Did you know that the average lifetime value (LTV) of a Real Estate client is approximately 7x the value of your first transaction with that customer?
That one customer, if you can retain them over the course of your Real Estate career, will not only purchase one house but is likely to purchase and sell another down the road and referrer their friends and family to you. On average, this one customer could be worth as high as 7 times the value of your first transaction with that one customer.
So imagine if your first transaction with this one customer is $4200. That one customer could potentially be worth $35,000!!
So what would you be willing to do for $35,000? How hard are you willing to work in order to make sure you can take a dead cold lead that you’ve paid $5, $10 or maybe even $20 and turn them into a $35,000 client?
The following provides a brief outline of 7 proven steps that you can follow in order to ensure the highest possible success in converting your new Facebook real estate leads into actual customers. And hopefully, turn those into a $35,000 customer!
These steps have been proven by top marketers in the industry and successful Real Estate agents that understand the total value of their customers.
Internet-generated leads are tough to convert and require a lot of work. You must have a strong follow-up system in place, nurture your leads over long periods of time and be willing to put in the effort to turn your new leads into a customer.
But if you’re willing to do this, you’ll be way ahead of the game. Most Real Estate agents in your position fail to properly follow up with their leads. This will give you a huge competitive advantage.
Are you ready to make some money?
STEP #1: Call Your Leads, NOW & until you reach them!
Obviously, calling your new leads is an important part of the process. But Facebook generated real estate leads are hard to reach. Immediacy and persistence are critical in reaching and qualifying your new leads.
Here are some effective calling strategies:
- Call your leads as soon as possible. Some studies have shown that calling your leads within 5 mins can increase your ability to reach and qualify your leads. IF you can’t call within 5 mins, call as soon as possible
- Use the “bulldog” approach when trying to reach a lead. Call 3 times in a row and only leave a voice mail on the 3rd attempt.
- Be persistent and call leads every day for at least 5 days with a minimum of 6 to 8 attempts.
- Watch for patterns when contacting your leads and look at the best time of day to reach them. In many cases, mid-week in the afternoons seems to be the best time to reach new leads.
- Continue to nurture leads with phone calls in order to remain top of mind
- Don’t be afraid to call your leads. Remember, they gave you their phone number. They’re expecting you to call.
- Persistence is key! Keep calling until you reach them.
Most agents either never call their leads or try once and never call again. You have a huge advantage over your competition if you can consistently call and try and reach your lead.
Remember that the money is in the follow up.
STEP #2: Email Nurturing is Critical
Over the years, Email open rates have significantly dropped. However, since the sales cycles in Real Estate can last months, sometimes years, long term email nurturing continues to be an effective way to remain top-of-mind.
Although your leads may not be opening up your emails, unsubscribe rates are still relatively low. This means that even though someone is not opening your emails, your name still appears in their inbox. This gives you another way to remain top-of-mind with your leads. Over time, your leads will remember your name and this allows you to reinforce your brand.
- Invest in term 3 to 6-month email drip campaigns that provide information and value
- Add even more value by delivering content that people actually care about. Seasonal & special event emails are especially effective.
- Nurture your leads with up-to-date information including new listings, open houses and market reports.
- Regularly reach out to your leads and ask them questions about the status of their Real Estate needs.
STEP #3: The Power of Text Messaging
Communicating with your leads via Text messages can be a great way to increase your chance of reaching them especially if you can reach out to them immediately. Some people may be more likely to respond to a text message then they would be to answering your calls. There seems to be more separation and less commitment to text messages.
Combine text messages with your phone call follow-ups and emails. For example, after you’ve left a message, send them a quick text message.
Here are some effective tips when reaching out to your leads via text message:
- Keep your text messages short and to the point
- Ask engaging questions in order to start a conversation
- Make sure to respond immediately to all your incoming text messages. If your lead is texting you, they’re engaged at that moment.
- Follow up regularly via text message but don’t be annoying.
STEP #4: Use Social Media to Engage
We all know the power of social media but so many Real Estate agents fail to take advantage of it. Many don’t know how.
Here’s your time to shine!
Engaging on Social Media platforms like Facebook and LinkedIn allow you to start building the relationship you need in order to nurture your new leads. Use Social Media to reach out to your new leads and nurture them.
Here are some effective tips to engage with your leads on Social Media:
- Don’t be afraid to add your leads as friends on Facebook or connections on LinkedIn
- As soon as they accept your friend or connection request, send them a quick, non-salesy message. A quick ‘Thank You’ for connecting with them. Make this as personable as possible.
- Use video messages! They’re incredibly powerful and your leads will remember you.
- Make sure your profiles & business pages scream “Real Estate Agent”
- Make sure to use a personal picture instead of a company logo. People relate to people, not businesses.
- Post your wins, sales, closings, testimonials and whatever else you can to reinforce how awesome you are.
- Segment your new leads, follow them and engage whenever possible.
- Work on your reviews and make sure they are up to date (and positive)
STEP #5: Deliver and Over Deliver on Your Promises
Your leads have given you extremely valuable stuff; their contact information! And for that, your new leads are now expecting you to deliver exactly what you promised.
Don’t disappoint your new leads right out of the gate. Make sure to deliver exactly what you promised and if possible, continue to provide them with more valuable information.
Whatever “Bait” you’re providing, make sure it’s as good as you can possibly make it and make sure it’s accurate.
For instance, if you promised, “The ULTIMATE guide on how to increase the value of your home” you better provide something loaded with value. If you’re giving away a list of homes under $350,000 in a specific area don’t include homes that are $400k in the neighbouring town.
In addition, follow up your offers with more of the same or similar offers. After you’ve delivered a list of homes for under $350,000, you could follow that up next week with an updated list of similar properties. In the case of the Ultimate Guide, you could follow that up the day after with the Ultimate Check List.
STEP #6: Your CRM Is Your Lifeline
With the possibility of generating hundreds of real estate leads per month and tens of thousands of dollars of additional revenue, it is absolutely critical that you stay organized in order to effectively convert your new leads into customers. A well-structured CRM system will give you the tools and the advantage you need to get the most out of your leads.
There are plenty of solutions available that will manage your leads, automate your emails, create task flows and help you nurture your leads over long periods of time.
If you’re currently using a Customer Resource Management (CRM) system, great! Let’s make sure it’s properly set up to take in your new leads, automate some of the processes and organize them in a way that makes it easy for you to communicate with them.
If you don’t currently have a CRM system, this is a great time to consider one. We are in DESA, have our own CRM and prefer connecting all of our clients to it. Reach out to us if you are interested in getting yourself a CRM
STEP #7: Hit Them From ALL Angles
It’s simple. All these new leads you’ll be receiving need to be followed up with, regularly and as much as possible.
Your leads require multiple touches. In fact, in most cases, people need approximately 8 touches to remember you and up to 26 touches to convert into a loyal customer.
That may seem like a tall order, but with the technologies available, social media platforms like Facebook and your new marketing partner (me!), it’s never been easier to reach out and get in front of your new customers.
Use the technology and platforms to your advantage. Within a week, you can easily touch your new multiple times.
- Call every day for 5 days. Leave VMs (2-5 touches)
- Send Text MSG (2-3 touches)
- Friend request, messenger & follow up (5-8 touches)
- Follow and engage regularly on social media (5-10 touches)
- Post your wins and be active on social media (5-10 touches)
- Automated and manual emails (5-7 touches)
- Original offer and additional value (2-3 touches)
See how quickly it adds up? If you remain consistent and persistent you’ll have no problems reaching your new leads. Your chances of converting them into a loyal customer will greatly increase.