Why Annual Reviews Matter in Real Estate

By Greg Smith

Greg Smith has called Colorado home since 1986, when he came to attend the University of Colorado. After selling a successful marketing company and earning a graduate degree in information systems, Greg joined RE/MAX Alliance in 1998, where he quickly became Managing Broker and later co-owner of the Boulder Valley office.

Do you want to stand out as a real estate professional and build long-lasting relationships with your clients? You can do this by simply conducting annual reviews. If you’re not already conducting these reviews, you’re missing out on a powerful tool to elevate your business and provide more value to your clients. Let me explain why it’s time to start:

What are annual reviews? Think of an annual review like the check-in you get from a financial advisor. It’s a chance for you to reconnect with your clients and assess their current needs, just like a stockbroker would review your financial situation. As real estate professionals, we’re not just here for one sale; we’re here to be advisors for life. By conducting regular annual reviews, you’re offering continuous value, not just a one-time transaction.

Make sure you share your client’s home value. During the annual review, one of the most important things to discuss is your client’s home value. Many homeowners don’t know how much equity they’ve built up. Offering an updated home value helps your clients understand their current financial situation and opens the door to refinancing options. If they’re carrying high-interest debt, they might be able to lower their rates by using their home equity. This simple tip can lead to major financial benefits for your clients—and they’ll remember you for it.

Review their home insurance policy. Another crucial part of the annual review is going over your client’s home insurance. Many homeowners aren’t fully insured, and this can be a big risk. Help your clients by reviewing their insurance policies and ensuring they have full replacement cost coverage. If something were to happen to their home, they need to be covered. By offering this service, you’re proving that you care about their long-term well-being, not just a quick sale.

Discuss their investment opportunities. During your review, discuss investment opportunities with your clients. If they’ve built up significant equity in their home, suggest they consider keeping their current home as a rental property. This can provide extra income and allow them to move without losing their low-interest rates. You can also guide them on whether it makes sense to purchase a new home while keeping their current one as an asset. These conversations help your clients build wealth through real estate.

By following these tips, you’re positioning yourself as a trusted advisor and not just a one-time agent. These will allow you to build long-term relationships that result in referrals and continued business. If you want to take your real estate career to the next level and make a lasting impact on your clients’ lives, you can call or text me at (303) 543-5720.