When it comes to growing (or even just sustaining) your real estate business in this highly-competitive housing market, there's simply no substitute for a solid and reliable source of real estate leads to work off of. So in this blog, we're going to briefly discuss something that often gets glossed over... and that is the point at which a standard lead becomes a real estate lead. If you're wondering what the difference is or even if the difference seems fairly obvious to you... read on. You might be surprised.
Real estate leads take timeOkay, so most agents entering the market go in with a decent real-world and/or digital lead pool and this will get the ball rolling for a few months or years, but as many ultimately discover, qualified real estate leads take time to convert. Being the humans we are, we tend to get hungry and aim for the lowest hanging fruit (often at the expense of caring for the tree that grew it). What ends up happening is a mad dash for weekend listings that we think are going to flip (we're CERTAIN are going to flip)... only to watch them fall through for one reason or another. So we start again the next week and repeat this cycle until we get a listing - and when that happens, we chalk it up to hard work. Kudos for persistence, but let's talk about numbers.
In real estate, not all leads are the sameThe first thing you should recognize is that not all leads are the same. While you can get generic "leads" from nearly any source (friends or family looking to buy or sell, referrals from past clients, social networks and so on), pre-qualified or "vetted" real estate leads require a bit of forethought, work and time to cultivate. But these qualified leads, true real estate leads, can result in more numerous listings (exponentially so over time). This is where you'll hear the term "farming" and frankly, the name fits the task quite well. Farming is all about establishing relationships, maintaining those relationships over time, and being the first one in their door when they start to show interest in listing their home.
Some important real estate leads statsBut, that last part can be tricky for some agents, because most homeowners are relatively shy and won't want to "bother" their agent friends with questions or mere interest. The assumption is that they'll "call you when they're serious." Of course, that may sound good to some agents who are only looking to spend time with leads that are ready to flip, but the stats show that while 80% of homeowners say that they will go with an agent in their sphere (presumably you), only 20% do. Instead, 75% of homeowners opt for the first agent that arrives at their door when they're in that prime window of listing interest.
So, let's break that down... 4 out of 5 of your friends, family, and clients will say they're going to list with you, but only 1 will. And... if 50 agents line up at the door of 4 random homes they've never visited before, 3 of those homes will list with the very first agents that showed up at their door. These can be a pretty eye-opening combination of stats... and possibly the reason for your last-minute scrambles every week (if you too are passively relying on homeowners to connect with you). In the end, it may not be your car, your suit, your business card or website design... not even your commitment to them as a professional, but the fact that you showed up first to their door. At least, that's what the math is showing.
In real estate, you've got to work EVERY leadThe second thing you should know is that despite the fact that not all leads are the same... you still have to work them all. We won't go too far into the concept of sales funnels and conversion marketing here, but in short, all leads will become real estate leads at some point in the future and your goal is to be there right before they reach that realization on their own (the point at which they decide they are indeed looking to sell, for instance). The good news with this is that your lead pool, your source of (potential) real estate leads just got a LOT bigger. Unfortunately or fortunately (depending on your level of enthusiasm and dedication to true relationship-building), this means that you're going to be tasked with staying on top of a LOT of leads.
Leads require constant communication in real estateIt comes down to this... you have to maintain consistent, constant communication with your farm AND you have to reach out to other folks in your area that don't yet know you and establish your brand. Again, this may seem fairly obvious to most agents working it, but HOW you do this is still the most common question we've heard. So, here we are... lead generation solutions like offrs.com which can generate vetted real estate leads for you and/or your team. PLUS, lead conversion tools and best practices provided by offrs will help you convert your new real estate leads over time.
So, where do you get real estate leads?Curious as to how you find leads, maintain a weekly-basis of communication for years (en mass), then identify the ones that are most likely to list (sometimes months before THEY do)? It's called predictive analytics and our solution is standing by in your exclusive territory right now. We'll show you, but it's going to require you taking 30 minutes right now and scheduling a free walkthrough with one of our strategists. See what technology is doing to empower agents like you across the country. Take control of your real estate lead generation. Check out offrs.com today at...
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