Leads. You hear about Real Estate agents getting business from leads all the time. But what about you? You don’t even know where to start. And you ask yourself ; where have all the motivated leads gone? If you want to find motivated leads, you must first be motivated to find them! When the real estate market changes, what really happens is buyer and seller motivation is changing. The #1 challenge for real estate agents today is finding the motivated. Where there once was a large quantity of quality leads, there isn’t and the once clear pool feels more like a muddy puddle. Since you cannot actually motivate people to buy or sell, your only choice will be to find more of the motivated ones that will! Most real estate agents do not realize that they got into the lead generation business when they got into the real estate business.
The market change may have now exposed a real personal dilemma you must overcome. You love helping people but at the same time you haven’t yet learned to love prospecting for them. It probably isn’t why you got into real estate and isn’t something that gets you excited to go to work everyday. Today’s top-producers do more “seek” oriented activities than ever before. According to some publications, they devote about 60% of their lead generation activities to prospecting face-to-face or by phone, as opposed to about 40% devoted to “attracting” oriented activities, such as mailings, marketing, advertising, promotional items, sponsorships, etc.
The more an agent knows about how buyers and sellers find and choose a real estate agent, the easier it will become for you to put a plan of action together. I have gathered a few action steps I feel Agents needs to take to be successful in today’s changing market.
Stop doing what isn’t working. What are you doing or spending money on that is no longer effective since the market has changed? You can only know this by tracking and then associating your valid leads and your lead sources with your closed transactions.
Focus on what works and do it! Identifying what currently works and doesn’t work is one thing. Knowing how to build an effective lead generation program is another. You can’t do it one day here and one day there and expect to get the results you’re looking for. You must lead generate every workday for the rest of your career.
Ramp it up! Once you have identified and prioritized your “sweet spot”, this is where you need to concentrate your focus. If expired leads are working for you, then add more expired listing contacts to your lead generation activities each week. In other words, ramp up the sources that are working the best for you. Focus less on the ones that are not working for you.
Your message must match today’s buyers/sellers motivation. Why would a buyer or seller want to contact you in this market? And if they did, what would they get from you that they cannot get from any other agent? Your message must make offers for immediate response. You are looking for opportunities to convert people to immediate business and you’re looking for opportunities to get dialogue with people for future business. Dealing with business should never take precedence over finding new business. You must adopt this position until your lead generation is done every day. Otherwise, you will constantly find other things that seem more important.
And thank you for making me Your Orange County Real Estate Connection.
Michael Caruso, Broker ABR ABRM CLHMS CRB CRS GREEN GRI
Past President, Orange County Association of Realtors (949) 753-7900