3 Hard Truths About Lead Generation in Real Estate
Here are two important facts about lead generation in real estate:
- There is no shortage of leads in real estate.
- Not all leads are created equally.
I state those two things because they have to be top-of-mind for this article to have any weight — it’s a base from which we can jump off together.
Lead generation in real estate is one of the chief concerns of any agent working among the people. While some have it dialed in, most seem to always be looking for bigger and better ways to do it right.
Newer agents are likely to be looking for tips and tricks for lead generation, while more experienced agents might be more interested in lead management techniques. The following three truths about lead generation in real estate will speak to all sides of lead generation and management and any and every experience level.
The Best Leads Don’t Come Overnight
Lead generation in real estate can be more a marathon than a sprint.
While there are many leads readily available to those who are willing to go after them, the best leads don’t just happen — they get cultivated. Building a Sphere of Influence takes time, but the dividends it pays makes it well worth it.
Hands down, the best way to get new clients is by building — and then leveraging — relationships with the people who like you best.
This method of lead generation is slow-going but fruitful. It can become your primary source of income with time and the right kind of effort.
Until you grow a Sphere that can sustain your income needs, you’ll need to spend time doing other kinds of lead generation as well. Which is why you have to remember the next two hard truths:
Leads Are Everywhere. . .
There’s no such thing as a lack of leads in real estate. Regardless of economy, market, interest rates, or any other factor, people will need to move for reasons that are independent of finances.
Maybe you’ll have to doorknock, call lists of expired leads, follow up with old contacts, run free ads on Craigslist or social media, or get even more creative, there will always be ways to generate new leads for your real estate business.
There’s just one caveat:
. . .You Have To Do The Work
No one claimed this industry was easy.
If you’re willing to get to work, make moves, and keep on going, you’ll get the leads you need.
Not every lead is going to be a winner, but you’ll learn something important as you go: there’s no such thing as a bad lead, just a lead that hasn’t been handled correctly.
If someone isn’t ready to buy or sell right now, that doesn’t mean they never will be — you just need to make sure you record them correctly and follow up in the future. Stay top-of-mind. Find ways to serve them beyond just trying to get their business right now.
Then, follow the law of the harvest: reap what you’ve sown. Follow up well, keep meticulous notes, and treat every prospect with whom you speak like a current client who’s paying you. You’ll be shocked at how “bad leads” suddenly turn into opportunities.
Lead generation in real estate isn’t easy, but it’s pretty simple: cultivate relationships for the best long-term leads, work hard for the short-term ones, and treat every lead like a golden client. Follow up and take good notes. Keep your head down and keep working, and you’ll pull ahead of the competition.
