Most people use online Real Estate Agents and Realtors to buy or sell their home. In fact, according to the 2019 Profile of Home Buyers and Sellers from the National Association of Realtors, 89% of all home purchases last year were completed through a broker or realtor.
Even more impressive, 68% of buyers only interviewed a single real estate agent before signing them up to help with their search. And 90% of them would use the same realtor again for future real estate enquiries.
Real Estate has potential to make you millions, but it needs to be done right. Its not a simple and straightforward career and there are many pitfalls to avoid, especially if you are not active, forward thinking, and looking for new opportunities and leads.
Most real estate agents use lead generation to grow their sales, visibility, and business. The downside of this is how to convert these leads into long term clients
Are your Leads Converting?
The first thing you need to be aware of is if your leads are actually converting and generating profit for your Real Estate Agency. One of the most important (if not the most important) reasons that many leads are unsuccessful is that they are strategised incorrectly and not followed up.
Getting your leads and prospects into your CRM is just 50% of the work. You need to connect with them actively and make sure that you are following up with them on a periodic basis. Remember, not everyone is ready to buy or sell their home right away. Home buying and selling is often the biggest investment that someone will make in their lifetime, and it is something that takes time.
Timing is everything
Most people end up doing business with the first real estate agent they speak to, so it is important to be reactive to queries as fast as possible. Research shows many people have come to expect a response from real estate agents within an hour of requesting information.
You should adapt a strategy that allows you to interact and engage with clients and ensure you stick to it. For example, it could be that all emails are responded to within the same day, and follow up telephone calls are returned within the hour.
Personalise you Emails
Create and send personalised emails to all of your prospects using an email marketing system. When you start doing this, your close ratio should increase dramatically.
The first thing that you should do is to separate your data. Send a weekly email update of new properties according to their location preference and target areas, number of bedrooms, and price range.
For potential real estate investors, you should email them updates of new investment opportunities and real estate market trends.
In order to improve your close ratio, you should be using retargeting to re-engage with your audience and close any outstanding opportunities. You can showcase your ads using Paid Advertising (Google, Bing, Facebook, LinkedIN) and reinforce your Real Estate Agency. Dynamic ads show the properties customers have shown interest in and can really increase awareness and subliminally plant a message.
Retargeting allows you to maintain your presence in front of your database and prospects. If you want the best possible results then try to create custom ads based on specific pages people are visiting on your website.
By Combining retargeting , follow up’s, telephone calls, and emails you can stay on top of the clients mind and more people will close the deal.
Understand your Clients
Keeping notes on prospects makes you stronger and more memorable in your follow up. For example, if they’ve mentioned a partner, job or a favourite football team, keeping this information on file will give you an edge over other competitors when you make contact with the prospect again—it’ll also make it easier to find a home that suits their needs.
In the Real Estate in a Digital Age report by the National Association of Realtors, Paid Advertising brings in the highest quality leads with 47% of the internet share.
And, according to the report, the younger the buyer, the more likely they are to be hunting the web for their next house.
This is partly due to how digitisation has changed the way people search for things, including their next home. As social media is the top place to find quality leads on the internet, you can’t afford to be neglecting it as a tool to generate leads.
Successful realtors are relentless about following up on their leads. If you aren’t tenacious in your follow-ups, you’re leaving money on the table.
Typically, contact with a prospect rarely happens on the first attempt, and you may need to make up to six calls (over a number of weeks) to make contact with a lead.
Ask for referrals
Referrals are like golden tickets in the real estate world. They cost nothing and mean everything. A referral or testimonial builds confidence and trust in your company.
In fact, 39% of sellers who used a real estate agent found their realtor on a recommendation from family or friends.
While newer tactics like content marketing, paid advertising, and social media advertising are great for lead generation it is important not to forget about old school techniques. Networking, chasing up open house leads and asking for referrals are still all fantastic opportunities.