There are plenty of things in life that come ready-made, but the majority of the time they’re consumer products and there’s a price tag attached to them. If we’re to switch the focus to real estate it is quite possible to buy real estate leads, but they don’t come ready-made in so far as having the lead become a client for the realtor. Yes, it’s possible and there may be instanced where an agent gets a paid real estate lead and the lead agrees to list with them before the phone call is over. Very unlikely though, and that’s why real estate lead nurturing is such a necessary skill for realtors.
As is often the case, this is much more of an art than it is a science. There’s no surefire way to approach a lead and have them work with you with zero chance they decide to do otherwise. If there was every realtor on the planet would know of it and be putting it to use for themselves every time they get real estate leads. Instead real estate lead engagement is something that agents have to learn to do well, and it’s usually a process of trial and error as the new realtor progresses further into their career.
It is also fair to say that turning leads into clients for real estate is even more of a challenge when you’re a realtor working in a major metropolitan area of Canada. Vancouver and Toronto and big cities like them have literally thousands of realtors all vying for the same slice of the pie. If you’re a realtor there and you get a lead you had darn well be able to say and do the right things to convince that person or couple that you’re as good a choice as any for them when it comes to working with a realtor.
Perhaps you’re already brimming with confidence there, and if so then maybe this blog entry is one you can skip. But if not and you’re new to working as a real estate agent in Canada then what we’ll share this week are the best approaches to real estate lead nurturing. It’s information that has real value to it, as finding clients and building a client base for realtors is very much one of the roots for success in this business. Not that anyone would need to be convinced of that, so let’s get right into what we know here.
Pulling In
Nurturing is a verb that most people will more readily associate with a mother and child, or perhaps a gardener and plants. We imagine there’s a good number of green thumb realtors out there, and of course many realtors will be mothers too. But of course the approach you’d be taking with real estate lead nurturing isn’t going to have the same emotional component to it. This is business, and it’s more about providing the means of a livelihood for yourself.
So instead of tending to plants, realtors will tend to their leads. Done right and over time with consistent, careful attention this can result in leads being turned into clients. The most integral part of real estate lead engagement is making a positive first impression with these people, and the age-old expression that you never get a second chance to make a first impression is entirely true here too. So make sure you come across well and present yourself with the utmost professionalism.
Yes, every realtor will be doing that but it needs to be mentioned at least once. Let’s move onto the more involved parts of the process that will apply more fundamentally, especially if you are going to get exclusive buyer and seller leads when you go with us here at Real Estate Leads. Nurturing is also going to involve establishing a genuine connection, staying ‘top of mind’, building trust, and directing these individuals farther down your sales funnel.
Most more experienced agents will tell you the same thing, that learning how to nurture real estate leads is among the most important things you can do for long-term success as a real estate agent. Your first aim with all of this will be to go for at least some measure of volume with your leads, and that’s another reason why paid real estate leads are such a good idea if you can afford them. You’ll receive a set quota of leads, and this is good because it increases the chances that more than one or two of them end up moving further down the funnel.
More leads also means more opportunities to put your lead nurturing strategies into practice, and if you’re genuinely applying yourself here it should mean more clientele in the long run.
Best Practices
Consider these six rules for reaching your lead-to-client conversion rate goals and having significant success with real estate lead nurturing.
Have a Firm Target Market Understanding
Understanding your target market is important, along with knowing their specific needs and concerns, plus the means by which they prefer to consume real estate information. Aim to be as specific and targeted as possible, and it may be a good idea to create sample profiles based on your top two or three ideal clients. The ones that you would like to work with most.
From there you should be segmenting your leads, and this is something you really need to do to be having an ever-improving understanding of where you should be putting the majority of your focus and efforts with real estate lead engagement. This increases the likelihood that more of the leads you gather will eventually become clients.
