling out of the blue. But that only goes so far and only with the people who find successes in doing that. So in an effort to make it more effective and really just lighten the burden on our ISOs so they could be calling through more successful contacts, I guess at that point, not leads even. We started tinkering with and testing out different things and we found that combination of the predictive modeling and the mindset you could go into the calls with when you had that under your belt really just made it a much less burdensome thing to make calls into the farming areas rather than the already lead based calling.
Beatty: [00:08:09.47] I love that. So I want to talk on this. So you hit the two big points, your mindset, which is your expectation, and then the predictive talk briefly on mindset. So keep in mind, we’ve got a number of a lot of agents listening to this, many of them just by sheer percentages or lower volume agents. They probably don’t have the experience of of a top producer and especially someone who makes a lot of phone calls when you start to engage with a cold market list and we do geographic farming. So let’s just kind of limit this to geographic farming for this topic, especially since the whole focus is smart farming. Right. Let’s what what type of expectations, you know, if I’ve got a number one, if I have no predictive analytics, what type of my expectations of of what I should expect. And if I do have predictive analytics, what are the what’s the change in expectations? And then I want to talk about specifically how do you go into that farm and started to use predictive analytics and artificial intelligence to really identify who are those people that you need to be targeting? Talk about kind of the expectations real quick.
Ryan: [00:09:21.32] Yeah, you know, there’s there are there are factors that go into it, including like how good you are making phone calls, what scripts you’re using, where you’re calling into. But generally speaking, when you’re doing farming, calling I used to tell my essay is don’t expect to get more success than 1%. One out of 100 people are going to say, wow, it’s crazy that you called because, you know, I would be interested in hearing more. And then. The advantage is that, like I said a moment ago, those are people who have not already jumped into the pond and they’re not getting attacked by calls from every agent in the area because you called them out of the blue. They didn’t raise their hand in any way. But it’s burdensome work. You’ve got to make a lot of dials and keep your head on straight and make sure that you don’t carry the baggage of the last call into the next one. And you’re consistent with your your attitude, your energy and your scripting.
Beatty: [00:10:15.06] I want to interrupt you on something, because this is really interesting. I’m always about where’s the pattern? What’s the data telling me? 1%, one one out of 100 people that you speak to when you’re if you’re calling in a farm is where you’ll have the success rate of something saying, hey, I’m interested in you call because I’m thinking about selling. Do you realize if you take the average turnover rate somewhere between four and 5% right a year and you look at the typical person thinks about selling somewhere between two and maybe three months before they actually put it on the market. That means at any given time, only about 1% of the people are actually thinking about selling at that moment, maybe two at the very highest. So what you’re doing is you’re saying, I’m just calling through and I’m and it’s not that the people telling me no are actually thinking about selling. It’s that they’re not it’s only those people saying yes are the ones. And so now you’re hitting them. And that’s an interesting correlation. 1%, you know, if they only think about selling for two months before they put it on the market, that means at any given time, there’s, you know, a 1% is a 6% turnover by the throughout the year. Generally speaking, so far, 4 to 6. So it’s interesting. The numbers correlate pretty clearly.
Ryan: [00:11:33.46] That is really interesting. I’d never put those two numbers together. That’s great.
Beatty: [00:11:38.77] Only reason I did is people always ask me, So what’s your postcards? What type of what percent conversion rate do you have or what percentage response rate do you have as well? If you’re trying to find someone thinking about selling. First step is, you know how many people you know, we don’t look at the number of addresses we’re mailing to. We look at how many of those addresses are actually thinking about selling. And typically, only about 1% at any given time are thinking about selling the typical farm. So that’s why it resonated. But I didn’t mean to interrupt you, so I’ll.
Ryan: [00:12:12.32] No at no. I was I guess I was just saying also that when it comes to farming, calling the script is really important, too, because I talk to clients all the time who are like, well, I picked up a phone and I called all my very likely movers and nobody, nobody sold their house with me. I’m like, okay, well, what did you say when you called them? And they say, Oh, well, I said, no, I’m I’m Ryan from the Ryan group. And do you have any real estate needs? And I’m like, Oh, and that didn’t work for you, huh? Like if someone just called you out of the random and said, Do you have any real estate needs? Are you going to tell them? Yes. Like it just sometimes you just don’t think things through to the logical conclusion at a time. So whether it’s using predictive analytics or not, a farming call, really 99 times out of 100 is a check in call. It’s a it’s a temperature read. It’s a getting to know you conversation. If it’s your first time ever communicating with them, you have to tell them who you are. Tell them some reason that you’re giving them a call and then ask a lot of questions to get them to open up. We’re really big on question based selling or question based conversational selling because the more it builds that know like trust and Obeidi, you talk about in a lot of the things that you’ve shared with me, just, you know, cold calling for transactions is one thing. But if you’re calling to build a relationship and build a know like trust foundation in your farming area, that’s how you find ultimate success because. I know nobody wants to work with someone they’ve never met before because they don’t know, like or trust them. So your conversations have to be geared around establishing a foundation and then nurturing over time. And that’s really the key to good farming.
