So many leads, so few conversions—a challenge even successful real estate agents contend with.
The numbers vary from source to source, but real estate agents convert, on average, about 0.5-1 percent of their leads. Getting that number just a little higher can mean a lot more success. Consider that if you are converting 1 percent of your leads and then boost that rate to 3 percent, you’ve tripled the size of your clientele—and that’s a statistic that is impossible to ignore.
Fortunately, little things can make a big difference when converting real estate leads. Here are some hacks that can earn you more clients and build your business.
Don’t Hesitate to Connect
As soon as a lead interacts with you, whether they are emailing, texting, engaging with (even just liking) a social media post for the first time, leaving a voicemail, or requesting automated listing information, connect back with them immediately. And by immediately, we mean within a few minutes. This quick communication tells leads you are dedicated and ready to help them in whatever ways they need. Even if the lead is barely a prospect, that initial introduction guides the rest of the relationship. If you can’t connect right away—say, if you’re with another client or the lead emails you in the middle of the night—use technology (more on this later) to send a reply acknowledging the contact and letting them know that you’ll connect later (and then be sure you do!).
Educate and Inform
A sales pitch to a lead not ready to be pitched to—especially early in the relationship—can drive away potential clients. Your role as the real estate agent is to provide education and valuable information to prospects and build their trust in you as an expert, an ally, and a friend as they look to buy or sell a home. Therefore, you must be prepared to answer any question the lead asks, from what the buying/selling process is like to the state of the market to recommendations for local businesses to preparing a property for sale. You can impress your clients by offering them expertise that keeps them informed.
Communicate with Purpose
Most real estate leads aren’t interested in small talk or information that doesn’t matter to them, and they can tell when an agent is going through the motions. Your goal when communicating with leads is to make every word count and advance and nurture the relationship. If, for example, you are following up just for the sake of following up—and actually say, “Hi, I’m just calling to follow up”—leads might think you’re wasting their time. Always add something of value to the conversation each time you communicate with a lead. And if you are calling that lead, be sure you know what to say before the conversation begins.
Make It All About the Lead
At a basic level, contacting leads is an intrusion on their time, not yours. These prospects may want your expertise and services, but ultimately, you are there for them, not the other way around. Therefore, resist the urge to be all “me, me, me” during your communication. If the lead asks about your background and experience, answer enthusiastically and honestly, but be sure to turn the conversation back to the prospect’s needs, wants, goals, and dreams. The information and education you provide should be more than enough to show your experience and commitment; let that sell you, rather than an unsolicited speech about how great you are.