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A BEGINNERS GUIDE TO GENERATING LEADS FOR REAL ESTATE AGENTS Get Me Escrows Lead Generation! The term is a buzzword in the Real estate circles and for all the right reasons. According to a report by the JCHS (Joint Center for Housing Studies), Harvard University, approximately 1.2 million new households are expected to be established annually between 2018 and 2028. Great news for real estate agents, Isn’t it? After all, every new household represents a potential sale. The data above is so encouraging for realtors to tap into this long-term revenue potential and work on generating more leads. And this brings me to a fundamental question. How would you generate your real estate leads? Would you go knock on the doors, or would you embrace modern technology and the new norms of real estate in the digital age? Traditionally, the real estate agents preferred the former. Most would get out into their neighborhood, knock on doors, and introduce themselves to potential customers. Others would buy contact lists, pick up the phone, and do the cold calling. While there is nothing wrong with traditional outbound marketing methods, they are certainly not consistent with the digital age. Do you know that 90% of people use the Internet to begin their search to buy a home? If that number alone is not convincing, just know that the real estate related queries on google have experienced a rise of staggering 253% in the last four years. So, what does this imply? Real estate agents need to go digital; use Email marketing, social media, Facebook and Instagram ads, videos, blogs, and other online platforms to engage, attract, nurture, and convert leads. And that’s where this article chips in. It will address lead generation and qualification at length. Those of you who don’t want to go through all the hassle can always Get Listed with a Reliable Lead Generation service and let the pros handle their woes. Others, bear with me, read through to the end, and you’ll be wise on the subject. So, let’s begin! Others, bear with me, read through to the end, and you’ll be wise on the subject. So, let’s begin! What is a Lead and Lead Generation? A lead can be described as a person who has indicated an interest in the product or service of your company in any way, shape, or form. This implies that, rather than getting a random cold call from someone who bought your contact details, you, the potential customer, would hear from a company or business with which you have already opened a communication. Likewise, the ‘Lead Generation’ is the process of luring and converting random people and prospects into someone who has shown interest in the products or services of your company. Let me explain this with an EXAMPLE . Say, you took an online survey about how to maintain your car. Now, if you get an email from the auto company that hosted the survey on their website, it would be far less intrusive and irrelevant than if they’d just called you out of the blue without knowing whether you’re interested in car maintenance or not. From a business point of view, the information that the auto company has collected about you from the survey would help them personalize this opening communication with you by addressing your current, i.e., car maintenance. Therefore, the lead generation is a win-win for both customers and the marketer. Following the same analogy, Lead Generation for Real Estate is the process of reaching out to the people who are interested in using your services to rent, lease, buy, or sell a property. But How to Generate Leads? Primarily, there are main categories of lead generation techniques; Inbound and outbound. Inbound Marketing It is a method of attracting customers to a business through the creation of content and promotion of incentives. It’s a modern, digital form of marketing. Standard inbound activities include social media marketing, content marketing, search engine optimization (SEO), and advertisements. Below is a break down of different stages through which potential customers go through in their journey through Inbound Marketing Funnel. Outbound Marketing This is what some might call traditional marketing. It begins with some basic understanding of your target audience. The standard outbound activities include mass mailings, telemarketing, email marketing, and event marketing. One of the Latest Databox study indicates that cold emailing was the most effective outbound marketing strategy. How Does a Real Estate Lead Generation System Work? An effective lead generation process utilizes both inbound and outbound marketing to attract prospects and turn them into leads before they become customers. No matter the method that you used for lead generation, it is vitally important to tailor your activities according to each potential customer as they proceed through various Stages of the Customer Journey There are three main stages of every customer’s journey as s/he moves through the marketing and sales funnel. These are the Awareness Stage, Evaluation Stage, and Conversion Stage. Awareness Stage (Finding Good Leads) It is the funnel top and is the first stage where the prospects know that they have a problem, but they don’t learn how to fix it. And you reach out to them. Evaluation Stage (Marketing and Shaping Mind) During this stage, the prospects are aware that you exist and that you have a solution to their problem but are weighing their options. Conversion Stage (Making Sale) This is the funnel bottom, at this stage, the prospective customer finally makes the purchase, i.e., makes a virtual commitment to you by buying your solution. CRM and Lead Generation Process Based on your marketing activity, you will capture leads in a variety of ways. For example, people may fill out printed forms at events such as open houses, or they may complete an online form to request additional information about your services or a specific property.Whatever the situation, it’s essential to consolidate all those leads into a single system where progress can be tracked. The best and most appropriate solution to this is the use the Real Estate Customer Relationship Management (CRM) tool to manage and track leads in one place. I will discuss this at length in the next part. What Is Real Estate Lead Qualification? Lead qualification, in real estate, is a systematic process involving data collection about your leads to evaluate whether they are ready, capable, and willing to buy or sell. It happens very early in the real estate sales funnel, preferably when you make initial contact or even beforehand. Real estate agents have their own criteria for what makes the lead, a qualified lead. When someone doesn’t meet the criteria, they’re disqualified. One may feel bad about getting a lead disqualified, but the fact that it was identified quite early on saves precious time and allows you to focus on more promising prospects. Why is Lead Qualification Important in Real Estate? Only after you have