Leveraging Home Equity Reports for Your Rewards Program

As a realtor, you're always looking for ways to enhance your client relationships and provide added value. One innovative approach is to offer Home Equity Reports as part of your rewards program. 

Home Equity Reports not only help your clients understand the current value of their property but also serve as a unique way to stay top-of-mind and differentiate your services.

We generally overthink these programs, but you can keep them simple, easy to understand and budget-friendly. We’ll go over what you need and the steps necessary to launch your own Home Equity Report rewards program.

What the Home Equity Report Program is All About

There are two parts to the Home Equity Report Program: 

1. Sign up and get $25 in instant rewards
2. Refer a friend and get $25 each 

Number one incentivizes people to sign up themselves by getting a $25 gift card. Number two encourages them to refer their friends, broadening your client base even more. The referral system rewards participants with $25 for referring friends or family, who also receive $25 upon sign-up (these can be any dollar amount, but we recommend $25). 

These initiatives simplify and incentivize client introductions, focusing on the effectiveness of referrals. It is designed for realtors looking to expand their client base by encouraging existing clients to share the program with their network. 

Participants can earn rewards by enrolling themselves or referring individuals interested in receiving regular Home Equity Reports, which provide insights into property value and upgrades. The Give $25, Get $25 program is a cost-effective way to reward your database/past clients in a budget-friendly manner that makes it easy for them to introduce you to their database. 

What You Need to Launch

1. Marketing Budget: Allocate a budget for your rewards program. For example, $50 could be split 50/50 between the referrer and the referee.
2. Locorum Dashboard (Referral Only): Login to your Locorum account and create your new rewards program. You’ll need to create a separate program for a direct sign-up page and a referral page. If you're not a Locorum member yet, you can request a demo to learn more. For step-by-step instructions on setting up your program, check out our help center. 
   Note: You only need a landing page for a Give $25, Get $25 campaign.
3. Form to Collect Information: Create a Google Form, or something similar, to collect information from clients to generate the Home Equity Reports.
4. Home Equity Report Software: Consider using software like Owner Console to generate Home Equity Reports for your clients.

• Property Type (Condo, Townhouse, Semi-detached, Detached)
• Property Address
• Date of Purchase
• List of Upgrades/Updates Since Purchase (with approximate costs)
• Contact Information (Name, Phone Number, Email)
• Preferred Method of Contact
• Questions and/or Comments

Collecting Information

To collect the necessary information, you can use a custom Google Form. This allows homeowners to easily fill out the required fields, making the signup process seamless. Once the information is collected, you can input it into your Home Equity Report tool.

Activating Home Equity Reports

Once you've inputted the homeowner's information, you can activate their Home Equity Report. This report will be updated regularly to ensure that your clients stay informed about their property's value. 

Rewarding Your Clients

After the Home Equity Report is complete, it's time to reward your clients. This will look different depending on whether you run a signup program or a referral program:

1. Sign up and get $25: Since you didn't need to make a Locorum referral program, you can reward your clients by heading to "Send Rewards" and easily send a $25 prepaid Mastercard. 
2. Refer a friend and get $25 each: Since leads came through your landing page, they will automatically populate your "Leads" tab. Mark the referral as complete, and we'll automatically send both parties their prepaid Mastercard. 

Real-Life Example: Mulligan Realty Group (Give $25, Get $25)

The Home Equity Report Program by the Mulligan Realty Group (MRG) offers a straightforward referral system where participants earn $25 in instant rewards for referring friends or family, who also receive $25. This straightforward referral program is based on the principle that the most profitable sales and marketing channel for any business is referrals.

It encourages past clients to introduce the Mulligan Realty Group to their network, particularly homeowners seeking monthly or quarterly Home Equity Reports. These reports provide insights into property value and upgrades, fostering client engagement. Launching a similar program can be a powerful strategy for businesses seeking growth through referrals while rewarding loyal clients.

See Mulligan Realty Group’s Home Equity Report program page here.

Example email to send to your clients: 

Subject: Give $25, Get $25: Get Your Friend a Personalized Home Equity Report!

Dear [Client's Name],

We're excited to share your personalized Home Equity Report courtesy of our rewards program! Send this to a friend to earn $25, it’s as easy as that. 

This report provides valuable insights into a property's current value and highlights any upgrades or updates you've made since purchasing the home.

To send this to a friend, simply click the link below:

[Insert Program Link]

How Does it Work?

Send this to a friend, and when their Home Equity Report is done, you'll both receive $25 on a Locorum rewards card. 

Need Assistance?

If you have any questions or need assistance, please don't hesitate to reach out. We're here to help!

Best regards,

[Your Name]

[Your Real Estate Agency]

To take this idea one step further, brand the header of the report to match your rewards program (i.e., Give$25, Get$25) to reinforce the connection between the report and your program. See how MRG did this: 

Promoting Your Home Equity Report Program

Once you have a plan, it’s time to promote your Home Equity Report. Consider advertising it in the following places:

• Social media post, story and/or reel (Facebook, Instagram, etc.)
• Website pop-up or home page section
• Realtor blogs (see MRG’s here)
• IDX website
• Online ads
• Property feature sheets
• Postcards
• QR code
• Lawn sign with a QR code
• QR code sign-up in an open house

Here are some examples of graphics MRG was using to promote their programs:

By leveraging technology and strategic marketing, you too can enhance client engagement and build stronger, more loyal relationships with a Home Equity Report Progam.

Talk to our team to learn more!