While we all recognize that mortgage broker leads are essential for independent agents and loan officers seeking interested buyers who need home loans, it’s also incredibly important that real estate agents have a steady, ongoing supply of healthy leads.
Real estate agents often rely on referrals, online advertising, networking, social media, and more conventional lead generation routes like hosting open houses, targeting real estate ‘for sale by owner,’ or contacting homeowners in areas with demand and interest.
Let’s look at how to source reliable, high-intent leads as a real estate agent and, importantly, how to convert real estate seller leads from potential prospects into ready-to-go clients, property sellers, or borrowers.
Reasons Real Estate Agents Depend on Lead Funnels and Pipelines
Property professionals might work on behalf of buyers or sellers, but ultimately, their aim is to either find a buyer for the real estate their client is selling or secure the sale of a customer’s home. This means a dependency on marketing, lead generation, and prospect nurturing.
Simply holding an open house or advertising a home or piece of land online isn’t going to cut it because:
- Around 15% of all property sales fall through before the final documentation is complete, which means agents need backup plans or the ability to pivot quickly in identifying another viable lead.
- Fall-through rates are even higher during market volatility, owing to various issues such as breaks in the real estate chain, a change of heart, or problems uncovered during a home inspection or survey.
- Most buyers are contingent on approval from their chosen loan officer or broker. If the financing collapses, the agent may need to look for another buyer for the property or source a new property for their client based on their specifications.
This all means that real estate agents need to be intentional and strategic, using varied lead generation techniques to ensure they are the first to know when a prospective new buyer or seller indicates an interest. While agents might find prospective clients come to them in some premium locations, this is very rare, especially in areas with high competition and multiple real estate agents vying for the same business from the same clientele.
Lead Generation Options for Real Estate Agents
Of course, the best ways to collect leads and nurture them into prospects and clients may depend on your real estate business’s focus and specialties. However, over the years, Insurance Pro Agencies has seen how the power of relationships, direct referrals, and exclusivity improves customer perceptions, satisfaction with the services received, the speed with which deals are closed and commissions are paid.
Our partnership referral scheme is open to loan officers and mortgage brokers rather than real estate agents. Still, as home insurance specialists with a referral network that has returned sector-leading outcomes for over seven years, we’re in a great position to share tips and advice.
Getting Real Estate Agency Leads Through Partnerships
Real estate buyers or sellers work with several professionals during a transaction, including lenders and brokers, insurance providers, cleaning services, house moving companies, and possibly landscapers and contractors. This means multiple businesses, brands, and independent agencies interact with the same clients, opening up excellent opportunities for partnerships and referrals.
Making yourself known, trusted, and visible is key. Direct referrals made to you through a partnership often mean you’ll be the first real estate agent contacting that lead–and that they’ll be ready and waiting for your call.
Networking and Community Events as a Lead Generation Tool
Joining local associations, chambers of commerce, and trade groups in your city or region can be beneficial in much the same way as partnerships, where your brand, agency name, or yourself as an individual are familiar and credible. A surprising number of leads in real estate are generated through mutually beneficial partnerships, but the first step in building those relationships is networking to form alliances.
Boosting Your Reputation as a Real Estate Expert to Improve Conversions
Finally, we’d advise any real estate agent working on improving their leads to pay attention to nurture and follow-up communications. Even if a lead doesn’t become a prospect immediately, by staying in touch, you could become their go-to real estate agent as soon as they decide to proceed!
