With an ever-growing marketplace of real estate lead sources, brokers face tougher decisions about what is best for their agents.
From portals to Facebook, and from big data to open houses, a real estate agent’s pool of lead sources has become significantly deeper than it was a even a couple of years ago.
However, the industry would be wise to remind itself that more lead sources does not equate to more leads.
After all, despite new ways to track down prospective clients, the national market remains gripped in an inventory crisis.
Consequently, it’s more important than ever to find lead sources that deliver quality, reputable contacts. If they plan to sell, when? And if they’re a buyer, can they go above list?
Have we arrived at the “lead generation lottery?” Are agents stabbing at big numbers hoping to land one that produces a return? There are only so many worthwhile buyers and sellers in a market at a given time.
In turn, are brokers giving enough thought to how they supply leads to their agents?
Given the pace at which new tactics and technologies come online, it’s understandable that some brokers can get caught up in the frenzy to win the jackpot.
While LionDesk’s inherent flexibility can integrate with a number of lead sources to help clients attract and land more leads, the intent wasn’t rooted in the idea that a single user could integrate 10 different sources. The intent was to ensure we can accommodate whatever works best for each user.
In that respect, and given the state of the national lead pool, we decided to assemble some ideas that might help you decide on what lead sources are best for your brokerage. Read on …
Measurement Matters There are plenty of agents who are all about numbers. The more leads the better.
However, many would argue that’s what bolsters the notion that 20% of the agents provide 80% of the business. It takes time and effort to build sales and nurturing systems that return quality leads; and, time spent driving around indecisive tire-kickers and price-fixated sellers loses more money than it earns.
What type of agents do you have in your shop? If they’re numbers driven, have they proven their ability to convert?
If not, do you have the resources to provide additional sales training, so they can?
Obviously, finding a source that can balance the two is always the goal—but it’s rarely a reality in the same source.
As a broker, you may have to make an uncomfortable compromise when this argument arises in the next office sales meeting. Maybe it’s going to come down to paying for one type, and letting agents connect their own source for the other.
This debate also reinforces what every broker knows and agents aspiring to be will learn: being a broker is very hard work.
New or Referral While the majority of lead tools for real estate agents focus on uncovering new buyer or seller prospects from a cold, public pool, solutions for generating referral leads have proven quite valuable to the agents who know how to leverage them.
Referral leads, while more challenging to come by, tend to produce greater return because of the weight carried by the recommendation of a colleague. Many top producers are so labeled because of their ability to mine professional networks and their sphere of influence for referrals.
But, mid-tier agents on the cusp of a big year could reach their goals when a few referrals are mixed in with new leads. One great year could provide an agent with the expertise and confidence to reach that next level.
A lead source designed to connect agents with professional networks or previous brokerage clients could very well make a career-defining difference to a few agents and might very lend real power to a CRM that can push such leads into its marketing channels.
Relationships Rule It sounds vague and contrived, but everything in real estate comes down to relationships. How are they established, how are they built? Can you glean revenue from them?
Brokers should remind agents not to confuse relationships with referrals. After all, referral leads are often people you don’t know. The relationship is with the person who referred you, and that’s why it has value.
When it comes to relationship leads, brokers need to get practical. Investments in events, community involvement, company support of non-profits, and sponsorship marketing are powerful ways to establish and nurture relationships. It also strengthens your brand.
Relationship leads are rarely web-generated. Instead, they stem from general, in-person professionalism and a commitment to helping your customer make real estate decisions.
Spend enough years giving people little reason to doubt your dedication to their needs, and the relationships you build will become your all-time best source of business