qualified someone, can you really know that the prospect is worth investing your time and energy. Thus, the reason why you need to have a system in place to qualify your real estate leads is that it saves you time and energy. Time is valuable and must be used wisely. If you send leads, without qualification to your sales funnel, you’ll end up with countless low- productivity hours. So, having a huge pipeline of home buyers’ leads, that don’t qualify, may cost you dearly in terms of time, efficiency as well as revenue. On the flip side, if you know exactly what you’re looking for, you’ll have the ability to chase the right leads. As a result, you start transactions, close deals, generate more revenue, and waste no time. How to Run a Successful Real Estate Lead Qualification Process? If you’ve got a feeling that you might reel in more deals with a few tweaks to your property qualification lead process, you’re certainly right. Here are proven tips to improve your lead qualification process: Use Automation Tools – Go CRM In the present-day real estate business, it is almost impossible rather unwise for a real estate agent to avoid technology. If you are a real estate agent and you don’t have automated real estate systems set up right now, you’re lagging behind! This is the age of automated agent systems. Like everything else, your lead qualification system can be set up on autopilot so that you can benefit from an increase in efficiency and revenue. For instance, there are smart and efficient real estate tools available in the market. With their help, you can automatically get all the demographic data that you need on your leads, such as their budget, financial backing, and more. Also, the lead probability algorithms in these tools enable you to do away with the ‘guessing’ in your Lead Qualification process. Without asking a single question, these algorithms are smart enough to instantly predict if the lead in question is ready to buy a property or not. Take my word for it; a quality Lead Generation Service that is based on automation can do wonders for your business and gives value for the money. Create Lead’s Persona and a Lead Scoring System You must have an ideal customer persona even before you start the lead generation process, let alone the lead qualification process. In doing so, you must clearly define for yourself, who make your ideal buyers, and what are their demographics, research habits, values, needs, and priorities? You’ll save yourself countless hours by developing a comprehensive buyer’s persona before setting out to generate and qualify real estate leads. You should then give a score to each lead based on how best they match your ideal customer’s persona. This will indicate how qualified these leads are and what is their standing in your real estate sales funnel. Do Your Homework Before Calling Prospects? Whether it’s an online real estate lead, a referral, or a past client, you should always have a plan for conversation. I’m not implying that you need to follow a script, but it’s always good to have a questionnaire at hand so that you don’t miss out on important details while having a conversation. Also, don’t just start shooting questions one after another as it can be overwhelming. Remember! Never make your prospect feel like he is being interrogated. The last thing you want to do is to be a crocodile salesman - someone who just talks and listens to nothing. Take the time to engage in a conversation, understand their true motivations, and approach them professionally. This way, your odds of identifying qualified leads increase manifold. Disqualified lead Isn’t a Dead Lead Don’t be quick to believe that someone who isn’t ready yet, is a “Dead-End Lead.” This is among the worst mistakes that agents must avoid. Yes, you should give priority to qualified real estate leads, but don’t forget about others that are in the pipeline. A good strategy would be to put them on your lead nurturing campaign. Trust me, some leads that do not have a clear timeline in mind may end up being your best customers when they’re ready to buy. Keep them engaged, give them the real estate market updates, send them newsletters, follow them up over a year or two even more, and develop relationships with them until they’re ready for the purchase. Inspired? Need Help on How to Proceed! GetMeEscows is a reliable Real Estate Lead Listing Service that specializes in modern lead generation strategies. We bring forward the best practice-based frameworks and methodologies to align your Lead Generation efforts with your business objectives to ensure that it covers all the necessary components to be successful. and Register Now promote your listings to the biggest real estate customer base through Facebook and Instagram. The Upshot One common thing about all successful real estate agents is their adaptability to the ever-evolving conditions of the real estate market. You need to be on top of technology to use it to your advantage, like generating leads, following them up, and qualifying them. By using real-estate CRM tools and an automated real-estate marketing strategy, you can isolate hot leads while nurturing cold ones in moving closer to your goal. So, if there is one piece of advice I had to give you, I’ll say ‘Automate.’ So, don’t wait, embrace the future with GetMeEscrows and let the professionals do it for you. we are GET STARTED NOW. Thank you for considering GET STARTED NOW for your marketing needs. I’m glad we had the opportunity to connect so that my team and I could get a clear understanding of your social marketing expectations. We specialize in working with real estate companies in all throughout the nation. Our clients are primarily brokerages and agents in the real estate and mortgage industry looking to reach new clients through social media marketing. We help agents identify, target and communicate with their ideal clients through: Creating Engaging Social Content; Posting Company-Related Updates; Promotions & Social Campaigns; Integrating Social Media Activity into Other Marketing Plans; Monitoring; Analytics; Lead Generation, nurturing and conversion. We got started when a realtor asked us to come up with a campaign back in 2014. It was a huge success, and the realtor was able to double his sales in half a year. Like this agent alike, many have shared with us their own personal horror stories working with companies like Zillow, Realtor.com and all the other companies that are looking to compete with you. We wanted to change that. Agents should not be paying thousands for a couple of shared leads, and on top of that, agents need a follow up plan for these leads. We offer all of that, plus more. While our competitors work to serve multiple industries and target audiences, we specialize in the real estate and mortgage industry, We believe we have a unique perspective on the needs and wants of the market and want to help you reach your revenue goal. Carlos Sanchez Founder Carlos Sanchez BOOK a 1 on 1