Actually, no. There are other ways to assess the quality of real estate leads, but the metric that makes the most sense to us is conversion rate or the proportion of leads that become active clients.
The lead funnel, a term used frequently in marketing to describe the path a lead travels from acquisition to activation, is usually a good indicator of a lead's conversion rate. The conversion rate increases as a lead get closer to becoming an active customer or vendor.
However, that is only a short-term evaluation. Nearly all of the leads that real estate brokers receive are a part of the same sales funnel when viewed in its entirety; they are merely in different phases of the buying or selling process.
This means that it matters much less where your leads start if you have a successful plan for bringing them down the funnel and toward activation (and creating a relationship along the way). You could even categorize them as short-, medium-, and long-term leads and use the surge in lead volume as a chance to cultivate relationships for years to come.
Effective Real Estate Agents Know How To Move Leads Through Their Funnel
Lead nurturing is the process of guiding real estate leads through your sales funnel and into activation. Top-performing, high-converting agents and teams can be distinguished from those who are just breaking even by their use of effective lead nurturing tactics.
There are many moving pieces in a good lead nurturing plan (which we'll discuss in a moment), but at its foundation, it is:
Repeatable: Successful real estate brokers, at least, receive a lot of leads. You need to develop a method that you can grow and repeat because your nurturing strategy can't be recreated for each lead.
Measurable: An efficient nurture plan enables you to track your progress in terms of both the performance of each individual component and your total conversion rate.
Flexible: You need a strategy that you can simply modify as you come to understand the wants and desires of your leads.
Reliable: To be effective, lead nurturing must be carried out regularly. The lead nurturing systems you employ must be dependable and, if at all feasible, autonomous.
The 4 Essential Real Estate Lead Nurturing Techniques That Every Agent Must Employ
It's time to discuss the fundamental nurturing technique that all agents should employ now that you understand what real estate lead nurturing is and why it's crucial (or at least start with).
1. Get In Touch With Fresh Leads Right Away
Real estate leads expect real-time connections and follow-up from Realtors in the era of live chat customer support. This can be achieved by programming instantaneous, automated responses to every new lead inquiry. When a new lead is introduced to your customer relationship manager, we suggest using a two-pronged strategy that involves sending both an email and a text message (CRM).
Why send two messages? because each one has a special value.
Email: You can provide your new lead with all the information they need to get in touch with you on social media, visit your website, begin looking for properties or view a digital listing presentation with an automated email response. Consider this welcome email as an opportunity to address all of the often-asked questions that your new leads will have before they ask them.
Text message: You may meet the demand for immediate interaction with your new leads by sending an automated text message answer. With a direct line to you, they can ask questions and start a conversation, which is less likely to happen with email.
2. Start Providing Value Right Away And Consistently
After reaching out to your leads for the first time (which demonstrates that you're interested in them and active), you must keep providing value constantly. To do this, develop a communication plan with them that makes use of your knowledge, experience, and expertise in support of their objectives.
Email is frequently the most effective way to convey this kind of value. With messages that are full of content and connections to more resources, email may be readily automated. Additionally, by utilizing straightforward email marketing solutions, it's simple to track a recipient's interaction with the value you're offering.
3. Encourage Consistent, Useful Conversations
Although providing passive value to the leads you're nurturing is a wonderful place to start, more active, pertinent discussions are frequently what will advance your leads more significantly along the sales funnel.
Text messages (or other instant messaging apps) and phone calls are the most common communication methods used for these discussions. However, proceed with caution. Your lead will be turned off from activation and, in some situations, totally out of your funnel by a text or phone contact that comes across as forced, insincere, and irrelevant.
Here are a few tips to assist you to escape this trap:
begin your phone calls with This morning, I was considering you since...
Leads enjoy learning that you gave their needs and wants some thought early in the morning. Make a list of the things that matter to your leads, and use this opening line to start a conversation focused on their needs.
Try Using The Text Message Strategy "Quick Question/Open Question"
Text messages respond well to this two-question strategy. Start by posing a brief, simple-to-answer query about your lead. "Quick question: What are your thoughts on mid-century modern homes? Do you think that's a look you'd like? Your lead will respond to this and start a dialogue as a result.
You can then offer an open-ended inquiry to elicit their lead response after engaging them. "I observe numerous residences being listed daily. Do you have any specific fashions in mind that you want me to look out for on your behalf?
The more frequently these conversations should occur, the nearer your leads are to activation.
4. Incorporate Your Leads Into the Community You're Creating
Developing your reputation as a real estate industry expert who is engaged, informed, and experienced is another crucial aspect of lead nurturing. At your client appreciation events, invite your leads to participate.
Offer "coffee shop happy hours" at a neighborhood gathering place where you provide the coffee and food. If only to acquire ideas for when they're ready to purchase or sell, invite them to attend the open houses you're hosting.
The success of your real estate firm depends on the fact that well-cared-for leads see your face and feel like they belong to your company as well as connect with you through their devices.
Do You Want To Boost Lead Nurturing? Consider Market Leader
Without specialized tools made especially for nurturing and converting real estate leads, implementing these four tactics would be difficult. We advise using Market Leader as your administrative hub to oversee these four lead conversion tactics as well as many other things.
Market Leader, who was most recently crowned The Close's top pick for generating real estate leads, has unveiled a thorough real estate business platform that elevates lead nurturing. What they have to offer is as follows:
Excellent paid lead generation You must first acquire your paid real estate leads before you can nurture them. Market Leader agents know exactly how many paid leads they can anticipate each month and from which geographic regions they will be coming by using an industry-leading, guaranteed lead volume methodology. Additionally, because these leads are exclusive, you can be certain that no other agent will be pursuing a relationship with them.
An MLS-connected CRM: All of your Market Leader-generated leads are automatically integrated into your Market Leader customer relationship manager (CRM), giving you the option to connect directly with additional lead sources. In this CRM, you can track all of your lead actors, including their responses to your lead nurturing communications and value. The CRM's native logging of your prospect's website activity, including properties viewed, saved searches, and favored communities, is its best feature. It connects directly to your Market Leader website.
A website that generates leads: The Market Leader website's search functionality has a Zillow-like feel to it that many of your prospects are accustomed to, but with Market Leader, you can set up personalized pop-ups to ask visitors to enter their lead information so they can access buyer and seller strategy guides, save their favorite searches, and unlock more searches.
A comprehensive marketing center The Market Leader Marketing Center—which is essentially a standalone product in and of itself—is the starting point for all of your automated marketing, including sophisticated automated email marketing campaigns and automated or on-demand print marketing thanks to a partnership with Shutterfly. This allows Market Leader users to integrate mailbox marketing into their lead nurturing strategies in a way that their rivals can't.
The lead-generating issue has been mostly resolved in the real estate sector, and a wide variety of leads are now available. It's time to determine the best strategy for nurturing these leads until activation at this point.
A fantastic place to begin is by implementing the four-pronged strategy of "speed to lead," "constant value offering," "frequent and relevant conversation," and "community inclusion." Using a platform like Market Leader to automate more of your labor, change course when necessary, and prioritize more skillfully can help you deliver these tactics more effectively and analyze their efficacy more effectively.
Visit Market Leader right away to find out more about how they can assist in resolving your problems by nurturing real estate leads.