Lead generation for real estate brokers
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how to build a never ending pipeline of leads for your real estate business. Learn from time tested techniques of international trainers on how to cost effectively generate leads.
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Lead generation for real estate brokers
- 1. Lead Generation Manan Choksi RE/MAX MGM www.remax-mgm.com
- 3. 1. Lead Generation 2. Lead Management 3. Lead Servicing
- 5. What is our business? • Lead generation is the most important aspect of real estate business • The whole cycle starts once you get a lead • All successful brokers have one thing in common: an efficient and effective lead generation system
- 6. Importance of Lead Generation • Keeps your business going • Cyclical nature of our business • Momentum • Brand awareness • Education to all • Shows your competence in market • Reflects your character/ company profile
- 7. Type of leads: • Buyer • Seller • Tenant • Investor • Landlords
- 8. Whom to target? • There are about 50 real estate agents every buyer knows. • No one would come to help a seller though! • Buyers are fickle while sellers are desperate • An exclusive mandate with a seller has proven to be the most revenue generating strategy ever for a realtor. 8
- 9. Lead life cycle: • When are the customers approaching you? • Is it too late in the decision making step that you cannot add value to customer? • Get the customers before they decide all parameters of their buying / selling decision
- 10. Lead by referral: • One day I was sitting with a successful broker of his market and his phone rang. • A customer had called who had dealt with him 5 years ago with a new requirement • How will your phone ring with such calls?
- 11. Lead by referral: • The biggest source of a mature broker is referral lead. • For a buyer first person to come in mind as a realtor usually gets his lead. • You need to get in to a lot of minds as THE realtor to do business with. • Then you will get a stable supply of referral leads
- 12. Lead by referral: • The simplest way to generate referral leads: – Do good work • If you work in organized manner and give client satisfaction, they are bound to refer you. • Do we need to get in to business relationship to get referral business? – It may start with your relative or lead servicing
- 13. Lead by referral: • Use Brian Buffini’s training to get training on “working by referral” • The time tested tools of referral generation are: – Pop By – Personal Notes – Items Of Value 13
- 14. Match the market • A one page flyer will not sell a 1 crore apartment • If you are targeting a high end customer then you have to present appropriate material.
- 15. Techniques: 1/26/2013 Marketing presentation for Mr. Patel 15
- 16. “There is no wrong way to generate a lead” Tom Ferry
- 17. Types of lead generation • Contacts : – Friends – Sphere of influence – Previous Work place – Ex-Co-workers – Your child’s friends , school, tuition teacher
- 18. • Internet Portals – Our www.remax.in portal – Your own listings can be put on Magicbricks, 99acres etc. – Other Agent’s listing to market • Simple tip: print your website everywhere!
- 19. • Online advertisement – Google Adwords – Facebook – Internet portals • Your own Website and listing on website • Social Media: Facebook / Twitter through your own network and profile updates • Refer to another training on this subject: “Role of Technology in Real Estate” for further details.
- 20. • Advertisements in print media – Classifieds – Display • This is by far the most costliest mode of lead generation and not cash positive as it is believed to be. • Biggest mistake: buying a package with a media company, usually it proves costly
- 21. • Participation in Exhibitions like property shows etc. – Property shows are now getting focussed on class or assets / geographical area – Other exhibitions are not getting good results
- 22. Targeted Leads: • Educating customers with : – Buyer Guide- Seller Guide – holding seminars – speaking at gatherings. – Legal updates – Regular emailing / blogging / updating Facebook
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- 25. • Networking – In Seminars related to investment / properties – With people you meet every day – Wedding / parties / social gatherings • The idea is not just to give visiting cards, but to collect them !
- 26. • Walk-ins to segment of people for e.g., a run down building or doctors • Cold Calls • Banners to sell properties (yard signs) • Just listed, Just Sold postcards
- 27. • Database: Business Cards • Yellow Pages (now available on telephone) • Radio Advertisement • TV advertisement on regional channels • Outdoor advertisement like bus stop, hoarding etc. • “No Parking” boards • Hoarding sponsorship of other shop keepers
- 28. What to advertise? • Buy sell rent? • Fish with a hook or fish with a net? • Be creative than the competition • Amul butter
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- 31. • Importance of media-offer-content : – 20% is on what you write in the content – 40% is on the media you choose – 40% is on the offer you make • To have best results : “Make a catchy content for an irresistible offer and use the media which the target segment uses” 31
- 32. Agents - Lead Generation Systems • Emerging Agents use 1-3 lead generation system to generate clients. • Mid-level producers use 4-6 lead generation systems to generate clients. • Mega agents use 10 or more lead generation systems to generate clients.
- 33. Lead generation strategy: • The best strategy is the one which gives you the fastest results and highest profit. • Todays lead generation strategy may not work tomorrow.