Here are some sample segmentation categories:
- Lead types – hot / warm / cold
- Demographics – age, life stage, family size, other
- Behaviors – lead source, means of contact / engagement, frequency of contact
- Preferences – style of home, area / neighborhood, amenities, etc.
Try to have a clear understanding of who your target market is and who are your most commonly gained leads. This will better set you up for success. You’ll be able to anticipate their needs, and then tailor your communications so that you are speaking directly to their desires and concerns. You’ll also likely find that over time the things you learn about client prerogatives will be changing the way you approach your real estate marketing too.
Personalize Communication
There are plenty of marketing studies that have indicated that highly personalized messages are vastly more effective for client generation as compared to generic, broad messages. It’s best if you can gain something of an understanding of the lead and who they are before putting together the 2nd or 3rd communication you send them after the initial one. Stay hyper-focused on the specific needs, desires, and challenges of the particular segment you’re trying to reach.
Add Value
From the homeowner or homebuyer’s perspective, lead nurturing efforts often go one of two ways. They can either be helpful and much appreciated or they may be seen as overbearing and potentially annoying. It really is all in the way you present yourself and the way you come across. If you come across as a realtor who is simply on the hustle to get clients for themselves it isn’t likely to make a good impression on people. Alternately, if you come across as someone who genuinely has the time to help if the help is needed then you’re likely to make a much better impression.
Personalization is what makes all the difference here, and it is much more possible if you have content packed with high-quality content that aligns with their interests and caters to their potential pain points. Your aim should be to ensure your content is valuable from your intended audience’s perspective, and not with what you would see as important based on being the agent.
What is proven effective is to provide value through informative articles, expert tips, market updates, and exclusive offers. Another idea is to incorporate storytelling techniques to captivate readers and foster a sense of connection and trust.
Avoid Being Overly Salesy
Realtors do so much better when they come across as relational rather than focused on sales and the growth of their business. Few people if any are going to be receptive to a very salesy approach where they’re primarily seen as a means to boosting the agent’s bottom line. It’s better to come across as some who’s genuinely friendly and able to provide real value IF the prospective client needs it. Demonstrate that you actually care about them as a person.
Turning that lead into a client remains the goal, nonetheless. But the way you proceed with real estate lead nurturing here should be to move slowly and be certain that at no point you’re coming across as someone who would really appreciate it if they agreed to it now. No one is going to be signing any contracts at this early point of the process anyways.
The focus should be on getting them to take the next step. This may be something as simple as having them agree to a follow-up call. Move slowly, gently, and deliberately and you’ll almost always be better off because of it.
Don’t Be Annoying
It can be very easy to overdo it and have the lead start to see you differently. Be careful about maintaining a delicate balance between proactive engagement and respectful restraint. You should be keeping your communication consistent, but this type of frequent engagement has the potential to go very wrong for you if it is done incorrectly. Again, there is very much an art to real estate lead nurturing and this is one aspect of it where a fine touch is needed.
If you bombard leads with an excess of messages it’s very possible that the potential client starts to become annoyed with you. Remember, the goal is to provide valuable insights and assistance and not to be overwhelming them.
Test & Optimize
Your benchmarks and goals when it comes to real estate lead management should be based on key performance indicators (KPIs). You should track the following and then make decision and future approaches accordingly:
- Number of website visits
- Time spent on website
- Percentage of leads responded to within a specific time frame (within 1 hour? Longer?)
- Open rates and click-through rates of email campaigns
- Conversion rate from lead to qualified prospect
- Number of follow-up interactions (calls, emails, messages) per lead
- Engagement levels and conversions related to different types of content (property listings, market reports, blog posts)
Keeping an eye on these kinds of important data points can indicate how well your lead nurturing is working. And with smart data tracking you can repeat successes and test different tactics for further optimizing your strategies.
Which now leads us to the 5 best practices for nurturing the leads when you get exclusive buyer and seller leads.
