Real estate leads are extremely valuable. Leads that turn into prospects, then clients, then closed clients are especially valuable. But what about those leads that don’t turn into anything? Are they a dead end? Should they just be thrown away?
Not so fast. Old real estate leads are still important, they just need some encouragement. They may need a little help moving through the process. They need some extra attention.
That’s where lead nurturing comes into play. Not every single lead may be interested in buying or selling their home today, but that doesn’t make them less viable. If they’re not ready right this minute, the worst thing you can do is push them to the backburner.
It’s a fact that a very large percentage of leads will buy or sell with you in the future if they are “nurtured”, or kept in touch with properly. In that case, you’ll want to take advantage of your CRM’s drip marketing campaigns (a good CRM should have many that are tailored to different types of leads) to stay top of mind. Being on your leads’ radar may not show many results in the short term, but if they’re thinking of you when the time comes to buy or sell their property, they’ll turn to you. It’s that simple.
Here are some tactical tips for breathing new life into old real estate leads:
- Segment your leads
Keep track of which leads are new and which are old. This will allow you to better tailor your marketing message to fit your audience’s needs – whether it’s immediate action or long-term brand awareness.
- Use a drip marketing campaign
Drip marketing campaigns are designed to engage audiences over time. Just because a lead isn’t ready to buy now doesn’t mean they won’t ever be willing to buy or sell real estate. Drip marketing will allow you to “nurture” those leads until they’re ready.
- Be patient
Capturing, nurturing and converting a lead takes time. Chances are it won’t happen as quickly as you’d like, so you need to stay as patient as possible. Don’t give up on a lead if it doesn’t convert right away.
- Think positive
According to Inman.com, the number one mistake real estate agents make is the idea that if a lead isn’t ready right now, it’s a dead-end lead. They give up on that lead. Instead, stay positive and think of that lead as a potential prospect for the future.
- Treat your old leads well.
Just because they’re old leads doesn’t mean they’re worthless. Don’t treat them like they are. Think of it this way: when you’re nurturing those old leads, you’re still generating leads. How? Even though those leads may not be ready, their friends or family might be. And they might recommend you to them.
- Don’t spend more time generating leads than you do nurturing leads.
This is a big one. While it’s important to generate new leads, if you’re not nurturing them, your efforts will not pay off as much as they would if you were generating new leads and nurturing old ones. Spend equal amounts of time on both activities and you’ll reap the rewards.
Those old leads aren’t worthless. They’re incredibly valuable. All you have to do is breathe new life into them through lead nurturing, and you’ll gradually see those old leads turn into prospects. Learn more about how a CRM can help with lead nurturing today.