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In case you’re an actual property agent continuously chasing extra leads, it’s time for a actuality verify: You don’t want extra leads. That you must work those you have already got.
I do know, I do know. That’s not the attractive, motivational mantra you needed to listen to. It’s not what the lead technology corporations need you to consider, both. However right here’s the unfiltered reality — your lack of closings isn’t since you don’t have sufficient leads. It’s since you’re not following up with those you’ve obtained.
Cease feeding the lead dependancy
Leads are like junk meals. They’re straightforward to eat, however they don’t nourish your small business. Each time you chase a brand new batch, you’re operating on the false hope that this time it is going to be totally different. This time, the leads will probably be simpler to shut. However that’s a lie you inform your self to keep away from doing the true work.
Right here’s a query: What number of leads do you have already got sitting in your database? A whole bunch? Hundreds? When was the final time you contacted them?
The mathematics you don’t need to face
Some specialists say it takes a mean of 8-12 touches to transform a lead. Most brokers give up after two or three. Meaning you’re leaving cash on the desk with nearly each lead you’ve ever paid for or generated.
Let’s say you’ve obtained 500 leads in your database. If even 5 p.c of these are actual, ready-to-transact prospects, that’s 25 potential offers. At a mean fee of $10,000, you’re taking a look at $250,000 in untapped income.
And but, as a substitute of nurturing these leads, you’re spending your time, power and cash making an attempt to herald new ones. Make it make sense.
The 5 phases to acceptance with lead follow-up
Accepting that you just don’t want extra leads is like coming to phrases with a nasty breakup. It’s not straightforward, nevertheless it’s vital. Let’s stroll via the 5 phases of grief for brokers addicted to steer technology.
1. Denial: ‘I just need more leads to succeed.’
That is the place most brokers reside. They persuade themselves that the following lead supply would be the magic bullet. However right here’s the tough reality: extra leads received’t repair dangerous habits. In case you’re not following up on the leads you have already got, why would you do it with new ones?
2. Anger: ‘Why aren’t my leads changing?!’
You begin blaming the leads. “They’re bad leads.” “They’re just tire-kickers.” Sound acquainted? The reality is, most leads aren’t dangerous — they’re simply not prepared but. The issue isn’t the leads; it’s your lack of constant follow-up.
3. Bargaining: ‘Maybe if I buy a better CRM …’
At this stage, you begin throwing cash on the drawback. Fancy CRMs, lead routing software program, automation instruments. This stuff can assist, however they’re not the answer. Instruments don’t exchange effort; they amplify it. In case you’re not doing the work, no instrument on this planet can prevent.
4. Despair: ‘I’ll by no means have the ability to sustain.’
When the truth of follow-up sinks in, it could actually really feel overwhelming. You have a look at your database and suppose, “How am I ever going to reach all these people?” However right here’s the factor: You don’t have to succeed in them abruptly. You simply have to start out.
5. Acceptance: ‘I need to work the leads I have.’
That is the place the magic occurs. You cease chasing new leads and begin cultivating those you’ve already obtained. You decide to constructing relationships, not simply pipelines.
The follow-up components
So, how do you flip your uncared for leads into closings? It’s not rocket science, nevertheless it does require self-discipline.
1. Manage your database
2. Create a follow-up plan
Consistency is king. Construct a follow-up cadence that works for you.
For instance:
Sizzling leads: Day by day or each different day
Heat leads: Weekly
Chilly leads: Month-to-month
3. Add worth with each contact
No person desires to be hounded by a pushy salesperson. As an alternative of pestering your leads, present worth. Share market updates, reply questions or supply recommendation tailor-made to their scenario. Make each interplay about them, not you.
4. Monitor your progress
In case you’re not monitoring your follow-up efforts, you’re flying blind. Hold a log of who you’ve contacted, what was mentioned and whenever you’ll comply with up subsequent. This isn’t nearly staying organized — it’s about staying intentional.
5. Keep persistent
Bear in mind, it takes 8-12 touches to transform a lead. Most brokers surrender after two. Don’t be like most brokers. Be the one who follows via.
The underside line
You don’t want extra leads. That you must grasp the artwork of follow-up. The leads you have already got are a goldmine ready to be tapped, however you’ll by no means understand their potential in case you hold chasing the following shiny object.
Cease blaming the leads, the market or your CRM. The issue — and the answer — rests squarely in your shoulders. Decide to working smarter, not more durable. Work the leads you’ve obtained, and watch your small business remodel.
Chris Pollinger, founder and managing companion of RE Luxe Leaders, is the strategic advisor to the elite within the enterprise of luxurious actual property. He’s an advisor, nationwide speaker, marketing consultant and management coach. Study extra about their consulting, teaching and advisory packages at RELuxeLeaders.com.
