LEADS, LEADS, LEADS
If you’re a real estate agent, you probably think about leads – a lot. The industry talks about them a lot, too, and it’s probably even a source of stress for you. Am I generating enough leads? What do I do to follow-up with leads? Where do I even START?
It doesn’t have to be stressful, when you really understand the numbers game and learn some simple systems for generating, automating, and managing your leads and follow-up.
In the last two weeks, we’ve talked about strategies for generating both offline and online leads. Now we’re going to talk a little bit about what lead numbers mean and how strategic management of leads can pay off, big-time.
Check out Michael Krisa’s video, and read the rest of the article below.
Number 1- Spend most of your time nurturing your leads, and the rest prospecting for new leads
The recommended amount of time, according to top producers, is 80/20: 80% of time following up with leads you already have and 20% looking for new leads.
You see, once you have a lead you should treat it like cash-money. If someone’s looking for real-estate related information, or wants whatever awesome OFFER you have out there generating new leads for you (see previous articles), that means they or someone they know is almost ready for your services.
Grow your relationship
Now, that “almost” can mean different things to every single person out there. “Almost” to me means I’m ready to buy this month, but I’ve got a cautious kind of friend who’s a real planner (let’s call him Al). He’s checking out the market today when he’s not even thinking about buying a new home until next year. What that means for YOU is that you have to stay in touch with Al, regularly. For the next year. At the very least.
In the meantime, if you show him you’re a reliable agent, and you grow your relationship with him (by saying hello, at least once a month, and by providing him useful information and content) he is probably going to refer you to his friends. Like me, who wants to buy this month. Now your lead has become two leads. And the ball is rolling.
While you’re spending most of your time nurturing leads that you have, you may start to wonder exactly how many new leads you SHOULD be generating in that remaining 20% of your time. Don’t let that become another source of stress- we’ve got the exact answer for you (you only need to do a little math).
How many leads do I need? Your daily lead goal
What is the #1 DAILY goal of every Realtor? Think about the points below.
- Are you generating leads EVERY DAY?!
- What minimum number of leads do you think you should be adding to your database daily? Here’s a free tool you can use to figure out what your number is. Just modify and do the math- Click here: Lead Generation Worksheet
- Where are the majority of your leads coming from? Maybe you should focus more effort there.
Be consistent- keep at it!
- Generating leads takes creating momentum
- Don’t expect day 1, or even day 30 to pay off immediately
- Be consistent! DAILY!
- Find a good balance between generating and closing on leads. Capturing a lead is a waste of time if you don’t follow up.
You MUST follow up
If you’re going to follow-through on all the effort you’re putting into new leads, you have to follow-up with them. If you don’t try to get in touch with new leads immediately, they won’t become your clients. They will not pursue you.
If you are unresponsive, homebuyers will move on to find someone who is responsive. Why is quick response time so critical? Because it communicates how responsive you’ll be if they were your client. A slow response time sends a message that you can’t provide the support they need. No one wants to work with an agent that is too busy to even talk to them. Plus, if someone fills out a form on your website and you wait a week before you respond to their inquiry, they may not even remember you. According to a study done by the California Association of REALTORS®, when homebuyers were asked why they were satisfied with their agent, the most common response was “always quick to respond.” So make sure your real estate website or online lead generation method has a way to notify you every single time a lead provides his/her information.
Here’s a thought: if most of the agents online are following up ONLY with email contact, how much more likely would you be to get the sale if you take the time to call leads who provide phone numbers? You can set a goal each day to make 4-5 phone calls, just to see what a lead is looking for and how you can help. You’ll stand out from the pack. That personal touch can mean the difference between a lead drifting away to another agent, and a future client who’s impressed because you took the time to reach out personally.
The biggest mistake you can make
The biggest mistake agents make after the initial contact is failure to follow-up sufficiently to convert a lead to a client. The important point here is you continue to keep in contact with leads you generate. Continue offering them more information and resources to help with their search, or simply make sure you’re on their mind when the time is right for them. Here are two ways to contact leads without taking a lot of time:
- After a lead opt-ins on your website, add them to an automated drip email campaign. You can send them market information, real estate news, home buying and selling tips, or anything else that is relevant to what they requested from you. Showcase your expertise and the high level of service you offer. These emails can be sent daily or weekly at first and then monthly to ask them how else you can help. You can use a CRM that does this automatically, but the main point is just to make sure you do it. If you’re just starting with a system like this, that’s ok. It’s just going to take a bit longer to become established. That’s how marketing works: you spend time and money up front, and it pays off down the road. It takes patience, and a systemized process – so you don’t have to think about it when you get a lead.
- Consider sending them a monthly real estate newsletter (email or print) that is NOT all about real estate. They may be close to buying or selling but the vast majority of people will welcome and value helpful consumer-related information. They don’t value continual mailings that are only about the real estate market. You’ll be surprised at how well this can build trust and pre-sell your services. Especially if you continue to offer multiple reasons for them to contact you in your monthly newsletter.
Share YOUR ideas
Hey, do you have a great lead generation idea? We’ve got a contest running this month here at Agent Inner Circle. We have some truly great sales books we’re giving away to the 10 best ideas submitted by you, our members. Just go to our home page, click the “Get Involved” tab, and fill out the “Share Your Best Stuff” submission form. We’re looking for lead generation and nurturing ideas that work for you. Or, click the button below.