Beatty: [00:13:59.26] You know, I found there was a book years back a friend of mine wrote is probably not in print. It wasn’t a great book, but the title was perfect and it was Questions are the Answer. And I listen to some of your proteges as they’re making live calls over at your friend’s company, and it’s all about asking questions. And that really is the key. So I appreciate you brought that up, bringing that up.
Ryan: [00:14:25.22] Yeah. I used to work at Dial America way back in the day, and that was just call center retail sales, fast food sales. I used to call it Just call close, call close, call close. You only get one attack in everybody and a lead just pops up. You call and try and close them. We’re selling Sirius Satellite Radio subscriptions. Inconsequential what it is. Right? But it was just that repetitious, fast, fast pace just called the close. And real estate is not supposed to be transactional like that, like it’s the biggest investment in people’s lives. So you can’t really attack it in that just pitch and closed mindset to I mean, people do, but you’re not going to find ultimate success that way.
Beatty: [00:15:06.05] You know, it’s interesting. So in your article and I love the way that you phrased it, let me see if I can find this phraseology real quick. You’re talking about growing your own crops versus going to the convenience store and buying your food. Right. And that’s what farming really is. It’s taking that time to to really nurture that that address list. That’s your ground, that’s your farm and grow it some some are going to crop and mature and become ripe sooner than others. You’re you’re mentioning on this on your article that cold calling is a recipe for disaster because not everyone who is you, you guys call it a likely mover. Not everyone who’s a likely mover is ripe fruit. You know, the fruit is budding, but it’s not yet ready to be picked. And the question is, how do you start to nurture that now that you know who that ripe fruit might might be, who’s turning ripe, who that might be? So let me because this is the part that I’m so fascinated just to share it with my listeners. As soon as I learned about Ryan and Revaluate and what they did, all the light bulbs started flashing off in my brain. Not the red lights, but the green lights. Because what you’ve got to do if you want to be effective, is to narrow down your big list down to a smaller list that you can concentrate on you. That doesn’t mean that you abandoned the rest of the addresses or the rest of the contacts.
Beatty: [00:16:35.66] So let’s put this in context. Let’s say I’m targeting a farm out of that farm. You know, if it’s 50 homes, let’s say there’s a 10% turnover, right? I mean, 500 homes, if they’re in simple numbers, if there’s a 10% turnover rate that’s 50 homes a year selling in two years, that’s only a hundred. That’s one out of five. So that means that as you’re marketing, you know, 80% of those homes are doing nothing, but yet you still have to kind of touch them. But you want to concentrate on those 20% in those two years that might be selling so that you can get more of those listings. And unless you know who those people are or have some idea to narrow it down, then you’re just using a shotgun approach. And what I saw with the reevaluate and with their whole philosophy is, is you you you can use a shotgun approach to a degree, but why not narrow that spread down into more focused area so you can be more effective? And with that, tell us a little bit, not the sales pitch, but help us understand how do I what what are you guys doing with revaluate that can either help the person listening out there or our clients because we’re starting to use reevaluate with our clients as well because of the targeting and how does it work and what type of results are you seeing? And let’s just kind of shift in that direction for a little bit. On smart farming.
Ryan: [00:18:05.96] Yeah, for sure. So we’re one company that does what we do. We there are others out there. So, you know, the nice thing about not being sales pitch is that I would advise anyone to use something is better than nothing, right. Yeah. But at reevaluate the way that we do it is that we take a database and in this scenario we’re talking about smart farming. So we take a farming area and anyone that we have an email address for is our starting point. We monitor the context in the farming area for how likely they are to move within a six month window. It sounds kind of nebulous that way, but just to give you kind of the 5 seconds on how it works, we look at a combination of things like their publicly posted social media, their search engine history, credit card swipes, Amazon purchases, public record data, all sorts from the email address so that it’s focus is on the person more than the house. So it’s not going to be like this person has lived here for seven years and the average homeowner moves every seven years. So make sure you get in front of them. That probably plays a role in the grand scheme of things, but we’re really looking for what we call the data, these life event indicators.
