You have plenty of real estate leads coming in from your website…but that’s where the action stops. They are not interested in doing a walk through of your property, they are not answering your emails, and you can’t seem to nail down a second phone call.
In this post, we will shed some light on why your real estate leads might not be converting to clients. Read on to find out if you are making any of these common mistakes!
When you are working in a CRM and dealing with heaps of data, it is easy to forget that those names and emails and mailing addresses are connected to real people, just like you and me. And people are so much more than a collection of information –people can be busy, or skeptical, or overwhelmed; people have good days and bad days; some have better sense of humor than others. All of these qualities factor into the ways in which people will respond to your lead generation tactics.
With each lead, remember that he or she is a real person. Get to know them. Have a conversation and really listen to them. Focus on building the relationship first, and the transaction will follow.
Ethan Beute, vice president of marketing at BombBomb, emphasizes the value of a relationship-focused approach:
“Every person you connect with online is more a conversation opportunity than a conversion opportunity; you have got layers of opportunities to uncover.
The idea: each person filled out a form for a reason, but there are reasons behind those reasons. And there are other transactions and referrals available through that conversation.
For those who engage, there is a long game to be played that is rich with opportunities. And it starts with discovery and diagnosis through the initial conversation.”
“It’s not your online leads that suck –it is your follow up and follow through that suck,” says real estate coach Travis Robertson. “Plenty of people make money working the same leads you’re calling crap.”
If, after months and months of effort, your lead nurturing tactics are not earning you and clients, it’s time to make some adjustments to your approach. Revisit your email and text message templates to see what you can tweak on improve. Spend some time brainstorming new phone strategies. Take a look at process as a whole and figure out what you can do better. Always be improving.
Here are a few resources to get you started:
Some leads convert better than others.
According to NAR surveys from 2016 and 2017, only 9% of home buyers and 4% of sellers found their agent through a website.
These same surveys found that 64% of home sellers used a referral or the same real estate agent they had worked with in the past. Referrals continue to be the way most buyers find their real estate agents, too (52% of buyers ages 36 and younger, 39% of buyers ages 37-51).
Online lead generation can work… but it is not nearly as effective as nurturing your past clients. These leads –the people you have worked within the past -are much more likely to convert again (thus generating repeat business) or provide a referral.
Don’t neglect your most valuable leads –continue to follow up with your clients after the sale.
A larger marketing budget isn’t the solution. “The money you spend on web leads is LESS THAN 50% of the investment,” according to Jack Miller, president and CTO of the Swanepoel 13 Group. “The rest in your time and diligence is doing follow up.”
What you need is a lead nurturing process –and a CRM system like Realvolve to help you systemize and execute that process.
If you are looking to get rich quick as a real estate agent, you are going to be very disappointed. Real estate is all about long-term success –gradually growing your sphere of influence nurturing relationships slowly over time, and serving as a trusted advisor long after the sale is done.
Here are what a couple of experts have to say:
“All agents should accept the fact that the business is earned over a long period of time. We are not entitled to something because we met a lead first or have a “for sale” sign in yard.”
-Nobu Hata , Director of Member Engagement, National Association of REALTORS ®.
“Even the worst lead can become a great lead given enough time (nurture) in the hands of the talented agent or team.”-Matt Fagioli, Founder of Xplode Conference
Forget instant gratification. Focus on the long-term.
Now that we have reached the end of the post…does any of this sound familiar? Have you been making any of these mistakes?
Remember, when it comes to converting your real estate leads to clients, it’s important to:
Be diligent. It’ll pay off tremendously in the long run.