We recently published a blog, How to Convert Online Real Estate Leads in 4 Easy Steps, that details the best way for real estate agents to convert online real estate leads into actual customers. Generating leads is the first part. Converting leads into customers is where the real magic happens. The more leads real estate agents can convert, the more money they stand to make.
Although we all wish we could convert every lead into a client, that’s not possible. Not only is it not possible, it’s not even fathomable. Why? The hope is that we consistently move leads up the chain. Most conversions don’t happen overnight. Sometimes, it happens where the person that immediately contacted you wants to discuss how you can sell their home. More often than not, most people who give you their information are on the lookout for a real estate agent in the future. They’re not looking to sell right away. Heck, they might not even be sure if they want to sell.
This isn’t necessarily a problem because it’s best to be top of mind when they wish to sell. From a logistics standpoint, though, it could cause some issues. Cold or even warm prospects can end up getting lost amongst the other leads that you’re continually generating. To prevent this from happening, you must develop a lead management process.
Home Value Leads can most definitely help you with this process. However, we understand that not everyone reading this blog will just take our word for it. Not only that, our goal with these posts is to educate real estate agents. We’re a big believer in sharing knowledge. We’re practicing what we preach here by telling you the best way to mange your real estate agent leads.
Step-by-Step on How Manage Your Real Estate Agent Leads
1. Forego pen and paper or even excel
Using pen and paper is a huge no-no. Don’t even consider it. If you’re already done it, then stop doing it right now. All pen and paper will do is cause frustration, so will excel.
Excel’s a great organizational tool, but it’s not the best tool for you to use to manage all of your specific leads. So, the first thing to do is to give up old habits, pen and paper or excel, if you’ve got any.
2. Put your leads into a CRM system
Most data is stored in the cloud these days and your lead data should be no different. Put your leads into the cloud by putting them into a CRM system. Customer Retention Management systems (CRM) are used by salespeople in almost every industry.
For real estate agents, having a CRM is important. The goal of real estate agents is to constantly generate leads because most leads generated take time to convert into actual customers. Constant lead generation can lead to data overload. Every single person that becomes a lead might not be important at the moment they become a lead. They could end up being ultra-important in the future.
3. Once leads are in your CRM, categorize them
Once you’ve placed leads in your CRM, the next step is for you to categorize them. Consider your leads in terms of cold, warm, and hot.
Cold leads – Cold leads are leads that you may or may not have qualified. In the traditional sense, a cold lead comes from cold-calling. From a real estate agent point-of-view, a cold lead might be a lead that you’ve met through networking or word of mouth. For real estate agents, it’s almost more important to think of cold leads in terms of their readiness to either sell or buy. If a lead comes in and the lead isn’t ready to sell their home, they’re a cold lead.
Warm leads – Most of your leads are going to be warm leads. They haven’t explicitly said they’re not ready to sell yet. They might want to wait a bit longer before selling, though. You meet many warm leads through word of mouth or social media.
A good way to look at is to consider any lead that provides their information to you as a warm lead. You can categorize them as either a cold or hot lead depending on how quickly they wish to sell or if they wish to sell at all. Always start out any lead that provides you their information as a warm lead. Then recategorize them depending on what they tell you.
Hot leads – Hot leads are the best because they want to sell, or buy, right away. Hot leads will be your absolute best clients. They’ve contacted you because they want to see your listing presentation or they wish to meet right away to discuss how they can sell their homes.
Hot leads who wish to purchase are also great because you can put them together with possible warm or cold leads. Pay attention to hot lead home buyers.
4. Provide specific communication to where you are in the conversion process
Home Value Leads provides instant notification and automated SMS follow-up. Those two things go a long way in converting leads into actual customers. If you don’t use those two HVL features, you must find a way to make contact with your leads right away.
Sometimes, a cold lead never becomes a warm lead or hot lead, much less a conversion. Periodically checking in with cold leads can still lead to conversions. You just want to make sure not to spend too much time on true cold leads.
The process to manage real estate leads isn’t too difficult. It starts with organization. Forget pen and paper and excel sheets. All real estate agents must use some type of CRM. After categorizing their leads, they can then provide specific communications that change a lead’s designation and eventually converts the lead into an actual customer.
If you’re looking for a solution that not only helps you generate real estate leads, but also manage them, the Home Value Leads tools is for you! Start generating real estate leads today!