If you’ve spent any time working in real estate, you surely realise that uncovering high-quality leads is a challenge – and that’s part of why it’s so frustrating when you fail to take advantage of the leads you do have.
As each new lead drifts away, either losing interest in buying property altogether or clinging onto a rival, things can quickly begin to feel hopeless, right?
Now, if you’ve been feeling this way, don’t panic. You’re one of a very large group in this situation – and you can turn things around by overhauling your real estate lead follow up system.
Sound good? Then read on.
What is a Real Estate Lead Follow Up System?
Okay, okay – let’s start with the basics.
First off, what’s a real estate lead? Real simple. It’s:
So, what exactly is a real estate lead follow up system? In basic terms, it’s the process that you use to make follow up contact with the leads that you receive on a consistent basis.
The systems that different realtors and real estate agents use aren’t always effective, in fact, many of the common strategies actually turn away qualified leads that should really be an easier close.
So, what’s everybody doing wrong? And how can you adjust your follow up system to get better results?
Why do Real Estate Follow Up Systems Matter?
Working in real estate isn’t like working in the local grocery store – you don’t take care of hundreds of transactions day after day.
That means you need to make the most of the opportunities that you do get. Here’s where real estate lead follow up systems come in so handy.
- Learn About Your Performance.
A big plus of an excellent lead follow up system is that you’ll learn what’s more and less effective, allowing you to improve your performance as time goes on.
- Better Lead Conversion.
The better your lead follow up system, the more likely you are to close on those leads. There’s less pressure on buyers to close immediately with a considered approach, which many find off-putting.
- Client Referrals.
Let’s make something clear – the buyers you help will speak to their family and friends about their experience with you.
By giving them a tailored, positive experience, you can gain referrals through word of mouth. That’s a big deal for a business with a focus on local service.
You get it then, these systems are critically important. Now here’s how you can improve yours.
What Makes an Effective Real Estate Lead Follow Up System?
Examine some of the more effective lead follow up systems that real estate agents use to take advantage of their leads, and it’s clear that there are some consistent lines of thought.
Don’t worry, I’ve done the legwork for you – and there’s plenty for you to chew on below.
- Categorise Your Leads
Do you think all of the leads that you receive are identical? Of course not! So why would you treat them as if they are?
You need to use the information that you already have effectively. How close are your leads to buying a property? Where did your leads come from? You can leverage this information to make a more effective approach.
People like to be treated as individuals (duh!), not as one amorphous group. While it might not be possible to contact everyone individually with a one-of-a-kind message, you can at least give them a reply that’s relevant to them.
- Show Some Flexibility
We’ve all heard that spiel about how insanity is doing the same thing over and over again while expecting different results, right? Well, there’s a lesson there.
You can’t expect your follow up system to be effective if you don’t listen to feedback and react accordingly.
Traditionally, all real estate leads were called, but it seems that younger people prefer to be texted or emailed, so that might not be the best approach now. This is obviously important, as more and more millennials choose to enter the housing market.
Your real estate lead follow up system needs a multifaceted approach. Automated email and text messaging, social media, and phone calls are tools that can be used to extract the best results.
You can chop and change how you operate depending on the results that you’re getting – you’re not married to your follow up system (and if you are, it’s time for a divorce!).
- Following Up Without Pressuring
A classic error that many real estate agents make is immediately trying to get down to the critical information that makes sales possible (budget, location, motivation – the usual stuff).
This is understandable, but it’s a mistake. All this approach does is make it seem like you’re eyeing up the lead like a juicy steak, ready to be devoured.
It shows (to them at least) that you’re more interested in earning some cash rather than helping them – and whether or not that’s really true, it’s not something people like.
Helpful expert who wants to find me a home I’ll love, or a predatory money-grabber who’ll push through any sale they can get – which one are you more likely to trust?
Use any information you do know to demonstrate that you’re not contacting them out of self-interest. This approach yields better results for everyone.
If you bear these considerations in mind, following up is guaranteed to become more effective.
Hopefully, your takeaway is clear – with a reworked real estate lead follow up system, you can achieve fantastic results that only improve with time.
Follow these tips and you’ll make the most of the real estate leads that you generate.
Author Bio: Josh hails from London, but has also spent time living in Spain and Canada. He is working for Deepak Shukla. He’s written for businesses based in Europe, North America, and Australia, across a broad range of industries and topics.