Lead management is one of the biggest problems facing real estate today. More than the slowing market, more than hiking interest rates, and more than agent retention, lead management is the thing you should be worried about right now. It’s not overbold to say that your career is more threatened by how you handle the leads you have than by any outside force.
At some point in their career, every agent says something along the lines of, “I need better leads.” I hate to break it to those of you who haven’t figured it out yet: there’s no such thing as a bad lead. It’s in how you work and how you follow up with real estate leads that determines how “good” they are.
No Lead Is a Bad Lead
Every person with whom you interact is there to get something of value from you. While the level of readiness, engagement, and trust may differ vastly between leads, the fact that someone has willingly allowed themself to be contacted by an agent at all shows a need that you can help fill. That’s why there are no bad leads, just leads that you haven’t cared for well enough yet.
Real estate doesn’t have a lead generation problem. Because leads are cheap and easy to get, many agents play the game of only going after the leads that are readiest and most able to buy right now, and that’s a huge mistake and a bigger missed opportunity. You don’t need more leads; you need to take better care of the leads you have. If that sounds like too much work, then I have good news: it’s as easy as A-B-C.
The ABCs of Real Estate Lead Management
All of your leads should be divided into three basic categories: A leads, B leads, and C leads.
- A leads are ready to buy or sell right now. You should always have an appointment set with these leads.
- B leads aren’t ready to buy or sell yet, but will be in the next 30-90 days. B leads should receive two calls per month on a set day, two weeks apart. I recommend calling during the first and third weeks.
- C leads won’t be ready to sell for longer than 90 days. They should receive a call once per month. I recommend calling them during the second week of the month.
These calls should never be aggressive or overly sales-oriented. Approach each of your leads with the intention of serving them, and opportunities to do so will present themselves — eventually including very lucrative opportunities. Serve without thought of reward and the result will take care of itself.
Lead management is the answer to your real estate woes. If you assiduously follow up with every lead, you’ll close more deals. Period. It doesn’t matter if the market is slowing down or if interest rates are going up — people need to move for dozens of reasons that have nothing to do with rates or markets. Being top of mind and taking special care of your leads will make you a better agent, build you a stellar reputation, and make you more money than just going after only A leads.
For more about The ABCs of Lead Management, check out our free resource here.
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