Lead generation and why you’re doing it wrong…
There are times when we all fall into the same trap. It’s not neglect, nor is it complacence, but just the honest, short sighted, drive of a Realtor to close more deals… Almost like running before you walk. As agents, we all go through this. Like most business’s, throughout the year there will be peaks and there will be valleys; the peaks are great, but of course this is when your hands are full and typically working 80 hour, 7 day weeks, managing multiple to dozens of clients – all at different stages of their respective transactions. When times are slow, we find ourselves doing the dirty work: extra floor time, double open houses, mailers, or overspend on internet leads, google ad words, Real Estate sites that barely feature you… We are trying to get back to the peak and in doing so, unconsciously spending an absorbent amount of time focusing on building new business through cold marketing and forgetting about where most of our business actually comes in through – our past clients.
If you were to ask any other successful business person or Realtor where the ‘bread & butter’ of their business came from, they would instantly tell you ‘word of mouth’ – it’s getting that email or phone call out of the blue; “I’m looking to buy or sell a house, so & so referred me to you” OR when your past client who you sold to calls and says “we need to sell, we’d like to work with you again”.
The reality is, those two phone calls cost no energy, no time, and no money… The relationship was either already there or built immediately on that call, surpassing the extensive lead conversion phase that takes a toll on all of us. It is the retention of past clients, the referrals and testimonials that build our business conveniently and most of all efficiently. The math is simple, it is more opportunities and potential money made in significantly less time spent.
We all need to step on the brakes at times. There must be self-reflection on where our time is spent. We are supposed to be spending 80% of our time on lead generation, but the caveat is the type of lead generation. It’s the art of the simple follow up with the relationships we already have that gets lost. But again, this doesn’t stem from laziness, client neglect, nor complacence; but that short sighted drive to be successful and the one million other things that goes into being a full time Realtor which consumes us.
Go back to the basics, call your past client. Send them a gift. Send them a postcard. The key is, ‘Touch’ your client’s lives frequently well after the closing, whether its 5-10 years, 30 years – they will appreciate you, they will remember you, they will buy/sell with you, and they will refer you.
Remember, slow down & walk before you run.