reel estate lead generation follow up

Real Estate Lead Generation Follow-up

An oft-overlooked aspect of real estate success is lead generation follow-up. It’s generally acknowledged that MORE revenue is lost from a lack of lead follow-up than from a lack of real estate lead generation.

Consider that the real estate conversion rate, according to the NAR, is between 0.4%-1.2%. This means that for every 200 leads you work with, you will only convert one or two of these to customers. Of course, with a comprehensive and proven lead-generation/CRM platform like VULCAN7, you’ll have all the necessary tools to convert at a higher rate than other agents.

But why is the conversion rate so low? There can be any number of reasons, but the most likely one is poor, or often non-existent, follow-up. You might find these stats interesting:

  • 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 after their first call!

So, the lesson is simple: if you’re not totally obsessively fanatical about follow-up, you’ll find it difficult to convert prospects at a higher rate than what we quoted above.

WHY FOLLOW-UP IS IMPORTANT IN LEAD GENERATION REAL ESTATE

Before we jump into the strategies, let’s step back and discuss why you need to focus on several reasons why lead generation follow-up is important in real estate:

  • Real estate transactions often involve significant financial and emotional decisions. Establishing and nurturing relationships with potential buyers or sellers is vital. Follow-up helps maintain communication and trust, allowing you to understand their needs and preferences better.
  • The real estate market can be competitive, and potential clients may be considering multiple options. Regular follow-up ensures that you stay top of mind when they make their decision. This is particularly important in a market where choices abound, and clients may easily forget about a property or agent if not consistently reminded.
  • Follow-up provides an opportunity to address any concerns or questions potential clients may have. By being proactive and responsive, you can alleviate doubts and provide the information needed for clients to make informed decisions.
  • Real estate transactions often depend on timing. A potential client might not be ready to buy or sell during the initial contact, but their situation could change. Regular follow-up allows you to be aware of these changes and engage with clients when the timing is right for them.
  • Consistent follow-up demonstrates your commitment to clients. It shows that you are dedicated to helping them achieve their real estate goals and that you value their business. This commitment can foster a positive perception of you as a reliable and trustworthy real estate professional.
  • Satisfied clients are more likely to refer your services to others. Follow-up not only helps you maintain relationships with current clients but also opens the door to potential referrals. A happy client is likelier to recommend you to friends, family, or colleagues who need real estate services.

STRATEGIES FOR EFFECTIVE REAL ESTATE LEAD FOLLOW-UP

If you’re reading these words and thinking to yourself that maybe you’ve been a little lax in your follow-up efforts, here are FOUR tips to get your follow-up mojo in gear:

  1. SCHEDULE FOLLOW-UP TIME EVER DAY: As you block off hours each day for phone prospecting, set aside time for follow-up. A minimum of 30 minutes daily should suffice to keep you connected and top-of-mind with your prospects.
  2. UNDERSTAND YOUR PROSPECT’S MOTIVATION. Be sure to use your first call to learn about the homeowner’s hopes, dreams, and, most importantly, motivation to sell. Knowing your prospect as much as possible gives you a reference point for subsequent calls. Plus, you’ll reinforce that you heard what they said, which goes a long way to building trust.
  3. BRING VALUE TO YOUR PROSPECT. Start each call with something interesting and worthwhile, such as the most recent market stats. Your prospect will know that you’re coming at the process from a service perspective. This will make them more comfortable and, again, help build trust.
  4. BE PATIENT WITH FSBOS. You may need to invest more time with For Sale by Owner homeowners. Don’t challenge or make them feel like they’ve made the wrong decision. Eventually (perhaps within a few weeks), they will realize that going it alone is not the best strategy. If you’ve been patient and invested time in building rapport, you’ll be in a good place when they’re ready to work with a pro.

It’s not unusual for many real estate agents to pull back for fear of appearing “too aggressive.” The truth is, you can’t be too aggressive! Persistent follow-up shows the prospect what you would be like when selling their home. It shows them you care, especially if you approach things from a service perspective, as outlined above.

Whatever you do, don’t fall into the trap of “not calling enough.” Be fanatical about your follow-up; it will pay huge dividends over time.

THE VALUE OF REAL ESTATE CRM

If you’re committed to improving your lead generation follow-up program, it helps to have Vulcan7’s industry-leading Customer Relationship Management (CRM) platform at your fingertips. Our CRM helps keep you organized and on-task, anchored by an intuitive and simple-to-use Contact Page with features such as:

  • Folders are organized to help you maintain maximum efficiency.
  • The ability to organize your contacts to meet your needs.
  • One-click access to all the information you need on each prospect.

Remember that effective follow-up is not a one-size-fits-all approach. Adapt your strategy based on each client’s unique situation and preferences to build strong, long-lasting relationships in the real estate industry.

But, above all else, be DOGGED in maintaining an ongoing commitment to your real estate lead generation follow-up. Such a commitment will help you to convert leads at a higher rate than your competition.

If you’d like to learn more about Vulcan7, CONTACT US HERE.

Doug Spak Author

Doug Spak has over four decades of experience as an advertising copywriter, agency creative director, blogger, and content creator. He joined Vulcan7 as a Content Specialist in 2016. In addition to ongoing website copy refreshes, Doug has produced over 300 blog posts while developing content for Vulcan7’s social media platforms.

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