Real estate follow-up is not a sprint, it is a marathon. Learning how to get seller leads is great, but if you don’t follow up with them, you aren’t going to close many at all. I know this from experience. I used to do a great job generating leads for myself. In fact, I had so many that if they didn”t answer their phone or respond to the first email, I would ignore them.
Real Estate Lead Follow-Up Done Wrong
Over the past year, I’ve learned a lot more about marketing. Mostly, I’ve learned that everything that I used to do was the complete opposite of what I SHOULD have been doing. Real estate lead follow up is not about the quick sale. Sure, you may get the occasional quick hit, but you are going to miss out on a ton of business. How do I know? Because I hired an assistant for my real estate team. She would follow up on all of my old leads when she had down time. She called and/or emailed every single lead I had ever collected over the past 3 years – right around 6,000 leads. She was able to get a hold of about 500 of those leads and about 60% of them had already purchased a home (and NOT from me!)
That was 300 potential transactions that I let slip down the drain. That was 300 potential relationships that I could have built. At an average price point of $250,000 that was $2,250,000 (Yes, $2.25 million) in potential commission income. All because I didn’t think it was necessary to follow up on people who were “unmotivated.” Yeah, I feel like an idiot.
Why Follow-Up Is Important
Apparently, I am not alone in being an idiot though when it comes to real estate lead follow up. Roughly 44% of sales people give up after one “no.” Another 22% give up after two. This means that 66% or two-thirds of agents will never follow up a third time. Yet according to several studies, 80% of “non-routine” purchases like a home are made after at least 5 follow ups. Another startling statistic is that 63% of people who contact you today won’t buy for at least 3 months. If you are not following up with your real estate leads more than once, you are missing out on a ton of business. Take a lesson from this mouse in the video below.
Real estate lead follow-up is not a sprint, it’s a marathon. Remember, just implementing a follow up system will put you ahead of two-thirds of other agents out there. Personally, I love using Follow Up Boss for my follow-up system (read my Follow Up Boss review to see why). What type of follow up do you do? Sound off in the comments below.