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Is there a magic trick to generating and converting leads? No! But there are basic fundamentals you can implement and master to help you generate and convert at a higher rate. The most successful agents understand that, although effective lead generation systems are crucial, the most vital component to closing more deals is to have a strong lead nurturing workflow.
The reason for this is that every prospect lives in the buy/sell continuum. Whether a prospect is ready to buy/sell today, six months from now or two years from now, they are a valuable lead that needs to be treated in an appropriate manner. The key to successful lead nurturing is understanding where each prospect lives in the buy/sell continuum and then meeting their individual needs based on this.
A frequent problem is agents will spend time, energy, and financial resources on generating leads, and will quickly become frustrated when they don’t close a deal right away from these efforts. Or they may lose hope altogether in their lead generation systems when they don’t immediately connect with prospects. The reality is that achieving results takes time! On average, it takes 24 months for a buyer to move from having the mere thought of buying a home to finally closing on the home of their dreams.
These 24 months are filled with an abundance of opportunities to connect with these prospects in ways that will be meaningful to them. For example, you may have a prospective buyer visit your website to view your listings. They are simply in the first stage on the continuum and are just beginning to have initial thoughts about buying a home. But you won’t know this until you connect with them! It’s your job to find out the TRUTH about where this prospect lives on the continuum.
We know that if they are just having initial thoughts and won’t buy a home tomorrow, they very likely will in the future.
Therefore, you need to have a lead nurturing system that immediately connects you with this prospect from their initial website visit to the day they close. An immediate phone call or text message is your first step in finding out the truth about where this individual lives on the buyer continuum, and then you must stay in touch with this prospect until they experience a life event that triggers them to engage with you further. You can stay in contact over this 24-month period by doing things such as connecting on social media, sending market updates, sharing your active listings and inviting them to open houses. (Hint: Add every lead to your CRM and have an automated system that makes these connections for you).
On the other hand, you may have someone visit your website who is ready to engage with you and is a serious buyer. Again, your job is to find out the truth about where they live on the continuum and then approach this lead in a unique manner that is meaningful to them.
No matter where a prospect lives on the continuum, the immediacy with which you connect with a lead and the personal touches thereafter are crucial to your success.
To learn more about how to implement an effective lead nurturing process and how to approach each lead in the most impactful manner, download this lead conversion guide. The guide walks you through each stage of the buy/sell continuum, digs into the TRUTH about successful lead generation, and shares insights and workflows to connect (and convert) prospects at every stage of the lead lifecycle.
You can also view a webinar hosted by Elm Street Academy about The Science Behind Successfully Closing Leads here.
Learn more about Elm Street
Elm Street’s portfolio of products and services allow busy real estate professionals the ability to streamline and automate their marketing and day-to-day business objectives by offering high-end IDX websites, lead generation tools, a powerful CRM, email, social, text and blog marketing automation, recruiting and retention tools, and more. Learn more at elmstreet.com.
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