So, let’s say you’ve been a real estate agent for a few years, but things are a little slow. And you MUST convert real estate leads to get a closing within the next 60 days—before your next license renewal.
Because maybe you’re at the point where you have to decide if you actually want to keep on in a real estate career.
It may feel like you never convert real estate leads…but that may be a much easier fix than you first imagine!
There is actually an easy way to convert a real estate lead, and we’re going to get into it right here. Be sure to stay to the end—chances are you have a few clients in your orbit RIGHT NOW that need to hear from you!
Okay, here’s the bottom line: the easiest way to convert real estate leads to get a client right now is to go through all of your open loops.
Did you know that only 2% of sales are made on the first contact? That means in order to actually work with about 98% of your leads in real estate, you will have to FOLLOW UP. You probably have plenty of ‘lost connections’ that just fizzled out and all it will take is one outreach to reinitiate that lead and start moving toward a deal.
Let’s walk through the very easy steps you can take to convert your real estate leads starting right now.
1. Revisit Your Calendar
Go to the calendar you normally use to schedule your appointments and, starting from today, move backward through your appointments. Look for any past calls, zoom meets, and physical appointments that you had with a potential buyer and/or seller.
Then, ask yourself, “what happened with that potential client?” If you’re anything like the agents I work with, you’ll find some buyers whom you didn’t follow up with. You’ll find some sellers whom you promised to call in the spring…but then didn’t.
Yes, if you’re anything like a typical agent, you’re going to find an average of 3 (or more!) “dropped balls,” as they say. With most of these, you promised an email, a call, or a follow-up of some kind, but you failed to follow through! This means the leads are still out there, potentially still waiting for help….
Caution!
Be aware, you WILL find people that will let you know “Oh, we just bought last month.” That’s going to be painful…but you must let it go. I’m telling you right now, there’s no use holding on to the disappointment. Move on and find a lead who still needs you! It’s nothing personal—it’s just business.
> Resurrect the Conversation
Once you’ve found some dropped leads, it’s time to bring them back into the fold (if possible). Message them over email or text to resurrect the conversation. Your message should read something like this:
Hey [First Name], it’s been a while since we last connected.
Can I help you in any way at the moment? Still thinking about (buying or selling)?
Once that message is out, it’s only a matter of time before someone gets back to you with a real estate need you can meet.
2. Revive Old Text Messages
Now, let’s move on to your text messages. Get your phone out…seriously, do it right now! Go back in time one by one as far as you can stomach.
See which leads stopped responding to you or which leads YOU stopped responding to. Yes, this is very much the same strategy as the calendar strategy. All you’re doing to get these easy leads is finding the gems that are at the point of getting away and making sure they don’t actually escape.
> Resurrect the Conversation
When you’ve found a few leads, go ahead and send out the same message over email or text to resurrect the conversation:
Hey [First Name], I didn’t want you to think I forgot about you.
Can I help you in any way at the moment? Still thinking about (buying or selling)?
3. Review Your Email Inbox
And, of course, how can we forget our favorite pastime as a real estate agent—the email inbox! This is where you’ll find the MOST dropped leads you can bring back to life. But there’s a caveat…with old email leads, you MUST get out of your comfort and either call or text to revive conversations.
It’s easy to find the conversations here. Either go to your sent folder and go over sent emails one by one OR search for keywords you commonly use with your buyers or sellers. For example, if your first email usually offers a “list of homes” or tips on the “home buying process,” search those terms. Or, if you send a video or attachments, search for the name and/or URL.
> Resurrect the Conversation
For old email leads, you’ll have to call or text to get their attention. For a phone call, your script should look something like this:
Hey [First Name], it’s [Agent Name].
Do you have a minute?
Great, well, I’ll be brief. It’s been ## days since we last communicated, so I just wanted to give you a brief call to apologize on dropping the ball. I should have reached out to you earlier.
(Wait for a response…they’ll usually say it’s no big deal.)
Well, is there anything I can do for you at the moment? What’s the best way to pick up where we left off?
(They’ll let you know what’s going on in their world or what’s on their mind.)
Great, well, would it make sense for me to (send more properties, schedule an appointment, send you a CMA, insert what makes sense here)? I really don’t mind.
Thanks so much for your time, take care and have a good one.
Alternatively, you can text old email leads. Your message should look something like this:
Hey [First Name], it’s [Agent Name].
I think I dropped the ball with our last email. So, I wanted to give texting a try. Can I help you in any way at the moment? Still thinking about (buying or selling)?
How To Avoid Dropping Real Estate Leads
Now, why does this happen? Why do we lose leads in the first place? Well, it’s likely because you’re not managing your leads in a centralized place or don’t have a very effective system.
Many of us are still on the “sticky notes” or “whiteboard” plan. But here’s the deal—at some point, those bright sticky notes and that huge whiteboard DO start to blend in. We stop paying attention to them and lose the leads we thought we would never forget about.
A more effective way to manage leads is to use a CRM or other online program. There are many out there now that will organize your leads and send you reminders to follow up with those you’ve already contacted (example: kvCORE is the one our team uses). That way, you don’t drop the ball with more leads next time.
Obviously, you won’t have to go through these steps of converting old real estate leads anymore. But that’s a good thing! Instead of converting dropped leads, you want to convert brand-new real estate leads every day.
So, get a plan in place, get a CRM or other service, and keep up with following up on your leads. You won’t be sorry you did!