Of all the frustrations that come with real estate, none is greater than wasted leads. All those hours put in cold calling or door knocking, only to have a potential client disappear without a trace—it's enough to make you want to tear your hair out. But don't worry, you're not alone. Unfortunately, many agents are wasting leads without even realizing it. Here are four of the most common mistakes agents make when it comes to leads.
1. You expect your lead generation to be an instant fix
Leads are the bread and butter of every real estate agent's business, but that doesn't mean they're easy to come by. A website full of great content is certainly helpful, but it takes time for leads to show up on your doorstep. It takes months for incoming leads to build into a reliable stream of hot buyers or sellers, so you shouldn't start expecting leads right out of the gate. No matter how good your online presence might be, you'll need to invest some time in traditional lead generation (like cold calling) before you see any results. Whenever you feel discouraged by the lack of responses through channels like email marketing or blogging, just remind yourself that you're still in the early stages of lead generation. It will pay off once your efforts begin to bear fruit!
2. Your leads aren't ready to buy or sell yet
Another reason why real estate leads are frustrating because once you've finally got them, they're not ready to make a move yet! Excuse me? Yes, it's true—some buyers and sellers just want general information about their local market or tips on how to stage their home for sale. BUT if that's the case, why would they answer your call? If someone doesn't have an immediate need to put their home on the market but still calls you up, there's something wrong with your lead management strategy. You should always be doing everything in your power to qualify leads before they have a chance to getaway. If you can't do that, then it's time to re-evaluate your short-listing system.
3. You're overworking your leads
Somewhere along the line, an agent asked, "Why is my lead not ready for me?" Naturally, the easiest way to work around this problem is simply to spend more time with them—right? Wrong! Although it may be tempting, sending one email or making one call is enough. If you keep pushing past the point of no return, all you'll accomplish is wasting time and energy chasing down people who aren't interested in working with you (at least not yet). So don't fall into this trap: even though lead generation is tougher than it's ever been, you still need to respect your leads' time.
4. You don't ask for the sale
Last but not least is a common mistake that can be found in both online and offline lead generation strategies: the failure to solicit the interest of a potential buyer or seller. Even though lead nurturing is effective, if you spend too much time going back and forth with a lead without asking them what they want from you, then there will be no real estate transaction at all! Instead of just shooting the breeze with someone who wants to buy or sell a home, go ahead and get straight down to business by asking them some questions about their needs and expectations. If your conversation ends on an up note without any definitive next steps, then it's likely that you're not closing the deal with them. Even if they just want some information, your job is to provide that information while also getting their contact details simultaneously!
If you have any questions on how to improve your lead nurturing strategy, feel free to send us a message, and we'll get back to you as soon as possible!