The story of the market shift is simple: the seller’s market much of the nation has enjoyed for the last decade is re-balancing. Buyer leads have been repeatedly told, “Inventory is tight. You’ll have to act quickly to get the deal you want.” But as deals have been short — or as prices have weakened affordability — buyers have learned to wait for the next one. Patience has become their virtue. And today, a lot of agents are seeing leads who need more convincing that now is the right time.
The net effect is a growing lead database with a longer nurture period. And as more leads crowd your CRM, looking for the right deal at the right time, you’ll need to develop more effective lead management strategies to advise and persuade. This way, you’re not left trying to push every new lead to buy because you can’t convert your existing ones. So, let’s cover a few, unique strategies I’ve seen work well for BoomTown clients.
It’s not about first response time. It’s about first response to new deals.
A lot has been preached about the 5-minute goal for engaging new leads. The premise is that you catch them while they’re actively looking at real estate, hence a stronger likelihood of talking with you. But as buyers shop around and wait for the right deal to appear, the fulcrum point is not about the time to first contact. It’s about the time you take to reveal a new deal in your market.
Good real estate deals are still going to be competitive among buyers. Making your clients aware of those deals first will be key to success. There are two ways you can implement this. One is through automation. Have your CRM regularly send out market updates (sometimes called e-Alerts), so buyers can instantly see any new properties or changes in home prices. Or second, leverage your hot sheet against your lead database. Good CRMs can match leads to listings, allowing you to know who you should contact right away and present the deal.
These moments of “good deals” will encourage buyers to act immediately, without you pushing them. It’s more about presenting the opportunity in a timely fashion.
Amplify Lead conversion with categorized lists
A lead database can range from a couple hundred prospects to several thousand. Keeping track of everyone is a job in itself. An easy strategy to keep things organized is to segment leads into lists, tagged and categorized how you prefer.
A popular list we see are leads who are pre-approved or making cash offers. Tagging them and making a list out of this criteria allows agents to keep a priority list — people who can act on a deal rather quickly. Or if you have leads who aren’t pre-approved, it helps you coach those clients into talking with a mortgage lender and completing a critical first step to buying real estate.
Transforming your database into workable lists allows you to focus and prioritize business. It also allows you to tailor your communication and make custom pitches, improving conversion rates.
Turn advanced lead management into smart prospecting
Efficiency and time each have a price tag. As more buyer leads play the waiting game, and as your return-on-investment stretches over a longer period, it’s important to work smarter, rather than harder.
Knowing when to present an opportunity to a lead and being able to identify those leads are vital to maintaining and growing profitability during a market shift. It’s why having a strong CRM can be a differentiator for these kinds of events.
BoomTown helps real estate professionals generate leads, manage contacts, and run their business better. Over 40,000 of the industry’s best use our products to close more deals. Their success is trademarked with growth. It’s why the Real Trends Thousand is dominated by BoomTown clients. We bring the technology and experts to turn opportunities into closings. Learn more about BoomTown.