Fortune’s in the Follow-Up
If you read this blog on a regular basis, you know that we’re DOGGED in pushing the importance of regular, daily prospecting to build your business. We’re not about to change our tune on the prospecting front.
But did you know that MORE BUSINESS IS LOST from a lack of lead follow-up, than from a lack of prospecting?
That’s right, by some industry estimates, most real estate agents secure as much as 70% of their listing appointments through lead follow-up rather than on the first contact. In fact, here are some fascinating facts regarding follow-up practices:
- Only 25% of agents make a 2nd follow-up call.
- 12% make a 3rd
- Fewer than one in ten agents make three or more follow-up calls.
- AND: 48% of real estate agents don’t follow up at all after their first call!
Indeed, no matter how good you are at prospecting and building rapport on that first contact, if you’re not DOGGED in your follow-up, you’re going to lose a lot of money to some other agent in your area. Yes, it’s that simple!
So, here are a few thoughts/tips to help you get your follow-up mojo in gear for 2022:
- Just as you (hopefully) schedule time each day for prospecting, make sure you schedule a block of time for lead follow-up. We suggest that you devote a MINIMUM OF 30 MINUTES EVERY DAY to follow up on your leads. When you look at the stats above, you should begin to see that 30 minutes is a small price to pay for a huge upside on the revenue front.
- Do your best to learn the homeowner’s MOTIVATION during your first contact. Knowing their motivation (hopes and dreams, as well) provides you with a reference point for your follow-up calls. Plus, you’ll remind the homeowner that you heard them on that first call, which goes a long way towards building trust.
- Be sure to BRING VALUE to every follow-up call. The homeowner can sense when you come from a place of service and contribution (empathy helps a lot too). Start each call with something interesting and worthwhile, such as the most recent market stats. Sensing you’re on their side is as good as having one foot in their door.
- You may need to INVEST A BIT MORE TIME WITH FSBOs. If they need to sell NOW, stay with them and be patient. It won’t take too long for them to realize how much work is involved in selling on their own, which can put you in the driver’s seat.
Here’s the reality: aggressive lead follow-up pays huge dividends. If the word “aggressive” is a little strong for you, replace it with “obsessively persistent.” You CAN’T call them too much. But you can surely fall into the trap of NOT CALLING ENOUGH.
Always remember, the fortune (YOUR FORTUNE) is in the follow-up.
For Kari Kohler, lead follow-up is the key to success. It’s where all the money is. So few agents call a 2nd or 3rd time. Kari uses V7, types notes in V7 CRM, and picks up where she leaves off with each homeowner. “I’m going to catch them when they’re ready”
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