Leads are the bread and butter of the real estate industry. They’re easy to come across, but often hard to qualify and convert into a deal. According to experts, the average conversion rate is between 2 percent and 2.4 percent. If lately you’ve been chasing qualified leads, but your strategies have left you with few results, maybe it’s time to incorporate new lead generation strategies to your arsenal. And we can help with that! Below, check out our list of strategies for generating more qualified real estate leads.
Check Out to Expired Listings
Skimming the expired listings on Multiple Listing Services (MLS) sites is a favorite lead-generating strategy amongst the real estate community. The way it works is that after a listing has expired, you, the agent, check-in with the property owner to see if they’re still looking to sell. What’s important to keep in mind is that this strategy requires a gentle hand. The seller is likely under a lot of stress. They’re frustrated with the realtor or discouraged that they weren’t able to find a promising buyer or seller.
If they’re open to chatting with you, find out details like what went wrong and if they’re still working with an agent. Further, gain their trust and reassure them by letting them in on your game plan and how you’ll do things differently.
Target FSBO Properties
Did you know that only 3 percent of For Sale by Owner properties (FSBO) sell within the desired timeframe, and only 18 percent receive the right price? What they may not realize they’re missing is an agent like you to help them get their money’s worth. This qualified lead strategy is a low-cost option not only allows you to gain a qualified lead, but you can also show them why it’s beneficial to work with an agent, despite their belief that they can do it alone.
But before you even start to send out that first piece of email or snail mail, it’s crucial that you first establish a solid follow-up system. After all, luck does favor the prepared. Once you’ve sent out your first correspondence, the next step is that first touch. Each market is different, so knowing your target audience gives you a hint on how you should follow up, whether it’s text, email, or phone call.
On average, it takes between 5 and 12 touches before a lead is ready to do business with you, so it’s important to have them mapped out. This is the best way to make those touches count and show your client that you’re serious about working with them.
Build a Partnership
Networking is vital in every industry, but it’s essential in the realm of real estate. It can help you further your career by introducing you to other agents in your area and contractors you can work with on projects. It also serves as a non-conventional way to score qualified leads. Strike up conversations and relationships with local businesses such as divorce attorneys, life insurance agents, personal bankers, and commercial lenders.
What makes this qualified lead strategy so successful is that your partners at local businesses can send you tons of business. They are the ones closest to the properties and their sellers. This means that you’ll sometimes know about a property going up for sale before it gets posted. It gives you an advantage over other agents and sometimes cuts down on the competition.
Tip: When working with a commercial lender, it may be helpful to open a business account with their bank for your real estate ventures as a sign of goodwill.
Develop a Niche
Although serving all kinds of buyers and sellers can mean more options, developing a niche is an excellent way to increase your chances of bringing in qualified leads. Plus, it keeps you from spreading yourself too thin. A few common niches to specialize in include:
-Historic homes
-Helping clients find the perfect home/apartment
-Senior homes
-First-time homebuyers
-Student rentals
-Distressed properties
-City or town
We don’t recommend choosing a niche right away; instead, examine your local audience or consult your interests first. Discover what their needs are and team up with other businesses so that you know what options available. Doing so can show you which niche you should aim for. If you live in a college town, student rentals may be your golden ticket to qualified leads and closed deals. Say your community consists of an older demographic; perhaps specializing in senior homes is the way to go.
Create Your Own Website
If you haven’t created a website for your real estate business, we highly recommend you make it a priority to create one. Having a website further legitimizes your business, and it’s a favorite way to garner countless potential leads. Most people will Google a person on a whim, or when they’re doing research, so you want to make sure you always put your best foot forward.
If you already have one but haven’t seen the traffic you desire, you may need to revise your website. A few tips include ramping up social media presence, making sure you’re consistently sharing or posting helpful content, and updating your site to reflect closed deals. And when you start to see the leads roll in on your website, don’t forget to nurture them. Not every lead that crosses your path is a quick close, so be ready to play the long game.
Host an Open House
This qualified lead strategy is one of the easiest and most cost-efficient ways to garner new buyers and seller leads. And it only takes around $100 to make a successful and professional-looking open house event! At open houses, buyers tend to drop in without having an agent. They allow you to meet others in the neighborhood and introduce yourself to others in the industry.
If you’re hosting an open house at one of the properties you’re looking to sell, don’t forget to talk to everyone who walks through the door. Keep in mind; you never know who’s going to stroll through the door! As you mingle, try to collect as many contacts as possible and add them to your CRM. If you’re not able to work with them now, you can connect with them in the future and help them buy or sell a property.
Call Motivated Sellers: Helping You Qualify Your Leads
Vetting leads and qualifying them can be tedious work. And despite all of the many ways you can communicate with leads, the most successful tactic is still cold calling. But not every agent has the time to dedicate to each call. That’s where our team at Call Motivated Sellers comes in! Let us vet your list of leads and provide you with the most promising candidates.
If you’re interested in learning more about our services, contact our team today!