- 34. Lead generation strategy: • Things to consider while forming a lead generation strategy: – Your budget – Your target segment – The competition’s strategy – Your competency – Waiting capacity to get $ in your pocket
- 35. Myths : 1. “I got less phone calls, but over all branding I will get eventually” 2. “I got a lot of phone calls, so obviously my advt work. But closures didn’t happen due to market conditions” 3. “My customers are happy when I advertise their property”
- 36. Myths : 1. Majority of leads from one of my sources are junk. 2. Low cost lead generation, means low results. 3. Older leads are useless 4. Quality doesn’t matter only quantity does 5. I don’t need to follow up on leads, they will call again if they are interested
- 37. Myths : 1. Whenever business is slow I will spend time in lead generation activities. 2. Lead generation is one time effort, then I don’t need to do it. 3. Lead generation is only important, lead management is diversion
- 38. Time for lead generation: • Research has proven that top producing agents work more than 54.5 hours a week. • However most broker complain that they want to work but don’t have any work ! • When you don’t have any work, it’s a good time to focus on lead generation activities.
- 39. Time for lead generation: • Make a list of tasks for every day of the week: – Mon: personal notes / Paper advt for FSBO – Tue: Do pop by/ send just listed post card – Wed: list online / call past clients – Thu: release Print advt / do social media – Fri: Add to database/ schedule open house – Sat: check expired listing (online / print) / geographical farming / property viewing 39
- 40. Thank you for your time
Notes de l'éditeur
- There are 3 major aspects of Lead Processing which we will discuss in 3 separate sessions.
- The Lead Generation is the first step of those 3 aspects. Once the lead is generated then we have to manage it and after that we have to service them.
- Lead Generation is the first step. While we focus on this topic we shall not discuss anything related to other two aspects.
- Compared to other businesses a real estate broker depends a lot on lead generation. Your business is directly proportionate to the number and quality of the leads generated, not the amount of money you spend on lead geneartion.
- There are several type of leads. Most of the lead generation strategies we discuss may not be possible to target particular type of lead.
- Don’t approach a customer when he has decided everything, done the ground work and doesn’t require your services. Get in touch with them when they need you the most!
- Most business is referred to a good human, not necessary the other person knows how good you are in your business. In service business you need to be a good person who people love to do business with!
- So which name comes to your mind for the following service providers:Doctor LawyerInterior designerIT personCA Ask them if they would think your name if they need a realtor? If all your contacts think that you are that number 1 realtor who they would refer their business to, you will have stable supply of leads.
- A good person who does good work usually is the first person to be referred the most business. How will your distant aunt referral her millionaire friend’s real estate work to you? Be nice to your aunt!
- Think from the view point of buyer. Will a customer trust you with their hard earned money if you don’t have a proper marketing materials? Focus on a small group of customers with high quality marketing material rather than spreading yourself thin.
- Some of the examples where you can start looking for leads.
- Internet portals are a place to list properties. You can get details of customers who have listed properties from there.
- Refer to another training on this subject: “Role of Technology in Real Estate” for further details.
- MostAdvt campaigns fail to deliver results because of what you advertise.
- The main aim in a property show is to get maximum contact details. Don’t try to close a sale there and then.
- Who will come to a seminar on “How to sell the property at maximum price?”
- Most people collect cards at such events and never look at them again. The best you can do is send a Facebook invite or an email sharing your contact details.
- Advertisements which stand apart are the most productive advt of the lot. Be creative, show how your are different than competition. Advt which portrays these 3 themes are most effective: ServiceExperience Trust and integtrity
- Use a combination of the several techniques that we discuss today. The divergent methods you use, the more segment of customers you attract.
- A successful lead generation method gives you profit. Don’t focus on number of calls, property showings, listing only. These parameters are milestones not the destination. Always review your lead generation periodically whether they meet the objectives laid out. Don’t marry to a decision which is not generating results.
- Don’t measure your lead generation strategy by the number of phone calls. Less or more it should end up with you making money. Branding is a myth, only number of deals will help you create a brand for yourself. If you get a lot of phone calls the market usually is good. If you cant close look at other problems probably with your presentation, listing or wrong target in advt. Customers (sellers) are only happy when you liquidate the property at the price they want at earliest. They don’t care how much you advertise for them.
- 45% of leads generated by a normal source usually close within 6-12 months. Don’t feel the leads you have got are junk. Lead generation activity can only be measured with results. Low cost doesn’t mean that it will yield low quantity or low quality. Many times your competition is not doing it thinking the same. Most agents don’t contact old leads but surprisingly those may have business for you. Quality leads are much better as you can have same results in less time of your work.As we will discuss in lead management and lead servicing, all leads without following up do not yield results.
- Lead generation is a regular activity of your business. No matter what level of closures you do, spare a few hours for generating leadsNo it’s a continuous effortAs we will see in next session, management is more important than lead generation.
- So plan for a 9 hour a day work (excluding commute, lunch and chit chat with colleagues). Whatever free time you have, use that in lead generating activities. When you are very busy, that is a good time to squeeze in 10 hours of lead generation every week.
- So plan for a 9 hour a day work (excluding commute, lunch and chit chat with colleagues). Whatever free time you have, use that in lead generating activities. When you are very busy, that is a good time to squeeze in 10 hours of lead generation every week.