Ryan: [00:19:12.46] So yeah, your death, divorce, diapers, diamonds, diplomas, downsizing, and the list goes on and on and on. But they’re the things that in the old days, you pick up a Sunday paper and you say, Oh, look. Ricky. Ricky got engaged over the weekend. I should give Ricky’s parents a call because I help them buy their house and they can introduce me to Ricky and his spouse. So without the Sunday paper, that’s pretty much gone the way of the dinosaur. We leverage those other data insights looking for those same type of life events. But the key to the whole thing is actionability. All the information in the world is great, but only if you know what to do with it. And so we boil it all down using our algorithms into a 0 to 100 score. So it’s easy to understand and it’s easy to take action on. And depending on your systems, you can automate a lot of the more passive energies as well. So 80 and above, that’s what we call a very likely mover. Those are the people that, based on their data, are showing that a life events happening that’s going to make them need to make a move in the next six months. We also categorize in the middle a category from 80 to 40 that we call engaged movers.
Ryan: [00:20:21.23] Generally that means that they’re showing interesting trends, kind of signs of life, so to speak. But we’re not confident in the six month window. I advise people to think of them as though somebody had self-reported 9 to 12 months out. You know, that could happen sooner. They might be next in line to be very likely. Movers could be a little bit longer. But from a from a mindset and a messaging standpoint, those are your your warm but not hot list, your 9 to 12 month list and then below a 40 we call those not engaged movers. Those are people whose data is not showing any indication that they’ll be moving anytime soon. Hopefully, we all know in marketing there’s no such thing as a completely ignore. There will be opportunities that we don’t identify and nobody ever is 100% and anyone who tells you otherwise is totally lying to you. But by leveraging those three categories, you can really become very strategic in your messaging, your cadences, and your outreach efforts so that you can focus your more passive energy on the people who aren’t showing the indications. And then you’re more assertive or persistent energy on the people whose data is showing that they’re more likely to be receptive to the message.
Beatty: [00:21:31.10] So something you don’t know, Ryan, is I know some of your data sources because I used to I had done a lot of research in this area a few years back and was really interested in it. But we’re a small boutique shop. We don’t deal with millions of records like you guys do. And so price wise, cost wise, it just didn’t fit. But I’ve always been intrigued and fascinated and desirous of this because and that’s why all the little green lights are popping off in my head. When I heard about you guys and knowing that you also are a very strong back end resource to my friend where you used to be, and I have such great respect for what they do and the results they generate. It’s just really cool. And that’s what so the so help me with some numbers and then I want to talk with first once we get the concept down of the numbers and I want to talk about the statistical success rate that you guys have in terms of your targeting. So if I have let’s say I have a just in round numbers, I’ve got 1000 addresses with emails because everything is email based. If I don’t have an email with an address, let’s say I’ve just get a list out of the emails. All you guys have a service and we do too. Okay, so I’m sharing this. Y’all don’t work with little guys who are only have a couple hundred dollars that they can invest in marketing.
Beatty: [00:22:57.74] You only work with larger folks. And so what you guys do we do for our clients and in-house and using you guys a lot. But when you’ve got a list of 1000 addresses, if you don’t have emails because everything on this right now is predicated on an email address. Right? Okay. So with that, then you can append that list with emails and phones that are available as well. And you won’t get a full, full list. But if you’re pinning it, you get about half of that is that I recall my data, 30 or 40%, half percent somewhere in there. Okay. So that means then if someone’s out there listening and they’re maybe already targeting a farm and you want they want to start using the this artificial intelligence to better focus on it, then you can convert that list to with email addresses and now run it through you. There’s also a really good provider that I’m aware of that I like to suggest as well. It’s called Cole Information System because Ryan and I were talking about this and they provide mailing addresses, phone numbers, email addresses. You can literally just do a polygon around where you want to farm and export all the data. So if you if you’re looking to get into this, then that’s a great way to get a good cold list and start to have the data that you can then run through. Anyway.
Beatty: [00:24:26.00] If you want more listings, we guarantee them an agent dominated whether you’re marketing to a geographic farm, pass clients and sphere of influence, a niche market or even commercial property owners. Our fully customized postcards produce up to ten times more results than standard real estate postcards, and we guarantee your listings or your money back. So visit us at Agent Dominator Dotcom to learn more. And now back to the podcast.
Beatty: [00:24:58.65] When I if I have a thousand a thousand record farm, let’s say, just for easy purpose, I’ve got 1000 email addresses as well, though you call it likely movers. Those movers are the ones that all of the social posts, they’re buying habits, their online search habits. By the way, I want you to tell us real quickly how that data is accessible to you. But those that are likely movers are those are generally the people that you think are likely within six months. And then you have this other group that you call engaged movers, which it appears maybe, you know, 6 to 12 months out. Right. So first off, to handle all the privacy concern, folks that are out there and just those like me who say, oh, that’s cool, how do you do this? I’m sure Google is behind the scenes somewhere on this, but maybe not. But can you give us this high level? How do you know what they’re posting, what they’re searching, what they’re buying, how that concept works?
