The real estate industry promises a lot of profit, but only for people who are willing to put in the work to generate, manage, and nurture their leads.
Lenders can win great when closing deals with clients, but many convert because they don’t know how to take care of their customers–they fail to proactively look for potential clients or forget to qualify them, they forget to do follow-ups and don’t employ a lead management strategy, or they drop their contacts immediately and don’t employ post-sales services. These are just some common mistakes when handling real estate leads that we break down in this article to help you build a more effective business.
Generating Leads
Knowing how to close real estate leads begins with an understanding that everything starts with a smart lead generation method and high-quality leads. Here are some common practices to avoid when generating leads:
Waiting for Leads
Many lenders take on a reactive mindset early on, causing them to miss out on opportunities to close a deal. While there are thousands of people out there looking to invest in real estate, you can’t just wait for them to come to you. You must be proactive; send emails, make cold calls, invest in marketing, etc. to put yourself out there and work your way into the network of potential customers.
Forgetting to Qualify Leads
Not every lead is going to turn into a sale, so it’s important to qualify interested clients early on. This allows you to focus your efforts on the most promising prospects. To qualify your leads, consider aspects such as their budget, timeline, motivations, etc. as these will tell you how far along they are in their buying journey.
Not Employing a Marketing Strategy
Marketing is a key part of generating real estate leads, and it’s a necessary investment to attract new clients and establish your authority in the industry. That said, you don’t have to splurge on it, especially early on.
Start by building a strategy that follows your lead pipeline, and determine which marketing tools and methods make the most sense for you. The goal is to spend your resources on what will most efficiently move your clients from being prospects to actual sales.
Managing Leads
Lead generation is just the first step toward closing deals. Managing your clients is where the real work begins, and where you have the most opportunity to drive a sale. Here are mistakes to keep an eye out for during this stage.
Not Investing in Technology
A customer relationship management (CRM) tool is a smart investment for lenders who have to deal with hundreds of clients at a time. It allows you to categorize your leads so that your sales efforts are targeted and you don’t lose anyone in the cracks.
There are also other forms of technology that you can seamlessly integrate into your lead management system for more seamless transactions. AI, for example, can help you generate content for your customers, while chatbots can help you quickly respond to queries.
Failing to Do Follow-Ups
Using the right follow-up strategies for real estate leads is key to keeping yourself on your clients’ radars. Follow-ups can be as simple as an email or a quick phone call, but it’s ideal to provide valuable information and personalized content so that you build trust and credibility with your client base.
Nurturing Leads
Handling real estate leads doesn’t end when you close a deal. Your customers can still offer a lot of value even after they’ve taken a loan with you; this could be in the form of referrals or additional sales. Here are some things you shouldn’t do after you give a loan:
Dropping Leads Immediately
Don’t drop your leads immediately. Instead, keep reaching out to them occasionally, in case they might need your services again or know of anybody else who may require a loan. Their good experience puts you at an advantage because they’ll likely recommend you to like-minded individuals.
Not Having a Post-sales Strategy
A post-sales strategy allows you to keep tabs on your closed deals. This could include drip campaigns, gathering testimonials for social proof, or keeping your website updated. Find different ways to keep your lead list alive!
Better Real Estate Leads with IPA
Insurance Pro Agencies helps you better handle your real estate leads by providing you with high-quality leads who are ready to buy, ensuring that your strategies are maximized towards a closed deal. Reach out to us to learn how it works and join the program!
