Follow Up and Nurturing are the Hard Part, Lead Generation is Easy
Over the past 10 years, the landscape of real estate leads has changed significantly. With sites like Zillow and Trulia, IDX websites, real estate lead capture pages, and more, agents are depending more and more on getting business from the internet.
The problem is that while the source of the leads has changed significantly, most agents have not changed their approach at all.
Working online leads is just like a real estate transaction.
It is a process and you must do several things at various points in time in order to succeed. If you fail to complete one of the steps in the process, you run a serious risk of losing the deal altogether.
Let’s go through the process of working online leads and see why each of the steps is equally important.
We are doing a 1 hour webinar on this subject on April 30th so don’t forget to sign up below.
Online Lead Generation
You can use “free” online lead generation methods like blogging, community building, IDX websites, or through social media.
With all of these methods out there, why do most agents struggle with lead generation?
The truth is that online lead generation is actually pretty simple as long as you are willing to put in the time and/or the money into it. However, where they are actually lacking is in the lead nurturing department.
Online Lead Follow Up
Once you have generated the lead, how quickly are you following up? How are you following up? Do you have a system in place for follow up? Do you know how to dial a phone?
The sad truth is that many agents have no idea how to follow up. In fact, according to a Harvard Business study regarding online leads, 23% of all leads are never followed up on.
Simply following up isn’t enough – it needs to be done FAST!
Time matters when it comes to online lead nurturing. According to that study, contacting online leads within an hour is nearly seven times as likely to have a meaningful conversation as contacting the customer even an hour later—and more than 60 times more likely than if you wait 24 hours or longer.
Another study broke it down even further. They thought if within an hour was good, was faster even better?
They found that if you contacted a lead within 5 minutes, you have a 21 times better chance of converting them than if you contacted them within 30 minutes. An MIT study actually puts it at 100 times higher.
Online Lead Nurturing
The simple fact of the matter is that the internet is somewhere that people can easily access the info that they are looking for. Most online leads are going to be six to nine months away from transacting, depending on where they are at in their search or decision making process.
If they aren’t ready to transact the day that you talk to them, are you prepared to nurture them through the process for 6 months or more?
Some generic drip campaign isn’t going to cut it. You need a way of being able to know when to call and when to email them to ensure that you are top of mind when it comes time for them to transact.
Online leads are just as good as someone who calls off of your sign or walks into your office, but you have to know exactly how to work them to maximize your return on investment. Make sure you have a system in place to help guide you – and them – through the process.