It is estimated that there are 50 million online real estate leads generated annually in the US. Recent consumer surveys show that 40% of home buyers search online everyday, and that 50% of real estate lead web inquires go unanswered. What this means to real estate agents is that there are abundant opportunities to cultivate more clients if they are consistent, persistent, and use the right tools. The majority of agents lack one or more of these key factors to successfully cultivating real estate leads into clients, which gives those willing to subscribe to a basic plan even more opportunities. Working with real estate agents and teams has shown us over and over again three fundamentals for real estate lead cultivation success that we want to share with you.
Real estate lead cultivation is much like growing vegetables. They each require nurturing on a regular basis in order for them to grow. And just like a vegetable, stop nurturing your leads and all the time and energy spent will go to waste, and the whole experience will be discouraging at best. We recommend that real estate agents start with basic goals, and employ KISS (keep it simple stupid) methods whenever possible. This type of approach makes it easier for real estate agents and teams to manage their systems and tools consistently.
Start A Conversation
Probably the single largest determinate of successful lead conversion is how fast you can contact incoming leads by phone. Responses never cease to amaze us when we ask real estate agents what their ideal lead callback time should be. Answers range from an hour or two all the way up to one or two days. The reality is that you should be shooting for 60 seconds or less once you received notification of registration. In large part, because consumers work with the first agent they talk to 67% of the time, and conversion rates go up dramatically the quicker you reach them. Realizing that real estate agents have busy schedules, whenever a lead cannot be contacted immediately make it a priority to follow up with them as soon as possible.
When speaking with real estate leads focus on assessing their needs, providing value, and solving problems. Most calls are filled with many details which you don’t want to forget or overlook. We recommend logging into your real estate lead management system before making follow up or initial response calls. This will allow you to see your lead’s search behavior, capture pertinent details, and set important follow up reminders. If you are not in a position to log into your lead management system when making calls, make sure you always have a pen and paper ready to take notes . Having a buyer information sheet can also help you with asking the right questions, and capturing valuable information too.
Persistence is what really separates the rookies from the pros in terms of converting real estate leads. A Leads360.com study conducted using 20 million leads shows that 6 or more contact attempts are usually required to reach a conversion. Many agents, if they even call at all, will give up after the first time if they don’t reach someone. Utilizing scripts and practicing through role playing can help you immensely in this area, and make the quality of your calls much more productive for the your real estate leads and yourself.
In summary, you will be well on your way to dominating your competition by following a KISS plan, master fundamentals, and utilizing highly effective real estate lead generation and management tools.