13 May 2021

5 TRUSTED WAYS ON HOW TO GET REAL ESTATE LEADS

Introduction:

Every real estate agent should probably have a healthy fear of the day the leads dry up. Fear, of course, is not a strategy. Neither is hope.  

It’s important to put in place processes and patterns of activity that ensure the leads keep coming. Agents who do so, enjoy a long and healthy (and generally also wealthy) career.   Agents who neglect this crucial stage of the sales cycle typically don’t remain agents for long.

WHAT IS A LEAD?

There is considerable dispute in the real estate industry, and related websites and forums, as to what constitutes a real estate “lead”. The old school way of thinking seems disinclined to count anything as a lead that does not include the full name, phone number, zip code, email address (shoe size not necessarily required!) of a potential client. 

The more contemporary version of a lead, according to self-described “online lead generation guru” Christina Ethridge, is “the name and contact information for someone who is potentially a future client”.

For the purposes of this article, though, we are going to broaden the scope even further and say that a lead is anything that, well, “leads” to additional business in your real estate career. 

Sometimes a lead can be as simple as new information in the hands of a proactive agent. For example, when the Quebec Nordiques NHL franchise announced they were relocating to Denver, a savvy Colorado realtor wasted no time in contacting the Quebec players, coaching staff and administrative personnel, offering to be on the lookout for homes in the Denver area.

In this case, the lead was a story that appeared in the sports pages and boy did it turn out to be a valuable piece of information for the agent in question!

It’s not everyday of course, that a professional sports team packs up and moves to your neighbourhood. But if you are an alert agent, rarely will a day go by without some information crossing your path that can be transformed into a lead. As you seek to build a successful lead generation strategy, it is important to keep this in mind.

1. THINK LIKE A FARMER

Leads are the seeds of real estate success. Much like a farmer’s crop, they require nurturing, timing and cultivation if they are to grow into full-fledged clients. Developing a process of real estate lead generation is essential for every agent. The farmer does not harvest his or her crop every day, nor can the agent expect to convert a lead into a closed client with every interaction. 

A lead can sometimes take years before they are ready to become a buyer or seller. Generally speaking, a real estate purchase will be the largest financial transaction of a person’s life, and agents must develop the patience and steadfastness necessary to nurture their leads until the time is right. 

The Number One mistake real estate agents make is giving up on their leads because they don’t happen to be ready to buy or sell right now. As Christina Ethredge points out in her column on Inman.com: 

”It takes thought, time, energy and, yes, even some money, to set up a beautiful lead nurturing process. But that time, energy and money will pay off. Huge. In massive returns.”

2. THINK LIKE A DETECTIVE

If it’s the clues that keep the detective in business, it’s the leads that keeps business moving for all agents. In the case of the real estate agent, the mystery you are trying to solve is how to remain steadily prosperous in this increasingly competitive industry!

In the case of the Denver real estate agent we mentioned above, a sports story and some ‘clued-in’ thinking opened the doors to millions of dollars worth of real estate transactions. 

The 5Ws (who, what, when, where, and why) that Sherlock Holmes so often had to piece together, are beneficial to keep in mind when you’re developing your lead nurturing process. 

Knowing who owns what and where in your community is essential in the development of leads. Knowing who is ready to buy and who is ready to sell and keeping the lines of communication open so that you can be there when the time is right… is quite literally why real estate agents become successful over the course of a career.

3. EARN AND ASK FOR REFERRALS

Referrals are by far the leading way that people select their real estate agents. At some point, you should ask every existing client to refer you to other clients. Knowing in advance that you are going to do this, will motivate you to be the best agent you can be, and will make you work for that invaluable recommendation. 

You might initially feel uncomfortable making such a request, but your level of discomfort will decrease in direct proportion to the quality of the job you do. When you are certain that you have done the best job possible, your reluctance to request referrals will diminish. And, of course, the harder you work for your clients, the happier they will be to recommend you to their friends.

4. STEP AWAY FROM THE SCREENS

The real estate industry is definitely moving online. From Virtual Staging, to 360° Virtual Tours to the social media explosion, the whole business of selling property has undergone a tectonic shift over the past 15 years.

With so much of the action taking place online these days, it’s easy to forget about the real world. But this real world of face to face interactions may still be the best way to generate leads. 

For one thing, unless you are an absolute social media wiz, the competition online is fierce and sites like Facebook and Instagram are flooded with real estate marketing messages, making it difficult to stand out. Of course using social media is a given in this day and age, but your in-person real life interactions can be the best starting point to meeting the people who will eventually contract you to sell their homes.

Here are some great ‘real world’ ways to generate leads:

• Throw housewarming parties for existing clients. Offering to cater a housewarming party for a client who has just moved into their new home can be a wonderful way to meet new people and get your business cards into the hands of those who may decide to buy or sell through you in the future.
• Build partnerships with related local businesses. Network with the community of professionals and tradespeople who are involved with real estate transactions: Building and pest inspectors, mortgage brokers, landscapers, insurance companies, electricians, plumbers, notary publics. A great many professions overlap with the real estate industry and arranging mutual referrals is a healthy and reliable way to keep your name in circulation and top of mind. 
• Be engaged in the community. Volunteering, sponsoring local sports teams, theatre productions or other events are a great way to meet a continually fresh stream of new people. As you earn a reputation for paying it forward, you’ll build trust within your community and never find yourself at a loss for leads.
• When scheduling meetings with clients, choose the same cafe or restaurant. Becoming a regular, will earn you clout with the waitstaff, and make you appear plugged into your community in front of your clients. It will also position you as the perfect person to contact when other regulars are ready to buy or sell.

5. STOP THINKING OF IT AS COLD CALLING!

Phone calls - yes unsolicited ones - are viewed by my many agents with trepidation. But they are a natural part of the real estate business, and they can also pay enormous dividends. 

But calling someone you don’t know and asking for their business, is not the right way to incorporate the telephone into your sales process. Don’t go in “cold”. A little bit of research can go a long way, and you should not call anyone without having something specific to bring to the conversation.

• If you notice a commercial building in your neighbourhood has been untenanted for a long time, give the owner a call to suggest they try marketing the property by virtually staging it. At BoxBrownie.com we have just dramatically reduced our virtual staging prices for commercial real estate, so there has never been a better time to approach commercial property landlords with such a suggestion. 
• Pay attention to development applications at your local city council. If you learn that a subdivision has been approved contact the developer and suggest they utilize one of our stunning external renders in the pre-selling stages. 
• Scour local real estate listing sites, and their by-owner counterparts, for listings that don’t include floor plans. Approach the seller with an offer to produce one of our customized floor plans. Did you know that the floor plan is the most overlooked and underrated selling tool in the real estate market today.

If you get in the habit of doing your research and calling potential clients with a specific offer or service in mind, it won’t be long before you find yourself warming up to the cold call.

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