Ryan: [00:26:02.43] Yeah, it starts with whatever unique identifier you want to use to begin that search. Right? So for us, it’s an email address because that gives you access to a lot more than most people even realize, because what’s the first step? Every couple of years is when they sell you your new smartphone and you’ve got to turn it on and you log in with your email address, and that’s how you transfer all of your contacts and everything. So you don’t have to carry around like laundry lists, like I used to in college that get washed and you lose all your contacts. But your email address is used as your unique identifier in a lot of places. If you think about it, every credit card I have has an app on my phone that I log into using my email address and that terms of service that nobody ever reads because it’s 20 pages long buried in there. It says they’re going to sell off your data. You’ve got Google sells off your search history. Amazon sells off your purchase history, credit cards, all you now it’s not like there’s we couldn’t go and say, okay, you know what ID baby buy at 4:00 in the afternoon at 7-Eleven. Yeah. The way the way that it’s transferred is way more intricate than that and humanize. Don’t see most of it. It just goes into the algorithms that compare, contrast and look for indicators of the life events. But yeah, yeah, just about everything has an email address tied to it these days, and unless you’re super vigilant about it, you’re probably generating data in ways you never even realized.
Beatty: [00:27:29.52] Interesting. So for for our listeners out there now, you know, why have you never understood all these privacy concerns, why everyone’s concerned about big tech, watching everything you do, but now it makes you money because now with revaluate you can put all that big tech to use for you to identify who are these guys that are scoring either as a likely mover or an engaged mover. So that’s really fascinating. So you have data partners, you send out that email address, they go through all their data, however it’s compiled, and it’s looking at all these things because it’s tied to that email. And then once it gets back to your system, you’re scoring it with an algorithm that you’ve identified is successful and separating them into likely mover engaged or not engaged. Basically those three categories and the likely movers are those that you feel within six months there’s going to be a move happening. And generally speaking, out of a thousand contacts, what percent hits that six month that likely move or category?
Ryan: [00:28:37.66] Usually about 6 to 10% throughout the course of a year. We’ll return to that very likely mover category. You know, obviously, real estate is seasonal and so there is seasonality to it. You’ll even see that if you’re tracking, we update the scores every single day so that our clients, as we get new data, any changes are reflected in our dashboard so that people always have that opportunity to be first to the table. And as you’re tracking it, you’ll see like time periods where there’s a higher percentage and time periods where there’s a lower percentage. It’s pretty cool the way it really correlates to what’s going on in the world when you get into like watching that large of numbers because interesting, we’re monitoring millions of contacts. We can see trends across our entire database at times, but yeah, 6 to 10% throughout the course of a year. So out of 1000, we’re going to narrow it down to the 60 to 100 people that are most likely to be something’s going on in their life that makes them look like they are most likely to be moving. And then from there, the next question that usually comes is say, okay, great, you’re going to point 60 to 100 people out to me, but how accurate is how how many of those people are really going to move and in pursuit of not just kind of tooting our own ivory? I always used to say every snake oil salesman says that their snake oil cures cancer. Right. So we also.
Beatty: [00:29:57.76] To cure cancer, too.
Ryan: [00:29:59.65] I mean, no, it doesn’t. But so we open the doors to Altus Research to do an independent white paper on our data and they took a statistically significant random sampling of our very likely movers over the course of a year. And they said, okay, how many of these people actually moved in the six month window that we projected? So they use local MLS’s as their reference point to compare and came back to us with 19 and a half percent of the people. We scored 80 and above listed with an agent within six months of the date that we identify them as an 88 plus. So about one in five.
Beatty: [00:30:38.86] Let me let me clarify this just for some folks out there. If you’re an agent and you understand turnover rate, what this means is that group that they identified that out of that thousand homes, you get it down to 60 to 100. You’ve got about a 20% turnover rate within that group. And no other agent typically is even marketing that group. Imagine being able to go into a farm with a 20% turnover rate and there’s no agent significantly marketing to that farm. That’s a gold mine. That’s what that’s what I saw when I saw Revaluate because that’s essentially what it is. What about you mentioned your CRM, your dashboard. Just let people know. No, you don’t have to use another their CRM if you don’t want to if you already have one. Right. You guys integrate with a lot of things.
