Being a real estate agent means counting on a few different things to make sure your work is secure and that you have a continuous cycle of it. One of those aspects is your lead management and making sure you are generating leads in real estate on a regular basis.
The more leads your business receives, the more chance of conversion to clients and the more your business grows. Ensuring that as a business you keep this up is very important, but how do you do that?
What is Lead Management in Real Estate?
Before knowing how to properly strategize your lead management, it is important to figure out what lead management is in the first place.
Leads can be captured from inbound and outbound marketing in real estate, however, it is important to know which needs to be prioritized first and why.
Outbound Marketing Leads in Real Estate
Outbound marketing implies that you made initial contact with the lead – this can be done through direct mail campaigns, SMS or cold calling. Since you are the one who acquired this person’s phone number or address and then contacted them, you had some inclination that they are looking to sell their property.
However, it is never sure that they are entirely sure about selling the property and oftentimes you will be rejected, but that is where you need to follow-up.
Follow-ups in real estate involve a continuous campaign of consistently reaching out to the prospect, in order to make sure you are at the top of their mind when they want to sell.
Inbound Marketing Leads in Real Estate
Inbound marketing lead implies that the lead reached out to you first through various campaigns that you were running, for example, TV ads or ads on the billboards.
However, the key thing to remember with inbound marketing leads is that they are much more motivated compared to outbound marketing leads. Since inbound marketing leads are contacting you unprompted, it means that there is a higher motivation for them to sell their property, and they want to inquire about it.
Strategies for Lead Management in Real Estate
Knowing the differences in the types of marketing leads is important to understand where your priorities should lie. Answer the following questions when it comes to your lead management system in order to ensure you have a proper system set in place for when they do come in.
Are You Instantly Catching Leads?
The real estate market is dependent on communication but leads can be fickle. They will slip if there is no communication made with them when they require it, especially knowing that there are so many real estate businesses and real estate agents ready to take that call.
You can use a CRM (customer relationship management) system in order to ensure you have a good lead management system set in place. The best CRMs for real estate agents are the ones that instantly notify you of leads that have come in, and allow you to contact them immediately.
Are The Leads Being Sent To The Right Agents?
If you as a real estate business owner have seen one agent get most of the leads whereas others do not have enough to keep busy, then your lead system is not working. Make sure all of your agents are busy with the leads coming in, and that none of them are overworked or have less work.
You can use a CRM made for real estate to ensure there is proper communication and distribute them accordingly or set up zip codes for specific agents to make sure they are getting specific areas.
Is The System Keeping Leads Up-To-Date?
Making sure everything is updated is key when it comes to leads. Every meeting, call or text can reveal new information or change circumstances – which is why it is key to ensure that all the information is being updated.
This helps in gaining customer satisfaction and ensuring deals are closed with the best possible outcome. Using a CRM in this case also helps, as they house all the information within the platform and can allow you to access and update them at any time.
Can Your System Identify Quality of Leads?
As explained with inbound and outbound marketing leads already, there are good quality leads and there are poor quality leads. It is crucial to know if your system can detect which are hot leads and which are cold leads.
Cold leads will require work anyways and is something for the long-run, however, hot leads need to be nurtured immediately and communicated with – or else you lose out.
Using CRMs that are created by real estate agents and investors are important in this case. They have systems placed in the best manner to ensure real estate services are met.
Conclusion
Making a proper lead management system is step 1 when it comes to a real estate business. It ensures sustainable growth, both for your business and for the employees that are a part of it. Consistently having leads come in means there is always more to work on and more revenue to be made. However, an essential step is to ensure a proper CRM is being used and that it is being managed and updated for the best results.
