Prospecting can be a tedious game of trial and error, especially when investing in leads that aren’t always the right fit or at the right time. Ensure your time and money are well-spent by generating qualified buyers more efficiently.
We compiled our top five best practices for how you can generate leads without spending a fortune.
01. Current customers
Repeat customers account for a shocking 65% of an organization’s business.
In real estate, building repeat business boils down to relationship retention. When a homeowner has a great experience with a real estate agent, you not only sold their house- you just sold their parents’ house, their sister’s house, and their best friend’s house. Shopping for a real estate agent is about as fun as… shopping for a real estate agent. This is where having a strong relationship not only retains the customer and builds brand loyalty but generates referral business.
Maintaining a relationship after the transaction has been completed can look like sending a monthly newsletter with upcoming properties for sale or properties you’ve sold in their area recently. Frequent and personalized contact with current customers communicates to the customer that they are still part of your network, not just a past sale.
Frequent interactions should add value to the relationship and not necessarily be real estate related. You can stay top-of-mind with your past customers by sponsoring a little league team, hosting a food drive or simply checking in to see how they are doing.
02. Leverage referrals
Current clients are also your best salespeople. It isn’t surprising that people are four times more likely to purchase from a referred business; it saves them the hassle of having to research on their own and build a relationship. A referral also comes with a level of trust and credibility already established. Referral discounts are a great way to encourage current customers to stay loyal to your brand and refer their friends and family.
Want to leverage even more referral business? Encourage your customers to write a review online. Online reviews are a great referral source and provide social proof for your business. An online review is a great alternative to a personal referral and works just as well as a referral from a friend or family member.
03. Relationship Marketing
Relationship marketing refers to the methods by which a business acquires and retains strong relationship-based clientele. In business, relationships are everything. A positive relationship will generate new leads and repeat business.
You may be wondering if all marketing is technically relationship marketing. Not exactly. Relationship marketing is all about providing an experience beyond the transaction- focused on surprising and delighting the customer in ways that they aren’t expecting; a true above-and-beyond experience.
Relationship marketing is vital in real estate. The nature of helping clients with important life decisions, major life events, and unforeseen tragedies makes building and retaining relationships essential. Here are some ideas to get you started with relationship marketing as a real estate agent:
Use data to segment your clients and analyze your market segments.
- Your market segments could be by age, time in the home, family size, etc. Each segment will have unique needs, it’s best to know what they are so you know how to market to them!
Offer content they find relevant, useful, and informative.
- Think of this as a way to be part of your customers’ lives every day by offering info and resources that make their life easier or better.
- For families with small children, offer ideas for fall excursions, spring break getaways, local events, hiking trails, and new kid-friendly activities.
- Your outreach efforts should be about your client or prospective client, not about you.
Send a birthday postcard, remind them of upcoming farmer’s markets, and announcements about advancements in the neighborhood like a new library, food-truck pop-up, or playground.
Meet your prospective customers where they are and sell the whole neighborhood!
- Use your market segments to get to know your customers. Is a large portion of your lead list soon-to-be retired? Deliver information that educates your prospects about retirement or host a seminar in the area.
04. Warm cold leads
Sometimes our next client is one who previously told us “no.”
Reengaging cold leads by checking in to see how their current home sale journey is serving them or to make them aware of upcoming properties for sale in their neighborhood is a great way to warm a previously cold lead. If you’ve followed through with your relationship marketing strategy, hopefully, your previous leads aren’t ice cold because they have been in your nurture email campaign for some time but if they aren’t, a personalized email or phone call will remind them of your previous conversation and open the door for a new conversation.
How not to warm a cold lead:
- Don’t be a pest. In addition to your email marketing, reach out every few months to check in on a personal level.
- Don’t talk about yourself. The conversation should be all about them, their needs, their problem, and their goals.
- Don’t forget to follow through on any promised deliverables or phone calls. There is nothing worse than making a promise to someone whose business you’re trying to gain and not following through. If you’re prone to forget, set a reminder in your phone or schedule it on your calendar.
05. Cole’s Customizable Lead List subscription
We may be slightly biased, but that’s because we know how powerful Cole’s customizable lead lists are.
With Cole’s lead lists, you can customize your search attributes to include just listed and just sold properties, expired listings, and For Sale by Owner listings- among dozens of other search criteria.
Reaching your prospective clients first, puts you top-of-mind on their selling journey.
Our customization allows you to get in touch with potential clients at the right time.
Plus, a subscription to Cole gets you access to powerful lead lists.
Are you ready to take your prospecting to the next level?
Get started with Cole Information and reach the right prospects at the right time.