Leads are the lifeblood of any business. Period. Whether you are communicating to a lead or client, both should be given the same amount of attention.
If a prospect was recommended to you, found you online or heard about you by way of word of mouth, the clock has started for you to make them feel comfortable in helping them with this major transition in their life.
You might think that mishandling a new lead is a short term problem, but if it’s consistent, putting a band aid on it will only make the same issues persist down the road – damaging your reputation and your business referrals.
A Prospect Has Taken Interest in You – Don’t Lose it
Consider this, prospects have made 60% of the buying decision before they ever speak to a sales representative, so they’re ready to pull the trigger and move forward to working with a real estate agent. If you’re having a tough time converting, there might be a deeper lying reason why your leads are going through a revolving door – and it has nothing to do with the costs associated.
Let’s revisit some of the ways you might be turning leads off from working with you and if any of these warning signs ring a bell – you need to rectify them fast!
1. Being Unresponsive
Prospects love to educate themselves, and will understandably ask a lot of questions – questions they expect answers to in a timely manner. Real estate is a fast-paced arena where inconsistency kills, and deals can fall through when progress hasn’t been made or when response times start to drop off.
It doesn’t matter what aspect of life this is in if someone is unresponsive to getting back to, you’re ultimately saying that you don’t consider him or her a top priority.
2. Limiting the Ways to Communicate
According to a marketing study by McKinsey & Company, email is 3 times more likely to result in lead conversion than social media. That being said, you never want to put up roadblocks in terms of the mediums clients wish to communicate with you on. Catering to their preferences will go a long way in strengthening the relationship. Now the Holy Grail here is having an email address to be able to keep in touch down the road and always remain on their radar.
Try something like: “I’d like to get your email address so I can keep you informed of valuable real estate information. Is that ok with you?”
3. Coming Across as Too Aggressive
Folks that are coming to the decision to enter the market are making a major life commitment, and they need someone in their corner that is a right fit for them on a personal level. It’s a gut-based decision and they need to feel comfortable with someone that is actively looking out for their best interest.
4. Asking for Referrals Too Soon
Jumping the gun and asking for a referral can be a quick way of turning off a prospect. Timing is everything here, and you need to balance it properly so you don’t seem like you’re overlooking the client at hand. Don’t get us wrong, asking if there is someone they know of that could use your assistance is a solid business practice – but wait until you have demonstrated your value and have tangible results to justify this ask.
It’s all about finding that balance.
5. Letting Your Competition Swoop In
Taking a lead for granted while believing that you are the only real estate agent they’re talking to can come as a rude awakening when a client turns elsewhere for consultation. Just because someone has taken interest in you does not make it a done deal. Continually show your value add by going above and beyond for them, demonstrating you understand market conditions, their expectations and how all of your work will fit into their budget and vision. Getting sloppy can have a devastating effect on your bottom line.
These cardinal sins can wreak havoc on your future pipeline, but the interesting thing is that there’s a quick fix to help keeping these problems from reoccurring.
Having a CRM that is designed for the mind of a real estate agent helps with unifying all the moving parts of an agents’ day-to-day operations.