#1 – Focusing on too many lead generation techniques without mastering any
Realtors have a variety of ways to generate new leads outside of MLS listings, whether it be through referrals, friends & family, social media, outdoor advertising, or networking events. But too many have succumbed to the shiny object syndrome and jump from one lead generation technique to another.
The problem is most agents, especially those who are relatively new to the profession, have not mastered any of these. And as such, they never really get good at any of them.
The best way to overcome this is to pick 1 or 2 methods, maybe 3 at most depending on how much time you have to invest and become an expert in each. Hone your skills and stop focusing on other opportunities until you’ve mastered at least one and have nailed down a process that works.
And remember, don’t give up after just a few weeks or a month of working on one technique. You have to give it time to mature and get better at it. If it’s a proven process that has worked many times for other realtors, then you know it’s just a matter of time before it will start to work for you too, if you master it.
#2 – Getting enough leads in your pipeline
While most realtors are great at selling homes, few are experts in marketing. Whether you are independent or working with a national brand, each Realtor is basically their own small business CEO. And with that, you must rely on your skills to generate new leads for your realtor business.
Short of taking a course and trying to become not only an expert in Real Estate Sales, but an expert in Business Marketing as well, consider outsourcing the marketing part to someone who already has the expertise and you can just focus on selling houses which is what you excel at already.
There are specialists out there that do this on a daily basis and they already know the ins and outs of how to generate good leads for realtors and can remove that burden from you and free up your time to selling houses which is what you do best. It will require an investment but can really generate a good return if you give it enough time.
The advantage to outsourcing your marketing is also that it will start getting you results much quicker than if you do it yourself when you don’t have the same level of marketing experience or expertise.
The idea is to get as many decent leads into your pipeline as possible with a good follow-up process in place. Then its only a matter of time before those leads start turning into contracts. And the longer you build up these leads, the filled up your pipeline becomes, and the easier it will be to start generating sales down the line.
#3 – Getting to a lead too late
A lot of realtors are struggling with this. People can be very impatient and don’t like to wait for responses. By the time a realtor reaches out to a lead, the lead has already spoken to another agent and you’ve lost another one to the competition. It’s difficult to always be readily available during business hours when you’ve got other things to do.
While there is no 100% solution to this, there are some things you can do to minimize this problem realtors face.
The first is to setup a scheduling system online where people can book a time to call you or meet with you. That way even if you’re not available to take a call or appointment immediately, your online booking system can schedule calls and appointments for you while you’re busy.
The downside to this is that you’re likely to get a percentage of no shows, but at least with this you have a much higher chance of being able to connect with a lead when you’re too busy as opposed to completely losing them and never hearing from them again.
#4 – Qualifying Leads
Like the old saying goes. Quality beats quantity. In my opinion, this can be just as important as generating leads themselves. You’re always going to get tire kickers that simply waste your time, there’s no way around that. But pre-qualifying your leads and reducing the amount of time you spend talking to, or showing homes to tire kickers is incredibly valuable when it comes to your time spent throughout your professional day.
Make sure whatever lead generation process you use, asks any prospects some key questions to determine if you should invest your time or not with that lead. Questions may include some of these depending on which side of the equation:
- Are you working with another realtor or broker?
- How long has your house been on the market or how long have you been looking to buy a house?
- Has your lender prequalified you for a loan? And if so, for how much?
- What is your monthly budget for mortgage payments?
- How soon do you need to move or want to sell?
- Is anyone else helping you make the buying decision?
- If I find the right property, how soon are you prepared to make a decision?
#5 – Converting leads into customers
Getting leads is one thing but converting those leads into contracts is another story. It’s crucially important that you establish a consistent process or system that helps turn those leads into clients. Here are some factors that should be part of your system:
- Make sure you have multiple ways for your clients to easily connect with you. That includes the obvious like your cell phone, office phone, and email. But also make sure you have more modern methods too like Skype, zoom, or Facebook messenger. More and more people are using these methods to communicate, and you don’t want to appear like you have fallen behind. Make sure these are advertised on all your online profiles, business cards, and website.
- If you are using an online appointment or call scheduler, make sure to capture their email address as well so you can send them a series of follow-up emails that help not only keep you in their attention, but also add value by educating them on the buying/selling process.
- When you are on the phone or with them in person, be personable. Try not to make it feel too much like its just a business transaction. Find out a little about them and find a point to connect with them on – people like to do business with others they feel connected to.
- After a meeting or phone call, whenever possible, send them a post card with a handwritten note thanking them for their time. You’d be amazed at how much this can make you stand out from other realtors. It’s takes being personal to another level and people like that.
- Offer them incredible value even before getting a commitment. This is often under looked. People like to see that you’re willing to help without necessarily expecting anything in return. And this itself can be a deciding point for them to use you as opposed to another realtor.
- Educate them about the neighborhood. Show them you’ve done your research and that you know what you’re talking about.
- Have hand out materials to leave with them after a meeting, not just your business card. This can include a cover letter, a resume detailing your realtor experience & accreditations, brochures, reports on the neighborhood, etc.
- Don’t be afraid to ask them to commit. If you feel you’re at the point of a phone conversation or in-person meeting and you’ve answered all their questions, don’t be afraid to ask for their business.
There’s probably plenty of other tips, but if you implement most of these into your realtor business and do it consistently, you will very likely find it to be very helpful and profitable in building your business.
I’d love to hear about your experience, challenges, comments or questions about this topic, feel free to leave them here below and I will be sure to respond.
CEO & Senior Media Strategist
360 Media Consulting
You can find out more about how to get prequalified, exclusive home buyer & seller booked call appointments here: https://360mediaconsulting.com/realtors/