- The keys to filling your lead pipeline are consistent follow-up, diversification, adding value and delegating.
You might know real estate in your target area like the back of your hand, but we all know that means very little if you have zero homeseller or buyer prospects.
Likewise, being boring in 2017 means you won’t stand out from the crowd — especially in the burgeoning real estate sales arena. That’s a big mistake.
If your lead pipeline seems to have dried up like a biscuit nuked in the microwave, “then let’s add some butter, honey” (said in my southern girl twang).
Below, you’ll find the top four lead generation mistakes and how to avoid them.
Mistake 1: Not thinking about follow-up first
Catch-and-release fishing allows fish to be captured, unhooked and returned to the water. That is seen by some as good for conservation.
On the other hand, catch-and-release lead generation is good for growing other agent’s pockets.
Catch-and-release lead generation is what I call spending time, energy, money or other resources capturing prospective clients, only to unhook them by not following up and return them to the sea of other real estate agents.
If you do this, lead generation becomes a waste for your business, but it should be the life force of your business.
How to avoid
Unfortunately, if you are new, returning or struggling in real estate sales, you may feel like this mistake is OK — but it’s not.
Stop right where you are. Take at least the next day (or two, or three), and identify how you will keep in touch with every lead.
If you are into technology, a CRM (customer relationship management) app like Wise Agent or LionDesk may be great for you. Or use a trusty Excel spreadsheet. If it works for you, fine — use it.
However, the key is that you must know what your process to stay in touch will be before you get the lead.
Here are some guidelines no matter the type of system you use:
Mistake 2: Not doing at least 3 to 5 lead generation activities
You really like doing ____ (fill in the blank with your favorite activity to find new business). So you only do that one thing.
Houston, we have a problem!
Have you ever heard, “Don’t put all your eggs in one basket?” Diversification in your lead generation methods is key, but don’t just take my word for it.
For my doctoral dissertation (a really long research paper), I was able to scientifically study some of the 1,000 top producing real estate salespeople in the nation. Yes, this is the crew selling $30 million in sales volume seemingly effortlessly.
Here’s one thing that I found: All of them had at least five lead generation methods they used simultaneously. So if you are wondering why your income might have plateaued, you may not have enough diversification.
(See my book, Profit with Your Personality for more findings from these elite salespeople.)
How to avoid
Take a look at what other people are doing to generate leads, and adapt three to five new strategies immediately. Here are a few articles to help:
- 70 real estate lead generation ideas for 2016
- 11 Facebook lead generation ideas that real estate agents vouch for
- 50 ways to get more real estate leads from your website
- 99 real estate lead sources: The ultimate list
- 21 ways to generate more real estate leads
Mistake 3: Not always adding value
Harassment — that’s what it feels like when someone calls, emails, visits, DMs or texts me unsolicited and tries to cram his or her agenda into my already busy life.
None of us want to feel that way.
On the other hand, if I go to a store, and the sales clerk entices me with something of value (such as complementary samples, information on today’s discounts or sales, etc.), then I am more likely to hear her out, take her up on that offer and buy more than I came into the store to get. (How’d I spend that much?)
What’s the difference? Giving people items of value (also known as lead magnets) with each connection makes them glad to give you their contact information and hear from you again. Eventually, they become either a client, a fan or both.
How to avoid
With each touch you make, how can you add a relevant item of value for prospects? Here are some ideas to help your creative juices flow:
Mistake 4: Being a lone ranger
One of my favorite sayings is, “No man is an island, entire of itself,” by John Donne.
For many of us to reach the champion level of lead generation activities that will give us our goal income, we need help.
Trying to juggle zillions of tasks means we will likely end up burned out. We will probably drop a few (or several) of the things we are desperately juggling, and we might miss once-in-a-lifetime, irreplaceable moments with our family and friends.
How to avoid
You may not have the capacity to take on a full- or part-time assistant, but we all can use virtual assistants (VAs). With services such as Upwork or Fivver, you can have tasks completed for you for just a couple of dollars an hour — no exaggeration!
If cost has been holding you back from getting help, then try these two ASAP.
Don’t let your lead generation get boring and dry. It’ll cost you time, energy and business.
Lee Davenport is a licensed real estate broker, trainer and coach. Follow her on Facebook, Instagram, YouTube and Google+, or visit her website. This post comes from her book, Profit with Your Personality.