Ryan: [00:31:35.97] Yeah, we we prefer people don’t use our dashboard, frankly, which makes us a little bit weird in our space. But we understand that having to log into multiple systems to run your business is a nuisance and people just won’t do it if they if they’re forced to. So we have an open API and we have Zapier templates that allow us to directly push our information into their existing environment. Solution, CRM, whatever you’re using to run your business day to day, we prefer to push our data into that to enhance the experience there rather than being something else that people have to log into to run the business. And we do have a dashboard for people that don’t have stuff, right, because there are agents out there who don’t.
Beatty: [00:32:18.57] And just also full disclosure, this sounds like this is really a sales pitch, which it kind of is. But I want you to understand, I have I have no deal worked out with Ryan or revaluate on any compensation. Okay. This is not me trying to pitch something because it’s something in it for me. This is something I wholeheartedly believe in. And we’re going to we’re working on integrating it with our clients who want to use it. But any time you can take your list and narrow it down to those that you target the most, then it means you’re more successful. And that’s the goal. So let me go back to the discussion. So likely MOVERS is at any time given time between six and 12, five and 10%, six and 10%, how what percent of that thousand homes is going to be engaged movers, those that are possibly six or 12 months out and moving that direction what percent generally?
Ryan: [00:33:21.44] In any snapshot in time, you’re probably looking at somewhere between 15 and 30% of the database being in that engaged mover category. Okay. I don’t know the actual statistic on the annualized version of that, but I know that from looking at it, you’re probably going to see in any snapshot a good solid pie. 20 to 30 is even a safe bet.
Beatty: [00:33:41.48] Perfect. So I want to make a correlation. This is now for either those of you guys who are our clients or maybe you’re considering doing working with us. When we do geographic farming, we have a service we call our system, a process we call a 70% mailing option. Basically what it does is it allows us to target a larger group of homes, let’s say that thousand homes, and we may mail it eight times a year. But to conserve cost, we mail 70% of it each time. So each time we mail, we’ll mail 700 homes one time and 700 homes the other time. But what really is happening is this within that 70 within that list, we narrow it down to a target group of about 40% of the homes that are the ones that have all the key indicators of being most likely the type of home to go on the market. We usually do it either with some simple analytics based on length of residence or other factors that out-of-town absentee owners may be more likely to sell than an in-town primary owner. But what’s interesting is when you look at what revaluate does. They’re essentially doing the same thing coming up to the same essentially in rough numbers, that same about 35 to 40% as the one that is to be, you know, somewhere in the next 0 to 12 months. They’re the ones most likely to be selling.
Beatty: [00:35:09.08] And so this fits within what we do on that 70% marking pattern, because if you take a thousand homes, you take out that 40% roughly likely and engage sellers. Then this allows you, us, as you work with us, to hit that engaged group every time and hit the outlying group every other time. And what that does is it keeps the outlying group warm, nurturing them. You’ll still get a cell periodically, but it really concentrates all your effort on those that have all the indicators that they’re likely to be moving. And statistically, in that higher group, a 19.5%. So now I know you guys also this. Any time you do a large group study, you get the statistical average, but then you also have those agents that are probably more effective at really marketing to those likely sellers. And those clients of yours that I’m going to say are more engaged with you. If you send out an email to them, they’re more likely to read it. If you ask them to do a survey, they’re more likely to respond to that survey because they’re following your pattern. When you guys did a survey, tell us about the survey you did to your customers. How many people responded to that survey and what did they tell you was a likely conversion rate of that of that likely member group? Because I think this is interesting.
Ryan: [00:36:33.25] So we do we do an ongoing every time we send out a very likely mover, we send out a survey just saying, hey, did you call them? Are they listing, are they working with you, etc.? And we actually the updated number as of yesterday, we have a six month rolling average of 47% accuracy based on self report. Now, like you said, those are the people who engage with us that respond to the survey. But. It speaks to the fact that the Mlss only tells a part of the story in the White Paper, like the Mlss is only the on market sales, especially in the last couple of years. The market’s been crazy with off off market purchases and first time homebuyers and all sorts of stuff that wouldn’t be reflected in an Mlss White Paper study. So I feel like it plants us pretty fairly somewhere in between the two. As far as the the net or the real result accuracy. So one in three of our very likely movers on average are going to be ending up moving in one way, shape or form. And then I’ve never heard it put in exactly those terms. Those are the words that I’ve been looking for for two and a half years while I’m talking to people. But yeah, that’s like a 30, 20 to 30% turnover rate in the population of the people that we’re showing to, to the marketplace versus the standard call it 6%, give or take a percentage every.
