I'd like to talk about lead generation. Maybe you just groaned. I know. Lead generation is not a topic that makes most agents jump for joy. However, if you don't pay attention to lead generation, then you may as well shut your door and go home. It is an ESSENTIAL tool in your business and must be used consistently.
Today, I'd like to talk about lead generation.
Maybe you just groaned. I know. Lead generation is not a topic that makes most agents jump for joy.
However, if you don't pay attention to lead generation, then you may as well shut your door and go home. It is an ESSENTIAL tool in your business and must be used consistently.
Here are five simple truths about lead generation that illustrate how important it is:
Agents who do even ONE HOUR of consistent lead generation make a lot more money than agents who don't.
That's right. Just one hour can sometimes make a huge difference - as long as it's done consistently.
The challenge with lead generation isn't the lead generation itself. It's the consistency of taking the time to perform the tasks.
Consistent lead generation means you have a system or a program that you devote time to on an ongoing and regular basis. This could be once a week for some programs, once every two weeks for others, or even once a month. (I highly recommend that you don't go longer than a 30 day period with no contact to your database. That's not very consistent at all.)
When you do something with such predictable timing, it becomes cumulative. Cumulative contact builds up in the mind of the receiver so that when they see your material, it's welcomed.
Most agents miss the power of cumulative and consistent lead generation. It takes time. Most agents give up after three or four mailings that don't appear to be working.
The amazing truth is that when the cumulative effect of sending something out regularly for a long period of time builds up, suddenly you get flooded with phone calls. I've seen it happen too many times to deny its power.
The worst time to do lead generation is when you desperately need money.
This is a harsh truth, but one you need to hear.
Most real estate agents do not have a consistent plan for lead generation. Instead, they implement a campaign when they desperately need to make money.
This is by far the WORST time to start one. A lead generation campaign needs time, patience, and diligence. When you're in a desperate frame of mind, you don't have the calm demeanor of a planner. You have the frenzied and tense demeanor of a person who's broke.
At those times, it's better to implement some emergency measures to get the ball rolling - like calling expired listings and For Sale By Owners. Once you have a little money and time, then put together your long-term lead generation campaign.
Lead generation that suits your personality is much more effective than general lead generation.
Every agent is different. Every agent has a style that is unique to him or her. Some are better on the telephone. Some are better in person. Some are better in print.
The key to successful lead generation is to match your personality to your actions. If you're good on the phone, then call expired listings and For Sale By Owners. If you're good in person, then hold Open Houses and attend networking groups.
Whatever your strength, use it. Tailor your lead generation campaign to fit your personality and it will serve you well.
Lead generation strategies of yesterday still work today.
I hear agents all the time telling me that my suggestions are so "retro" or "passé". I know we live in a Twittered world full of LinkedIn communication that's Facebooked and YouTubed. That's all fine and dandy.
But the old stuff still works. It really does. You can spend all day sending "tweets", but an Open House - at which you shake people's hands and communicate with them in person - is still an effective tool for real estate agents.
Same goes for farming. Farming still works when it's charted out with a consistent game plan. It sets you up as the "go-to" expert in your area.
Calling expired listings not a good idea anymore? Think again. Expired listings are a goldmine for 12 agents I know who are working them right now. These 12 are making bucket loads of money, so nobody can tell me that this tactic is too old to work.
Online lead generations campaigns work too.
More modern online lead generation tactics do work as well. As an agent, you need to be doing a mixture of classic and new techniques to find listings.
Many agents I know who are currently working a cohesive and strategic online lead generation campaign are finding listings where nobody else is finding them. They're savvy. They're socially connected. They pay attention to what they're doing online.
Perhaps most importantly, they promptly return messages received to their social networking sites - which has resulted in a huge income boost for all of them.
So, it's time to stop running away from consistent lead generation. It is a key tool for you to make money.
Would you tell a restaurant owner not to have a sign? Would you tell a baseball player not to have a bat? To do what you do, you need the tools to play the game.
Lead generation is the most powerful tool in a real estate agent's toolbox. When implemented properly - with consistency and enthusiasm - lead generation will bring you real estate rewards for years to come.