Perhaps more than any other industry, in real estate leads generation is the key to success. Because of the high volume required to convert sales, it's essential to have plenty of creative real estate lead generation ideas at your disposal. Unfortunately, not every marketing plan for real estate companies takes this into account. All too often, marketers fail to even understand the importance of good lead generation for real estate companies. So what are real estate leads for realtors, and how can you best turn them into revenue for your business?
A real estate “lead” is simply the contact information of a potential client. This can be as simple as an email address, or complete contact information that includes a phone number and the person’s first and last name. And while it’s important to turn leads into clients, a common mistake realtors make is believing a lead is a “dead end” because the only given information is the aforementioned email address, or the person isn’t interested in buying or selling right now. This is simply not true! ALL leads that provide a way to contact the person are viable, and all leads are worth working on, regardless of the person’s apparent hesitation. Understanding this is the bedrock of any successful commercial real estate marketing plan.
As we’ve pointed out, every lead with real contact information is important, which includes Facebook leads in addition to email addresses and phone numbers. Facebook is a great source for lead generation, as the lead is attached to—gasp—a real person, and the social media giant provides much more information about a person than a regular old email address. This allows you to do a little investigating and learn more about what potential clients like, what type or style of house they’re looking for, and any other pertinent information that’s usable for closing deals. It’s also a way to communicate with leads and post housing suggestions, information about neighborhood schools and attractions, and so much more.
Converting leads takes time. Rather than giving up on a lead because the person isn’t ready to buy at a certain time or the only information present is an email address, realtors need to nurture all leads. Most leads aren’t ready “right this instant” to buy or sell, but that doesn’t mean they won’t be in the future. This makes appealing to “different levels of readiness” imperative, which is accomplished via constant messages and calls to action. Stay in the minds of leads rather than assuming the person won’t ever be interested in buying or selling. Then, when they think of buying or selling real estate, whose name do you think they’ll remember?
The reality is, there’s no such thing as a bad lead, only bad conversion tactics. Realtors who focus on generating new lead after new lead and eschewing old leads on a consistent basis will find themselves with a lot fewer clients, and subsequently a lot fewer sales. Successful realtors divide their time wisely, i.e. 20% is spent on lead generation and the other 80% on nurturing existing leads. Stay ever-present in the minds of current leads and see if business doesn’t get better and better.
Don’t make the mistake of failing to nurture existing leads. Whether you use your existing workforce, implement real estate lead generation software, or hire the services of real estate lead generation companies, just remember this: a little time plus a little effort goes a long, long way in the real estate business.