Harley: Hello and welcome to another episode of Delta Media Group's Unlocking Your Potential. You can see I've got two special guests with me today. We've got Delta Media Group owner Mike Minor and we also have Franklin [Stauffer 00:00:36] here.
Harley: So today, we are gonna jump into market watch reports. Like we do with all the Unlocking Your Potential videos, what we're really trying to show you here is why you care about these features, why is it useful, what they mean to your business. So just to give you a real brief idea of what we're talking about with these market watches, a market watch report is a report that you can set up for your customers based on a map area or the name of a market, like a school district or a city name, something along those lines. Then it will automatically send an email out to that customer with information about that market and some sample properties from the market. So tomorrow when we do our Tech Tuesday, we'll go into detail about what you can do with those, how to set them up. But for today, what are these things for?
Mike: I actually invited Franklin to be here because he was gonna give a little bit of a perspective from a salesperson's point of view. Franklin works in sales here and we were chatting about it. I thought, "Wow this would be a good conversation to have." But before we get into that, I wanna talk briefly about why we did market watch because I think it's important for you to understand why we created the market watch report and how it relates to your business. Actually market watch has its start about 13 years ago here. It's that old it's evolved over time. But we created market watch because of the ... one of the primary reasons is the issue we saw in the industry where realtors would have infrequent repeat business. In other words, you would sell a property to somebody and then five years later you find out that they sold their house, but they used a different realtor, they never reached out to you, that type of an issue and the trending data that we saw from NAR as it relates to that issue.
Mike: So what we did is we said, "Wow, from a customer perspective, what do customers care about?" It was my belief and it still is today even more so that anybody who has an interest whatsoever in real estate would care about what's happening in their local market place. So that would be homeowners, people that are selling their home, people that are looking to buy a home, anyone that's in the market so to speak. Even myself, I bought a house a year ago and I care about the market watch report in my area. So I wanted to talk about that because as Franklin and I were talking about market watch, this is one of those tools that it's long term. It's not from a sales perspective, let's just be frank and open here. It's not immediate gratification.
Franklin: Right. Right.
Mike: If you're looking to close a deal in the next 30 days, the next 60 days or even this quarter, market watch probably isn't the tool of that I would say. However, market watch, this is one of those things that our large customers ... so the large brokerages in the country, they pay close attention to this. To them this is a high priority, the market watch. As we were chatting about ... let's just talk about why we care about it as homeowners.
Mike: I think that's a good perspective for the audience.
Franklin: Absolutely, so I have market watches set up to run to me every month just to get a good idea on what is the value of properties in the area where we live. Always looking for investments, so I am also a landlord. Always wanna get a good idea on what things are going for, what is the market activity, days on market. It's just a good idea to give you an idea of what does your community look like from a numbers perspective and the market itself as far as real estate's concerned. When it relates to a sales perspective of the value of these market watch reports, it's one of those things, like Mike mentioned, that isn't going to help you close a deal this year necessarily or even in the next two years. But it's something that's gonna have a longterm effect on your consumers or your clients because it's gonna help them, even if they just bought a home a couple years ago, get a good idea on what real estates going for in your area, if maybe it's a good time to look at selling. Or maybe the markets so hot right now, they have a good chance of moving to something better just because of how their situation looks.
Franklin: So it's something that is important to look at your longterm sales goal because even as it relates to me and real estate technology sales, it's not something where I wanna be able to have myself doing a call every single month. It's a lot of work and I know it's not gonna pay off for a couple of years. The market watch is a great tool because it's automated. So even if you know this person isn't really gonna be looking for a home in the next couple of years, you know that this is gonna be a tool that might get them to come to you in a few years when it's a better time for them and you didn't have to put that effort in to call them every month because the market watch is set up to give them that update automatically. It doesn't even have to be on a monthly basis, it could be quarterly. So if you know somebody just closed on a property last year, but you wanna keep them in your sphere of influence and you wanna make sure that they're getting a touch from you and you're top of mind, you can set that up to run quarterly to them. Because it's still information that's valuable to them as a homeowner, not necessarily directly getting them to close a deal with you next year.
Franklin: That's the mentality that as you and I were talking early that, a lot of the big players in the industry it's your number one, two in their markets. They've got that nailed down of, you don't need that instant gratification. You're gonna have those deals coming in longterm because you've got automated processes in place to keep you top of mind for your longterm customers.
Mike: Yeah, so this is actually ... so market watch ... just I wanna point out to you that tomorrow on Tech Tuesday, you're gonna be doing training on market watch. So I think that's-
Harley: That's the plan.
Mike: Yeah, so I think that's really important. But for this, even somebody you just sold a home to, this is a tool that you can set up and run, so that they stay ... so that your customer stays up to speed on what's happening in the market place. We all know, they care. I know I care, you care.
Mike: It's that when the house down the street goes up for sale, even if you just bough your house, what do you wanna know?
Franklin: How much did it sell for?
Mike: What's it listed for?
Mike: How many bed rooms. You're curious. We'll even go to an open house and we have no interest, but we do have an interest. We wanna know what's going on, we care about our investment if you will or the home that we own. So that's important to even people that just bought a house. So I look at it this way, this is one of those things ... setting up a market watch is one of those behaviors that needs to become almost second nature to you because it's one of those tools that pays off big time in the long run. It helps to build your longterm business. Yeah, we focus on the short term, on the immediate sales, on this month and the next month, but this is one of those things that really helps to build your business over time.
Mike: A couple other things I do wanna point out on what market watch really has. It does have ... and you'll see it tomorrow in Harley's video, but it has a lot of information about what's going on with current inventory, so listings new to the market, listing that are changing status, listings that are selling. But it also has in there market trending graphs, that shows the trend of what's happening over a two year period within your local market or really that homeowner's or that soon to be homeowner's local market that they're looking at. So it's one of those reports that just has to become second nature. As Franklin mentioned, we're in the process right now, we have a lot of very large companies that believe in this so much longterm that they're wanting us to even automate the set up of these for people that transact to keep them up to speed on what's happening in their local marketplace.
Mike: So this is one of those non-immediate gratification tools that is critical to your business, especially building it longterm. Yeah, focus short term, but also focus longterm. So tomorrow, we're gonna go through how to set up the market watch and go over various details of it. There are four different ways to set them up. They're highly customizable.
Harley: You can set them to go out to an individual. You can actually even share them on social media.
Harley: They're a cool thing to set up and you'll see how easy it is to set them up tomorrow. There's just, basically define a market and hit the button and you're done.
Mike: Yeah. So when you're watching that tomorrow, I'd like you to be thinking through, how can you promote this in your local business. Harley mentioned via Facebook, that's a good way to share those. Then even ask for the people who are on Facebook, your followers to take action. "Hey if you would like one of these, reach out to me and I'll set it up for you at no cost, love to communicate what's going on in the marketplace." Even with people that you meet, just becoming second nature of offering this or even setting it up for them, letting them know what you've done. That's what we put the frequency control, so how often it can be sent. That's why we event went as long as quarterly. We may even have biannually on that one. I don't know. We have so many different customizations, but at least quarterly on this one. Anywhere from weekly to quarterly, this could be set up. So yeah, tomorrow, let's watch the video on how to set these up, but I want you to really see the importance of this and as you watch that video, yeah learn about it, but think about how you can leverage market watch in your local business.
Harley: Well thanks a lot for joining us and I can't wait to see you again. Of course, I can't really see you, but I can't wait to see you again on tomorrow on Tech Tuesday. So thanks a lot.
Mike: Thank you.
Franklin: Thank you.