Since I bought my home nearly five years ago, I haven’t heard from my agent.
Not once.
I don’t even remember her name so when people ask me to recommend an agent, I’m flummoxed. Not that I would recommend her anyway, but that’s a story for another day.
Today we need to discuss why, in 2020, too many agents are chasing after new leads while not nurturing the leads, prospects and former clients sitting right there in front of them (in their CRM).
There is business in real estate follow up and those are the people you should be chasing. Sure, most of them aren’t ready to act right now, but while you’re out there resembling a hamster on a wheel, someone else would be more than happy to grab them.
Someone who understands the value of real estate follow up.
Staying in touch with real estate leads, at every stage—from lead to beyond closing—offers so many benefits for real estate agents.
Reaching out, keeping touch with and nurturing every single person in your database, routinely, helps:
- Build relationships
- Build trust.
- Establish your name in their brain so you remain top-of-mind.
- Educate your leads and prospects so that when they do buy or sell, they will require less hand-holding and they’ll feel more confident.
Following up with new real estate leads
You’ve most likely read the NAR studies that show real estate consumers typically work with the first agent they speak with.
Then, there’s the study of how quickly you need to respond to an inbound lead (someone who fills out a form on your site, etc.):
“Reps who called within five minutes of initial engagement yielded 900% more interest than those who contacted potential customers in 10 minutes.” (xant.ai)
If you haven’t read that study, or the results, you can learn more at Forbes.com (scroll down to view the chart).
Prospects need real estate follow up too
So, you were zippy quick in responding to that lead and he or she is now a prospect. This is where too many agents drop the ball – common when the prospect isn’t ready to act.
If you hope to be the agent they call on when they are ready to buy or sell, you’ll need to remain top-of-mind. A consistent follow-up strategy can accomplish this.
Client follow-up
Call this one “customer experience management.” Too many agents slack off when the prospect becomes a client, which is why the general public thinks real estate agents are customer-service deficient.
Yes, you’re busy, but these buyers or sellers expect to hear from you, even when there is nothing to report. Check in with them periodically. Ask if they have any questions. Ask if there is anything they need from you.
They will remember these touches, especially if you consistently carry them out throughout the transaction.
Keep in touch with former clients
These are the folks who put the “gold” in the gold mine that is a referral-based business. That is your ultimate goal, right? No more prospecting?
It takes time to get there and you need the right real estate follow-up strategy, but many agents are eventually able to work by referral only.
How to build a stellar real estate follow up strategy
It’s a lot easier to determine what type of touch you’ll do for each person in your database if you’re able to search for them using their location in the real estate sales funnel.
It’s all about delivering relevant information to each contact. In other words, information that is valuable to your listing prospects will mean nothing to the buyers in your CRM.
Relevant information is valuable information, so ensure your touches are customized to each group.
Then, choose which modes of communication you’ll use. These can be any combination of the following.
Phone or text?
NAR studies show that only the Silent Generation prefers phone calls, the rest would rather you text. But, there are caveats to this and you can learn more by reading “2020: The year of the real estate text message?”
The average open rate for real estate related email is 19.1 percent, below the average rate (19.7) for all B2C industries analyzed by Mail Chimp.
Yeah, it’s pretty dismal. Yet, agents persist in dripping all over current, former and would-be clients.
If you’re among them, brush up on how to ace real estate lead nurturing via email.
Direct mail
It’s a pity that direct mail marketing costs money because it’s so effective. Many agents we’ve spoken with are reluctant to use it because it’s not “free” like email social media engagement.
Shake loose some of your marketing budget to reach out via a postcard or market report once in a while. You may just be surprised at the results if you use this real estate follow up method consistently. Need help getting started? Check out this guide.
Social media
Social media platforms are ideal for a quick reach-out, but don’t rely on this mode exclusively. Occasionally visit your hottest leads on social media and engage with them.
It’s a welcome change for both of you after the less-personal touches you may have been sending.
Stuck for specific ideas? Head over to ActiveRain.com and get inspiration from the Queen of Nurturing, Charlotte agent Debe Maxwell.
The keys to a successful follow-up strategy include consistency and targeting. Get those right and the rest will fall into place.
Not sure which way to go with your marketing? Check out these 200 marketing ideas you can use to supercharge your business!
Want to post content to your social media without actually having to manually do it each time? In this video, Chris explains how to automatically post to Facebook, Twitter and more: