Tony Giordano, nationally-recognized agent, author, and coach, is back for part 2 of his webinar series with Firepoint and Realvolve (check out part 1 here). This time, he introduces a new word into our sales vocabulary—lead assumption.
What’s the difference between lead assumption and lead generation? And should we be doing both? Find the answers—plus some great tips on time management—in the following excerpts from Tony’s presentation.
“In the real estate business," Tony begins, "we constantly hear it: 'Lead gen, lead gen, lead gen. I gotta lead gen.' And a lot of people think they know what lead generation is. But I dissect it in a different way. I came up with the term ‘lead assumption.’ So today, I’m going to break down both, and explain why they’re both valuable to you."
What is lead assumption?
"Lead assumption is what most agents do every day," Tony says. "Most of them think it’s lead generation, but it’s not."
He provides some examples of lead assumption:
You could get a billboard on the side of the freeway, assuming it’s going to produce a lead. You could send out a postcard to 1500 homes in a neighborhood, assuming someone’s going to open their mailbox, see it, and say, “I’ve got to call this agent.”
It could be email campaigns; sending out email blasts, assuming it’s going to produce a lead. It could be adding friends on Facebook, assuming they’re going to refer your business one day.
Lead assumption is simply putting yourself out there and assuming it will produce a lead.
Lead assumption will also make you an insane amount of money...
Don't get me wrong about lead assumption. Lead assumption is not a bad thing. It's putting yourself out there and there's no question leads will come.
But here's the thing about lead assumption that people don't realize. Lead assumption only works on an extraordinary level during hot markets.
In a very active, hot market, you just have to exist. You can go to a networking event and just hand out your card. And because real estate is so active and the market is so hot, there are so many people buying or selling property that it is going to work in your best interest.
"But when the market shifts—as it has done now, during coronavirus—those lead assumption tactics no longer work."
And that's why lead generation is so important.
What is lead generation?
Lead generation is not door knocking. It’s not calling, whether from a landline or a cellphone. Lead generation is not mailing, texting, or emailing. These are all forms of communication, not lead generation.
Lead generation is simply one thing and one thing only. It is asking 20 people every single day, "Do you know anyone ELSE who might be looking to buy or sell a home soon?" And getting at least 20 people to respond "yes" or "no."
That "anyone else" part is important.
Why did I say "anyone else?" Because when you ask somebody, "Are YOU thinking about doing anything with real estate this year," they'll tell you yes or no—but you haven't exhausted all potential business out of this person yet.
Now about that door-knocking...
Now that we know what lead gen is—getting 20 people to respond to us every day—now we get to decide which forms of communication will be the most effective in getting those 20 responses today.
The number one and number two ways that people prefer to communicate today are texting and social media. And I can get to my 20 responses in a fraction of the time, and with 20 times the ROI than any other form of communication.
On social media and the death of 'cold' calling:
In Tony's latest book, The Social Agent 2.0 Update, chapter 13 is titled Death of the 'Cold' Call. Here's what he means by that:
I'm not saying the death of calling. What I'm saying is the death of cold. Why are we choosing to do anything cold today when technology and access to information makes everything boiling hot?
With the help of social media, Tony can learn personal details about a lead before ever reaching out to them. So there's nothing 'cold' about it.
I don't go door knocking. I go door clicking. I knock on the modern-day front door. And I don't know about any of you on this call, but guess what my front door says. My front door says: 24 mutual friends, seven similar interests, you both graduated USC, and you both are diehard Red Sox fans.
Tony concluded his presentation with a chat about the importance of time management.
Now, I can go on and on and on about all the different ways we can lead generate. But none of that's going to matter if you don't manage your time. This is why people fail all the time and do what I call the roller coaster of production.
You lead generate, lead generate, lead generate, and business is good. 'Oh my goodness, I've got deals left and right.' So then you stop lead generating because you've got so much business that you're just looking at all your paychecks and you stop doing what you know you're supposed to do. Then, all of the business closes. And because you didn't lead generate, your pipelines are empty and—boom—you're back down at the bottom.
Why do the top 1% of producers never drop? Why do they always just keep increasing? It's because they are constantly lead generating. They're constantly asking the question and reaching out to their database. They manage their time so well.
Time is by far our most precious resource. We all get the same amount of time every day. Why do some people have extraordinary success and some don't? The most successful people in the world will tell you they manage their time more than anything else.
Tony says it starts with getting into the habit of high level time management, which means blocking out your most important tasks—the ones you need to be doing every single day.
He teaches his coaching clients to block out the same time in their calendars every day for lead generation. That way, they won't schedule things like home inspections or dentist appointments during that time.
He tells them there are only two things that should take them away from that lead generation time block—a personal emergency or issue, such as needing to pick up a child from school; and a listing presentation.
You have to think of lead gen as the most important thing that you need to be doing every day. I promise you, if you got in the habit of doing this every day, you will have extraordinary production.
Every second of Tony's 56-minute presentation is packed with valuable takeaways. Watch the full webinar to learn more about his lead generation best practices, his 5 tips for improved lead conversion, and his tricks for helping his coaching clients better manage their time.
Sammy Harper is a content writer at Firepoint & Realvolve. Her nine years of digital marketing experience include SEO, email marketing, social media, and blogging. Fascinated by the real estate indust...Read More