Maintaining a steady pipeline of leads is critical for realtors. The real estate market often features major changes in demand, quickly– while you may be inundated with clients when interest rates are low, and the weather is pleasant, a winter slump or market downturn is always lurking around the corner, ready to halt your progress and your commission checks. The slow seasons tend to have about sixty percent of the sales volume of the busy seasons, indicating a fairly strong level of volatility. By having a larger volume of leads in your pipeline, you reduce the harms created by these downturns and develop a more consistent revenue stream.
Most successful real estate agents spend about three hours per day (about a third of the work week) generating leads, prospecting, networking, and focusing on other lead-oriented activities. One of the key performance indicators realtors will be most concerned about is their conversion rate–how many of their so-called “hot leads” end up becoming clients? With a better conversion rate (and better lead-generating strategies), you can use your time more efficiently and improve your bottom line.
According to the National Association of Realtors (NAR), the average real estate agent experiences about 12 deals per year, or about one per month. However, there is a considerable amount of variation within the industry, with some agents closing hundreds of deals per year and others closing none. One of the main factors that separates these agents is their lead generation strategies.
With a new arsenal of lead-gathering strategies, you can prepare for the unpredictable nature of real estate. Real estate leads are the lifeblood of the business. Give these strategies a shot and see how they work for you.
1.) Build Partnerships
To develop mutually beneficial partnerships, network with other local firms. Not all real estate agents should be viewed as “direct competitors”–there are usually two agents involved in every final transaction, after all. Building a strong, reliable network can help find more leads and become more people’s “go-to” recommendation for real estate agents.
There are many ways you can create mutually beneficial partnerships. For example, form local relationships, co-host happy hours, deliver presents to clients or leads, and co-host happy hours. There are also several sectors that could be valuable partners for real estate agents.
Although loan officers are an important component of the home-buying process, most purchasers do not have one on hand. Having connections to a loan officer will make you a more appealing agent and will create another possible avenue for finding leads.
Bakeries or Local Restaurants
Connecting with a local bakery or restaurant is never a bad idea for a real estate agent — or anyone, for that matter. Whether you’re sending pies to former clients to keep your real estate business top of mind or catering hors d’oeuvre to make your open house inviting, these local connections can be very beneficial. If you become enough of a regular, they may also allow you to advertise in-store.
Insurance is an important component of the home-buying process. Both you and local insurance agents can direct leads to one another, knowing that you will be frequently targeting the same groups of people (homebuyers).
The first impression a potential buyer has of a home is often the landscaping. Encourage your sellers to hire a professional landscaper to make their properties stand out from the pack.
Many of us will never make a larger financial investment than a home. For purchasers, having a personal banker to run numbers by can be extremely beneficial. People experiencing any financial changes might also be looking for a new home, resulting in yet another mutually beneficial relationship.
Working with a staging expert can help you accelerate the home-selling process and also potentially find new leads.
No one wants to walk into a house that is rough around the edges—partner with cleaning services to offer your customers cheap house cleanings. If you’re willing to pay for the service, sellers will have one less thing to worry about.
Your relationship with local title companies might be less than glamorous but is certainly crucial. Have a few companies in mind to refer to your customers. Many people will appreciate having multiple options available.
These mutually beneficial partnerships can help create a consistent lead cycle, enabling you to expand your network and increase future sales.
2.) Become a Restaurant Regular
To negotiate terms with clients, why not meet them at a restaurant or a nearby coffee shop? These meetings could always be held at the same restaurant, allowing you to develop a sense of regularity and familiarity that enhances your image as an agent.
You’ll earn clout among the wait staff, obtain access to the best tables, and appear well-liked and involved in your neighborhood. People significantly prefer to work with someone connected to the community. You might even become acquainted with the other regulars, allowing you to establish your brand as a cornerstone of the neighborhood.
Invest in paid advertising. 90% of buyers look for houses online at some point during their home buying process, so paying for your name to get in front of prospective clients is a smart move. A well-coordinated, omni-channel digital marketing strategy can help you expand your lead pipeline and reach a wider audience. RealDigi Ads strives to help Realtors with lead generation on Google Ads to make the most of their advertising dollars.
The following are a few effective Real Estate advertising strategies:
- Social media advertising campaigns
- Google Ads Campaigns
- Blog for local (or national) Real Estate websites
- Canvas neighborhood mailboxes with your business card
- Post billboards
- Answer Real Estate questions on Quora
- Advertise in a local newspaper
Usually, the more digital platforms you are willing to advertise on, the more leads you will find. There are many different ways for people to find a quality real estate agent online and it helps to leave no stone unturned.
3.) Target “For Sale by Owner” and Expired Listings
Only 3% of “For Sale By Owner” postings sell within the specified time frame, and only 18% receive the desired price. These people are typically looking to save some money but end up frustrated when their home spends months, even years, on the market.
Find these postings on Craigslist or other real estate websites and offer to assist them in getting the most out of their listing. Ask if they’d want to learn more by sharing a blog post or a few bulleted data about why dealing with an agent is helpful to the seller.
Obtain expired listing lists from the MLS. Expired listings often occur because of issues with the real estate agent, meaning these people might be looking for someone new in the near future. Be aware that these sellers are likely dissatisfied with their present agent, discouraged that their home hasn’t sold, and under a great deal of stress. Begin by expressing your understanding of their frustrations and offering a few suggestions for how you would sell their home more quickly.
5.) Use “Coming Soon” Signs
Signs that say “Coming Soon” or “Sold” are a tried-and-true method of generating interest in your assets and skills. Before a home ever goes on the market, “Coming Soon” signs create excitement. In addition, “Sold” signs help generate leads from potential purchasers who missed out on the property that was sold. It is your responsibility to ensure that this does not happen again.
Given the competitive nature of the real estate industry, this type of marketing is essential for staying ahead of the competition, not to mention the fact that Realtors want a consistent supply of leads to establish a strong pipeline for future business. RealDigi Ads is the answer to how Realtors can engage with a potential buyer or seller. Even if prospects are not ready to buy or sell yet, RealDigi Ads will show you how to keep their attention until the sale is feasible.
There are many different ways for realtors to find new leads–some will be more effective than others. By taking advantage of these strategies and enriching your lead-generation tactics, you find a wider client base and separate yourself from the competition.