5 Best Practices
- Email Drip Campaigns
An email drip campaign is a strategically planned series of automated messages sent to potential clients over the course of a specific timeframe. The biggest part of the appeal of drip campaigns is that it is hands-off marketing and very much a set-it, forget-it means of being in regular contact with prospective clients.
There is going to be some time and effort required on the front end, like determining goals, planning the drip campaign, writing the content, establishing a send schedule, and so on. But after that it can be completely automated, and this means you can spend more time on other tasks that are part of a real estate agent’s day-to-day.
Sales funnel leakage is also minimized with these campaigns. A certain percentage of the leads you stuff into the top of the funnel will leak out at some point as they move down, but a campaign of consistent contact will lower that number quite a bit. Learning more about good real estate drip campaigns is recommended, especially for those new to the profession.
- Text Messaging
Text messaging (SMS) has four primary benefits:
High open rates – around 98% as compared to about 20% for emails.
Quick response times – 95% of texts are opened and responded to within less than 5 minutes
SMS is often the channel prospective clients will prefer, and this is in line with the many consumer studies that have shown nearly half of them prefer direct communication from brands via text, and close to 9 of 10 prefer text over phone calls.
Text messaging is perfect for on-the-go communication because it’s simple, quick, and easy. Plus there’s no need to write the perfect subject line or preview text.
- Distribute Direct Mail
Direct mail may not be as practical as it used to be, but it can still be an effective real estate lead nurturing method. You may not want to put as much weight into it as you do the two we listed first here, but it’s still worth considering and it can help you turn leads into clients.
These are five main types of direct mail marketing pieces:
- Real estate newsletters
- Flyers
- Postcards
- Handwritten notes
- Informational brochures
- Call New Leads
Not to be overlooked with all the many nurturing strategies shared here is to pick up the phone and actually make a call to your lead. This will of course be dependent on their providing you with a contact number, but if someone is genuinely considering buying or selling a home they’ll probably do that if they’re ready to work with a real estate agent.
It’s a good idea to have a real estate agents lead script ready to go for the type of would-be client you’re going to be talking to, and this will usually be based on whether they are a hot, warm, or cold lead. You should also have an all-purpose voicemail template script that you have ready to go if the person doesn’t pick up the phone.
- Go With Multiple Channels
Using more than one channel to diversify touchpoints is recommended too, as it ensures an agent isn’t missing out on potential opportunities due to a lead’s individual communication preferences. When you use a mix of channels you can create a more dynamic and engaging brand experience for your leads, as you’re catering to different learning and interaction styles.
Emails will provide more detailed property information based on the fact people will naturally go on longer in an email than in a SMS message or post. Social media allows for interactive content sharing, phone calls enable direct conversations, and webinars are good for in-depth insights.
Some marketing experts for real estate refer to this as an ‘omnichannel’ approach to lead nurturing, and it is often recommended that you develop a touchpoint sequence that you then use to communicate with them sequentially after first contact.
- Touchpoint 1 – After capturing the lead (plus contact information), the realtor then sends an initial welcome email
- Touchpoint 2 – The realtor reaches out to them on social media by sending them a funny meme, inappropriate image, or a quick aerial shot of a home they sold recently
- Touchpoint 3 – The realtor places a phone call just to ask how things are going or to set up an appointment
- Touchpoint 4 – The realtor sends a short follow-up text
Consistency is always going to be a real need with real estate lead nurturing. Using multiple channels allows you to maintain a steady presence in your leads’ lives. Make use of all of them – regular email updates, social media posts, and phone calls – but be very selective about the order in which you take action with them and try your best to tailor each communication based on what you know about the lead.
You are likely paying to get exclusive buyer and seller leads, so there’s a real need to be sure you’re handling them in the best way possible. The last thing we’ll mention about it here is to recommend that all realtors who want to convert greater numbers of leads into clients should start using real estate CRM software of some sort. There is a lot of automation that can be utilized with these customer relationship management programs, and they almost always end up being money well spent.
