I recently taught a class at a Realtor association for new agents called: “I Just Got my Real Estate License…Now What?” The class was 2 hours long and covered a variety of topics to help these new agents get their businesses off the ground. When the class ended, each person was given an evaluation form of the instructor (Me!) and how I did. One thing caught my eye from one of the Realtors. The question on the form was “What are your biggest daily challenges?” The answer they gave was “Not enough Leads.” Unfortunately, the agent’s names were not on the evaluation forms, or I would have reached out to that agent to explain that the lack of real estate leads is hardly their problem.
More Qualified Contacts
Ever seen the movie “Glen Gary Glenn Ross?” There is a great scene where Jack Lemon says that the reason he isn’t being successful is that the “leads are weak!” The character played by Alec Baldwin, states the leads aren’t weak, but in fact Jack Lemon was weak. Meaning, that he was using the wrong systems to convert the people he was speaking with. The issue with new Realtors is that they need to build a database, but they need qualified contacts and prospects–not Leads.
There is a big difference between a lead vs a prospect. True in any business, if you want more clients, you need more qualified prospects. It’s about quality vs quantity, but you need systems to make this happen. That new Realtor’s REAL problem is they don’t have the proper systems to discover, meet, and engage with these qualified prospects. All this Realtor knows is his/her pool of potential clients is a certain size, but, it needs to be much larger. But how?
Expanding Your Net
I had a person the other day joke with me because I spend time on social media and the internet (this website). They didn’t understand that my clients and prospects spend time on social media and places like Google/YouTube. If that is where they are…that is where I need to be. Same with Realtors. There are many ways to “expand the net” and grow that prospect base and ultimately turn them into clients.
- Grow your Social Media presence. This means Facebook, Instagram, and LinkedIn. At least these 3.
- Organize your database and make regular calls and emails. Set up events!
- Join networking groups. BNI, Chamber of Commerce, Meet-ups.
- Conduct Home Buying/Selling Seminars on a regular basis.
- Do client appreciation events. Ask your “A Clients” to bring a friend!
These are a few examples, but just doing some of them would increase your prospect base vs having a lack of real estate leads.
More Clients Equals More Transactions
If the end game was to have the most “leads” then ]Realtors would focus ALL their time and dollars on doing just that. Obviously, this is not the case as it is far more complicated than that. The same holds true in the Title business. Want to make more money and close more deals? Go get more clients! Notice I didn’t say “get more leads.” Anyone can be a lead. As a Realtor, it is about focusing on targeting the right people and create effective systems to make that happen.
I realize especially as a new Realtor, the correlation between “leads and business” is natural. It is my job as a Title professional and real estate teacher to explain that is not always the case.
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