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Real Estate | 7 minute read

Prioritizing Lead Follow Up in Real Estate

Gabe Cordova Sep 24, 19

Hey folks, FYI we have a more in-depth webinar on this topic with subject matter expert, Beverly Ruffner.

In real estate, lead follow up is pinnacle to the success of your firm. Whether it's your ISAs (Inside Sales Agents), your firm's agents or you personally, following up is absolutely essential to selling homes. However, in large databases, some leads fall through the cracks. Don't allow this to happen at your firm. Have a process for seeing leads through their buying journey and ensure your firm makes the most out of the database and sells as many homes as possible.

You've got to build a McDonald's style process. There, you can get salted fries or unsalted fries, but you aren't getting burnt fries. It's the same in real estate, know when you have a systems problem or know when you have a people problem.

- Beverly Ruffner CEO, Balance Business Consulting

Increase Amount of Contacts

You will lose more business in this industry by not reaching out enough than by reaching out too much. Reach out as much as possible.

Don't be afraid to pick up the phone. It's all about being accessible. If you get a call from a number that you don't know, how likely are you going to be to pick it up? Not very likely. However, if this number calls you 10 times throughout the week you're probably going to eventually pick up or call back out of curiosity. This is why we don't leave voicemails.

Just keep calling. Explain to the client, "If I work this hard to talk to you how hard do you think I'm going to work to sell your home." You've already paid for the lead, monetize it. The tools are there.

I once called a lead 82 times between April and October and never once spoke to him. However, he was active on the website and he eventually decided to sell his home with us. He said we were the "most consistent and persistent agents he'd ever dealt with."

- Beverly Ruffner CEO, Balance Business Consulting

Increase Leads' Activity

Having active leads on your website means something: they're interested in your firm's services. Don't allow these leads to remain active without contacting them. Get in touch with these people and learn more about why they're on your website.

Without reaching out to leads they can become inactive quickly. This is a wasted lead. Someone from your firm needs to be keeping these leads active on your site and pushing them to provide information that can help categorize them.

Categorize Leads into 3 Main Compartments

1. Unknown: Haven't yet spoken with (Need to determine where these leads are in the process)

Unknown leads in your database are one's you have not spoken with yet and need to be felt out to see where they are in their home buying or selling process. Determining where they are in the process will help you to place these leads and have more effective conversations with them. Checking to see when these leads have last been active can be very helpful in understanding their level of importance. Once you've had a conversation with the lead they can be moved to nurture and categorized accordingly.

If you're getting Google leads, they're just looking. Don't call them too fast. This is the storefront equivalent to immediately asking a customer "How can I help you?" However, Realtor and Zillow leads should be called immediately.

2. Nurture: Situated into a group and has TAG (Targeted Group for Mass Communicating)

Nurture categorized leads in your database have expressed some level of interest in either buying or selling a home with one of your agents. This level of interest can be drastically different for each nurture lead. This is why it's important that your database have an easy-to-use filtering method.

An especially important filter in your database should be the classification of a HOT LEAD:

Hot leads are those leads looking on Realtor and Zillow. These are the leads that you want to call immediately to prevent anyone from getting between your firm and this lead. Hot leads do not stay hot for very long so it's important that they're contacted as quickly as possible.

An example of a hot lead is...a person who doesn't know the value of their own home but wants to make a purchase. This person needs to know the value of their home so they can move forward. This is a hot lead because there is an opportunity immediately created for an agent.

3. Cold - Bad Phone Number, Email and/or Inactive

Cold leads are sometimes still worth being nurtured. If they have a bad Email or bad phone number but are still remaining active on your website it means they are interested. These leads are also easy to nurture because everyone else is trashing them. Once they finally do decide to reach out, your agents should be getting their business.

The only time you should trash a cold lead is when they fit two important criteria. First a bad Email or bad phone number and second when the lead has become inactive on your website. Only if both criteria are met should the lead be trashed.

Clean up your Database and Succeed

Maintaining an optimized database is essential to being effective in real estate. Databases without proper categorization, or that don't have the essential information don't help your agents succeed. Make sure that having a consistently updated database is a priority in your firm.

Don't allow your database to fill up with overdue tasks that could prevent you or your agents from converting leads. Make sure that if leads are marked hot that they truly are hot. When contacting these leads have a definitive note marked about their preferred way to communicate. Does this lead prefer to text? Does this lead prefer email?

Further, if a lead has bought a home with an agent outside your firm don't trash the lead. Rather, nurture the lead on a long-term selling campaign for when they are ready to move homes. Only 10% of sellers enlist the agent that they bought their home from. Every lead in your database should be moving towards a desired result.

The Bottom Line

Prioritizing lead follow up in real estate will help you and your agents to be much more effective. With an increased number of contacts, higher levels of categorized contacts and a clean database your firm will prosper.

For more information about real estate lead follow up, check out our webinar!

Prioritizing Lead Follow Up in Real Estate: No Lead Left Behind with Beverly Ruffner

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Click here to download the guide: The Rule of Three

About Gabe Cordova

Gabe is an expert in residential real estate with over 16 years of sales success, team building, training, and system implementation. As the President of Firepoint Solutions, he focuses on building th...

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