Lead generation is one of the primary pillars for successful real estate agents. There are two types of leads, paid and earned. We’ll discuss the “earned” version more in this article. First, let’s lay some ground rules for lead generating with the best.
- Add value.
- Be committed.
- Measure the results.
If this is your first attempt at lead generation, we would urge you to know yourself first. Create a mission, create a value proposition, and make sure you are targeting the clients that will appreciate what you have to offer.
Let’s breakdown some of these ground rules a little further before we get creative on ways to generate more leads.
The best way to attract new clients and keep the loyalty of existing ones is to constantly add value. What does this mean in practice? Well, take a moment to evaluate what is going on in the market – what’s new in the area, is the market shifting, are there new stores and restaurants to check out, do you have seasonal tips? Make sure that your messages provide value whether through email, calls, texts, or social media.
For new clients, you’ll need to earn their business as well as their respect. Listen, ask questions, and speak to the information they most need.
This is the single most important thing. If you do lead generation without consistency, you are likely wasting your time. People are inundated with information on a daily basis and in every form of communication – make sure you are providing a consistent message so that even when they miss one, there’s another where that came from.
This means you should create a plan and follow it. No. Matter. What.
Measure the Results
Tracking allows you to evaluate your budget for the most profitable investments and will also allow you to audit your skillset to see where you need improvement. If you find that you’re getting a lot of calls but setting very few appointments, you may need to adjust your approach. Evaluating these results with a coach or willing third party may help you to sniff out weaknesses in your business.
Lead Generation Pillars
There are so many ways to generate leads, and the reality is that if you master just one, you can create enough leads for a six figure income.
What does mastery look like?
- Create a plan for your lead generation – How many leads must you create? How many calls, mailers, emails, door knocks, etc. will be required to accomplish this? What tools do you have at your disposal?
- Put a spin on it – Make sure you set yourself apart from the competition. If you decide to master open houses or seminars, perhaps you can budget for feeding your attendees to set yourself apart or host the seminar in a public and trusted place.
- Set a schedule and be consistent.
Need some ideas of what lead generation activities you can master? Here are some inexpensive or free methods that, when mastered, can lead to 100 leads per month.
- Seminars – Buyer Seminars, Seller Seminars, Relocations, etc.
- Open Houses – be the neighborhood expert
- Cold Calls – For Sale By Owners, Neighborhoods, etc.
- Client Appreciation Parties or Move-In Parties
- Volunteer – widen your sphere
- Door Knocking – get to know your neighbors
- Digital Lead Generation – you can definitely get leads with quality online presence and advertisements, however, you’ve got to “pay to play”
If you’re not up for the hustle or grind to make the leads to fuel your business, you can always partner with companies to purchase leads. Unless you’ve got all your communication systems completely built out and you’re the master of follow up, this is an unreliable method. Conversion rates for purchased leads (industry average is between 0.5-5%) so you’ll need both quantity of leads and quality of follow up.