Leads are the lifeblood of any successful real estate career, but taking advantage of these opportunities is contingent on having a system to manage them. While most real estate professionals have established their own system of obtaining leads, it’s how you take action on these leads that will truly allow your business to grow.
Bob Corcoran, founder and CEO of Corcoran Consulting & Coaching, revealed some tried and true techniques for capitalizing on leads once they are received during Homes.com’s Secrets of Top Selling Agents webinar, “10 Best Practices for Converting Online Leads.” Just to give you a little background on Corcoran, he is recognized throughout the industry for specializing in performance coaching and the implementation of sound business systems into a broker or agent’s current strategy.
According to Corcoran, “The Internet has really taken hold, and it’s not a lead generation issue, but a lead management issue.” Furthermore, he promises that if you follow his advice then you’ll most likely double your business in the next 12 months. Here are the first five of ten steps to get you on your way to making the most of every lead.
1. Follow Up Immediately
Ninety-five percent of leads that are contacted by phone within the first five minutes of being received will have a 95 percent success rate. On the other hand, if you decide to finish your lunch and call them back ten minutes later, the percentage has already dropped to 80 percent!
“After 45 minutes, the lead is all but lost and you might as well throw it in the garbage,” says Corcoran. “Of course, you can’t do leads 24 hours a day, so I advise making a policy to call within five minutes of being contacted from 9 a.m. to 9 p.m.”
Corcoran stresses that if someone provides you with a phone number, always call them, because they’ve given you permission and that’s the best way to connect with them. For those that don’t leave a number, be sure to send an email as a friendly reminder that you’ll be there when they need you!
2. Make Your Emails Count
According to Corcoran, “The average person receives 147 emails per day and that’s a lot of white noise. People spend two and a half hours a day on email and 50 percent of emails are being deleted. What is going to make your email be read?” This means that whether you are using an automated email system or tailoring each email to the client, you must ensure that they are optimized.
He says the trick to creating a valuable email is to start with a subject line like “quick question” and then keep the email short. Most people do not take the time to read through lengthy emails, so think about what would draw you in and use that as a starting point when creating an email campaign. “You want to make the subject line so compelling that they don’t dare delete it,” says Corcoran. “People’s attention spans are quite low, so keep them short and to the point.”
3. Take Advantage of Video
Video is a great resource to showcase your listings, but Corcoran says a lot of people don’t think of using it to connect with leads. Video can humanize your brand because it helps the community “put a face to the name,” so use this as an opportunity to introduce yourself and explain what you are all about. Social media and streaming videos are two of the most popular online activities, and you can use them in harmony. Corcoran recommends posting videos on Facebook and setting up your own channel on YouTube.
“Shoot your own video blog testimonials from past clients and get them posted,” he says. “Don’t forget to highlight the community. People, especially military markets, love this, and the more information you can offer about the community, the more they will have a kindred spirit with you.
4. Stay in Constant Contact
Real estate professionals have different opinions on how many times to contact a prospect before writing it off as a lost opportunity. Corcoran says he gets this question all the time and that the answer may surprise you. “If you call someone and leave a voicemail and wonder why they aren’t calling you back, don’t sit there and wonder!”
Data shows that 80 percent of sales are made on the 5th to 12th contact from a prospective client. Nearly 48 percent of salespeople never follow up with a prospect even once; 25 percent only make two calls and 12 percent stop at three! Corcoran recommends creating a system to manage the hundreds, if not thousands, of leads that you receive, even if that means hiring an in-house sales department to make the calls.
5. Stay Balanced
Corcoran mentioned a quote from Brandon A. Trean, “If you don’t master your time, it is of a much higher probability that you will become an unconscious slave to people who have mastered theirs,” which was a supporting statement for his own beliefs. “I am a big believer in the work/life balance,” he says. “Make your time important and you will be successful.” Don’t overexert yourself, create a balanced system that allows you to be successful at work and enjoy everything else life has to offer!
Be sure to read 10 Ways to Make the Most of Every Lead: Part 2 to find the rest of the tips offered by Corcoran during this exciting session! Also, don’t forget to check out Homes Connect, a real estate marketing platform with multiple apps, including a powerful lead management system, to more efficiently track and convert your leads to sales!
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