Looking to increase instructions and market share?
Regardless of whether you call them sold in your road, sold in your area or 20/20 letters, these can be the most valuable prospecting letters you send as an estate agent, especially when backed up with regular prospecting letters.
What is a 20/20 prospecting letter?
Traditionally, when agents have sold a property, they send canvassing material to neighbouring properties in case any of the neighbours are thinking of selling.
They're great for answering questions such as, “What price did they sell for?” or “I wonder how much our house is worth?” and “Maybe we have enough equity to move?”. This can be perfect timing to showcase yourself as a successful agent on their doorstep.
Another type of 20/20 letter is to speak to properties in the vicinity that are already on the market. There will be several local vendors already doubting their current agent, due to low viewing levels or disappointing service levels, so many will be ready to consider a new agent. When these vendors see that you are successfully selling properties nearby, you are at the head of the queue when it comes to a switch.
Do people respond to 20/20 letters?
Absolutely! A 20/20 letter is the ‘social proof’ that you are a successful agent. It backs up the expertise and results you talk about in other prospecting material.
Data shows that 49% of all successful instructions generated by Spectre letters are from vendors who have received a 20/20 letter. In many cases, the 20/20 was the last letter the vendor received before instructing the new agent.
What content should you use for 20/20 letters?
Your content should be unique (not generic). Think about what made a particular sale successful and why that will make potential vendors get in touch. Was it the style of property? Did you run an open-house? Sell for 5% over asking price? When you tailor your 20/20 letter content to the target market you have a higher chance of the letters being successful.