Beatty: [00:37:57.40] Year, standard is about 4% nationwide. All right. So this is and this is the thing that excites me so much about this from a marketers perspective. I know agents I would almost kill to get a 30% turnover rate farm that no one is marketing to. Okay. I mean it’s that’s really what you’re looking at with the opportunity with reevaluate and they’re likely movers and then if you expand it out and this is important from a marketing perspective and I’ll just quote you again only because I’m quoting these because you made some great zinger comments that I want to reinforce with our our listeners. Farming is not fast. This will take some time. Okay. And that is so true. And the people who win are those who nurture the relationships, nurture the trust and nurture the from that homeowners perspective. I really believe this agent can do the best job of anyone. When you start to take that likely mover and that engaged mover, the likely mover is a 30% turnover from self-reported. Right. And that engaged mover, which is the ones from, you know, the next six months, if you start nurturing that group, you’re going to start picking up so much more of those cells because by the time they’re now thinking about selling, you’ve been nurturing them all of this period of time, and now they pop up. And if you do your job right, so I talk about this, you can still this one too.
Beatty: [00:39:36.77] Ryan But in marketing there’s a concept known as outside perception versus inside reality. Outside perception is what that homeowner believes about you. And most homeowners believe about agents is all agents are the same. All they do is stick their sign in the yard, list the home in the Mlss and just wait for someone to come by. And if that’s the case, then it means it doesn’t matter which agent they choose. They’re going to sell at the same price in the same amount of time. But your inside reality is what you do. I was just showing Ryan before we got on the call today, one of the clients that we’re working with and the custom cards and that we put together for them. And and I just want to share what what this client is doing. I’m not going to show you the card. I’m just going to read you one thing on it real quickly. So these guys do digital marketing and they’re showing off this sale. By the way, these guys have the highest record closed prices in all of these different farm areas that they’re farming. And part of what they do is they start to articulate this, he said. In addition to just the Mlss and third party sites where you list of we had 97,000 people view this home on Facebook and Instagram with 35,000 engaging with it, 378,000 impressions and over 100 hours of YouTube time.
Beatty: [00:41:00.65] And when this home sold, it sold at the record price. In other words, once you start to educate your homeowners, what you actually do, then your inside reality becomes their perception of you. And that perception differentiates you now from everyone else out there. And so if you know who those people are, they’re likely to be considering selling OC in the next period of time. And you concentrate your marketing, you concentrate your mailing, your emails, your retargeting, door knocking, whatever it is, you start to concentrate there, then you win those listings when they come on the market, because in their mind, once they understand your inside reality, they would be a fool to choose anyone else besides you. And the thing that I love with what you’re doing, Ryan, with Revaluate is. You can’t afford to do that with a thousand homes all the time. That’s expensive when the vast majority of them are not selling for the next five or ten years. But if you can narrow that group down to those that are likely to sell a 30% turnover rate, at least by self-reporting within that first group, and I would say there’s probably a good 10%. Yeah, because it’s right between ten and 15% because just about double what you’re likely movers are.
Beatty: [00:42:30.80] Then what you have is a recipe for amazing return on investment. And you can afford to invest heavily in that smaller group because you know, it’s the right target. And that’s the thing that that gets me excited. Anyway, I probably talk too long, but talk to us now. I love your land, air and sea concept. So now we’ve got expectations. It’s not fast. Write expectation. Don’t use a cold call, telemarketing phone call, and expect the likely movers to say, Oh, I’m so glad you called. There’s a different approach. Then we talked about what you guys do with Revaluate and how you’re taking all this data that’s tied to my email address. Every time I search. Every time I buy. Every time I post. You’re looking at that in the aggregate and scoring all these people to say, who’s talking about divorce, death, diplomas, diapers, things that indicate possibly some shift in their housing needs? And you’re scoring those. So now I’m able to take this thousand home record, narrow it down to a 5 to 10% with a 30% turnover rate and expand it to 30 to 40% overall with a really strong turnover rate. How do I now start to nurture that group? What are you guys finding that is best to take your that small group and actually start to make money from it?
Ryan: [00:44:01.52] Yeah. And you kind of in passing mentioned I like to call it land, air and sea just because it’s something people can latch on to it visually. I’m a visual learner, so I like a lot of analogies and visual conversation, but there’s no one right answer to how to communicate with people. And the reason is every single person has a different favorite form of communication. And so if my wife, for example, if you call her on the phone, you’re never going to get her. You can text her and you get maybe a 20% response rate out of her. And but if you hit her on a social media like a Facebook message, then that’s how you’ll find her and you’ll get your response rate. Every person on the planet is similar in that fashion. Some people love the mail, some people hate the mail. Some people love email, some people hate email. So if you’re not engaging with the people in every potential fashion, then you’re pigeonholing yourself out of communicating with some people. And so what I recommend is engaging all of them, not all at once. You don’t want to just like snowball and throw everything at the wall and hope that it sticks. But building off of each, each communication, building off of and referencing back to the other, which I know you do a really you’ve explained to me how you guys already do a really good job of this, but, you know, sending a postcard and then sending an email referencing to that postcard and sending making a phone call and saying, hey, it was just calling to see if you got my email and it had any feedback on that or, you know, every single every different type of communication should reference back to one of the others because it builds credibility and it builds accidental rapport, I like to call it, because they’re like, Oh, you’re not just randomly setting this stuff and forgetting about it all, but you’re building on a you’re building a conversation non organically, kind of.
