Here is a pretty simple pattern. The larger your lead database grows, the more successful your real estate business will be. We have seen a direct correlation between real estate growth and the size of a lead database. Seems like a no-brainer, right? More leads equal more opportunity for success. In fact, we’ve discovered that teams and businesses investing in lead generation efforts experience a compounding growth effect. Over eight years, they typically witness growth in production volume by four times. On top of that, we’ve uncovered a formula to virtually assure success in real estate.
But while the numbers may seem simple, actually getting there can be trickier. After all, you are one person! You only have 24 hours in the day and 7 days in the week to work with… so how do you tackle it all and keep up with that treasure trove of a database? Let’s lay it all out.
The Time Conundrum
First things first. What really goes into managing a database?
Say you’ve got 1,000 leads in your database. Maybe 25% of those are “nurture” leads and you need to periodically reach out in order to keep them on the backburner. You’ve also got a handful of leads that are 6 months out from being ready to buy, so you have an eye on them. Maybe you’ve got 25 hot new leads this week that registered on your site. And those leads need to be reached out to immediately! (The critical first touch.) On top of that, you have past clients to follow up with, cold leads to circle back with… oh, not to mention the day-to-day of running your business.
When you look at it all together, it’s a lot of hard work.
Historically, people have turned to technology to make that work easier. But there’s an emerging factor that could be the key to assuring success in real estate: lead support services for agents.
Getting Off the Hamster Wheel
We’ve already highlighted how your lead database impacts your growth and potential for production volume. But now imagine all those leads. An agent has to make the initial engagement with a new lead. Oftentimes, they have to nurture them for up to a year. They have to constantly engage and re-engage with them. And when they become an active “client,” they have to provide exceptional service.
But, you didn’t get into real estate to chase every new lead, right? To be glued to your phone or your desktop, at-the-ready to respond at a moment’s notice. No, you got into real estate to make connections, have conversations, solve problems. You got into real estate to sell real estate! But, as we all know, it’s critical that someone chases those leads and that new leads are responded to immediately.
So if you want to squeeze every cent out of your growing database, you have two choices.
- 1. Be in 100 places at once
- 2. Invest in the right support
The Missing Ingredient to Assure Success
Technology can assist with those tasks, but a supporting service, like RealContact for example, would enable agents to focus on the biggest dollar-productive activities: handling clients. This extra “support” takes care of the lead engagement. It manages the lead nurturing. And when coupled with technology, it accelerates lead conversion. It leads to 4x growth.
So when it’s 8:00AM and you’re stuck in traffic, you don’t have to worry about a new lead being ignored. Or when someone registers on your site at 2:00AM and you’re sound asleep, there’s someone ready to reach out and make the connection.
Let’s face it, the real estate hustle is real. The faster you move, the harder you work, the more you “grind,” the more successful you’ll be. But it’s 2019. There’s a way to capitalize on the grind, without spinning all of your wheels and burning out. Not to mention, your time could be better spent elsewhere.
Your time is best spent making that real human connection – doing a showing, closing a deal. And the way to assure success in real estate is by investing in the right support services that will allow you the time and energy to focus on those dollar-productive tasks. To get off the hamster wheel and get back to what you love… selling real estate!
Want to Improve Your Lead Follow-Up? Check Out BoomTown’s CRM >>
The post The Missing Ingredient That Can Assure Your Success in Real Estate appeared first on BoomTown!.