Ryan: [00:45:53.30] I’m also a big proprietor of of retargeting, internet, digital retargeting, because I think that that’s essentially renting space inside people’s homes. You know, if you’re always in my Facebook feed, it translates differently than an email or a more, more active engagement because we subconsciously pick up on that. And so that’s such a really good for branding in my, in my opinion, right, the postcard social media stuff, that’s the branding. And then the sales effort comes with the more difficult to ignore stuff like phone calls or text messages or things of that nature.
Beatty: [00:46:28.58] So I want to reference back for those who’ve read the book, The Millionaire Real Estate Agent. They did a study and two things went on there. The key components that came out of that study that drives results. The first one is in chapters two and three. They said you can break your entire list down to two groups met and not met. And the met list is 80. We’ve we’ve found we’ve validated that it’s 8 to 10 times more likely to do business with you than. The not met. And so what these additional touches are doing, what a postcard, a text, a video, email or phone call. They are engaging that customer to get them more to the point that they see you as a met person that they know and trust. And now they’re more likely to do business. The second thing that came out of the book is what was a big thing years back. I haven’t heard it quite as much these days, but it’s what’s called 33 touches. And they found that the average conversion, it was actually, if you put it in 100 unit quantity out of a hundred people that you’ve met that you market to successfully at an average of 33 times a year or more, that you would actually generate 17 transactions from that list. That’s referrals and direct transactions, and we’ve actually been able to quantify some of that.
Beatty: [00:47:49.71] But what’s interesting, and this is what you’re talking on, Ryan, is they made the comment that those three touches were not all the same. There was a multitude of touches. You know, it may be something in print, something in the mail, a text, something electronic on a digital marketing. Could it be a phone call? It could be a face visit. But it’s that multitude of what’s called the multichannel approach that we find is synergistic. One plus one equals three. When you have that overall multichannel approach, they start to see you everywhere and it just does something in driving increased sales. A real quick, I know we’re about to run out of time. You’ve got an appointment coming and we’re getting close to our mark. I wanted to talk on who is a right fit your perspective and then I’ll share my perspective because I see I see what you do from a slightly different angle in terms of who’s the right customer fit. Also, because we can aggregate some things and do things for customers that can’t do it directly with you. So talk to those people that might be listening and say, if you fit this category, you’re definitely a perfect fit to come directly to reevaluate. And if you don’t fit this category, you might not be a really good fit in. Here’s why. Kind of help weed that out, if you would.
Ryan: [00:49:12.70] Yeah, for sure. So, I mean, the first barrier of entry is the pricing. Our pricing is based upon the size of a database that someone brings to us. And our entry level is $2,000, which covers monitoring up to 2000 contacts for an entire year. So that’s the first indicator is you’ve got to have some context monitoring, right? Like, do we work with people who have less than 2000? Absolutely. But you’re paying for something that you’re not using to its full extent. Mainly that’s just because we want to make sure that if you come to us, you get enough opportunity to see the results. The other piece of the puzzle is implementation. Data on its own doesn’t do anything. I can send all the very likely movers in the world to somebody, but if they don’t have the system strategies and or tools to engage with and get the results, then it’s not going to be it’s going to be a cost, not an investment for them. And so we tend to work best with people who have a CRM at the very least, and have a database in there and have some whether they’re making the calls or they’re people who are making calls or some engagement strategy already. Postcards.
Beatty: [00:50:22.15] Postcards.
Ryan: [00:50:22.66] Postcards. Yeah. Our most successful clients have some sort of what I call cover fire, what you call standard engagement to their branding is out there. Because if you’re branding is out there and everyone knows who you are and it’s, you know, becomes as easy as talking to the right people with the right message at the right time. And we can help with the with the time and you have the message. So bigger databases, systems in place and strategies at the very least, whether that’s postcards, whether that’s whatever you like to do, we can enhance and then advise on other other solutions that can help if that’s what you need.
Beatty: [00:51:00.82] So sounds like, especially if you are if you manage a team, you’ve got your generating leads and especially if you have ISAs or even just agents that are calling this would be a really good fit to add to your mix for sure. So that means that if you’re if you can’t afford a $2,000 or that’s going to be really tight for you, you don’t have a bunch of leads or lists that you’re already engaged in. You’re maybe a sole, sole proprietor in your business and you don’t have Isa’s and you’re running out of time to target a whole lot yourself. Then going directly to you guys may not be a good move. But that’s where we come in. So at the time that we’re recording this, we’re getting our systems geared up so that we can we have kind of a wholesale relationship, you call it, if you call it that with Ryan and Revaluate. So we’ll be able to work with our clients at a much smaller basis. So if you have a farm of only 300 records, no problem. Right? And it’s just a much smaller cost. It’s a one time cost up front and that allows us to help target it, especially if you have your email addresses.
Beatty: [00:52:16.12] If not, they can be appended in. I would recommend if you’re thinking about doing geographic farming, one of our one of our clients, they as I mentioned, you use coal information system. And so they actually just go and carve out where they want to be targeting and only pull out the addresses that have email addresses associated. And then they can not only mail and phone call but also use revaluate. And it’s kind of a nice, neat little package all in one. So those are some things to check out and do, but we’re so excited with this because of what I think is going to do for our clients. Because if you can again, if you can narrow your focus down to the most likely ones and do a good job in marketing and nurturing them us through the mail and then all the other retargeting and stuff, you’ve got just a winning formula to really milk that. Ryan How did they get in touch with Revaluate if they want to take a look at it, if they fit that that criteria first. How do they find out about you guys more?
Ryan: [00:53:20.20] Yeah. Our website is just revaluate dotcom. You can schedule a demo with myself or Ian as our director of sales. We do handle most of the demos and we’ll be happy to kind of give you the full the dog and pony show with all the pictures and the cool stuff and talk about your systems. Ultimately, we don’t hard sell anybody. We like to find out what people’s systems and tools are that they’re using right now and talk about where if it would be a good fit and where it would fit. So you never have to worry about a high pressure sales call. If you give us a call, we’re going to mostly want to figure out what you have going on to see where we would be able to enhance that and make it better for you.
Beatty: [00:53:58.54] They’ll be great and mention my name when you call them, just so they know that you heard about us or heard about them from us. And we may also do something. If you do that and you come to us for postcard mailing, work out some sort of discount. So none of this is in place, but just if you mention it, at least puts things in in place to. So if something does get in place, you get a benefit from it. Okay. So Ryan, before we wrap up the interview, is there anything that we haven’t covered that’s on your mind that you like to share?
Ryan: [00:54:34.00] Now I really appreciate the opportunity to talk to your audience and just kind of talk. I love talking about I love Talking Shop. That’s my favorite part of my job. I tell people that my favorite part is getting to peer into other people’s toy boxes and figure out how our toys play well together. So I’m really impressed with what you’re doing at Agent Dominator, and we kind of didn’t fully meet in passing years ago, and it was cool to circle up and be able to talk geek out on some of the postcard mailing and the farming strategies. That’s awesome.
Beatty: [00:55:03.55] Yeah. I want to say one other comment just because I think it’s it hit me so I might as well share it. Years back, I was talking to Ian and he was sharing that y’all were in conversations with a large postcard company that does real estate marketing. But what kind of scared them away was the idea of, Well, if people come to reevaluate, then we’ll mail fewer postcards. Okay, that’s the general consensus. And I come to you guys and say, Man, we can better target so we don’t have to mail so many postcards at a higher cost and get a smaller quantity. And because we’re all about how do we ensure results and the highest ROI. And it’s it’s a difference from I’m a postcard company. I want to sell postcards, the other company versus we’re a marketing company and we want results for our clients. Client first, profit second. Right. And so I just thought that was interesting how all of this transpired.
Ryan: [00:56:05.03] Absolutely.
Beatty: [00:56:05.90] Which is why I wanted to share what you guys are doing. So. Ryan, thank you so much. And for our listeners, please share this audio or this podcast with others. And as I mentioned earlier, be sure to either subscribe to our YouTube channel just to get sellers calling you is our channel or end or subscribe to our audio podcast. Get Sellers calling you as our channel there and get some more of this great stuff. Y’all have a very blessed day. See you, Ryan. Thank you.
Beatty: [00:56:36.08] Thank you. If you’ve enjoyed this podcast, please do two things. Number one, please share this on social media so other people can enjoy it. And number two, if you haven’t already subscribed to our channel, please subscribe to either our YouTube channel or our podcast audio channel, or you’ll find on any audio player with your mobile phone. And then that way you won’t miss another episode. Also, if you want help generating listings, please visit our website at Agent Dominator where we guarantee them or give your money down. Thanks again for listening to the best sellers calling you podcast and have a very blessed day.
Leave A Comment