Artificial intelligence, machine learning, neural networks – just the latest in “new” real estate lead gen lingo that ahead-of-the-curve agents are starting to use.
Then, there are the new-that-quickly-became-routine ways to generate real estate leads: social media, Google ads, buying leads.
In all the clamoring for the latest, greatest yet easiest lead gen techniques, the tried and true have been shoved into history It’s a pity, really, because some of these methods are brilliant and proven to work.
Let’s blast to the past to see if something old may just be your something new when it comes to generating real estate listing leads.
1. Farming for real estate listing leads
Wait – don’t leave. We’re serious. Farming, especially when done strategically and consistently is a guaranteed money-maker.
The secret is in the strategy:
Choose your farming area carefully. The best will be high turnover, or those that are ready to turn over, neighborhoods.
Turnover rate – The median duration that Americans own a home is 8.05 years, according to Attom Data Solutions. As we know, all real estate is local, so you’ll need to find out about how long that duration is in your farm area.
Some agents who are successful at farming swear by choosing high-turnover neighborhoods.
How long have most homeowners in your farm lived in the home? Your MLS or county records should give you that information. Look for a farm area that has lots of long-term residents or those approaching the typical “time-to-move” year.
Value Penguin conducted an interesting study of some of the country’s largest cities and the homeownership duration there.
Don’t forget absentee owners. You never know when someone will become fed up with being a landlord.
Choose a farm area with well-known borders – For instance, choose a subdivision or condo complex, or a community within your town. This will make it so much easier when you start listing homes.
An example would be Summerlin in Las Vegas, Marina del Rey in Los Angeles and Pacific Heights in San Francisco. Naturally, agents can drill down to a micro area within these larger, well-known neighborhoods and still be able to market a home as being within them.
Get hyper-local and educational content out to your farm consistently – Make it known, often, that you are the “mayor” of that neighborhood. The expert, whose name and face are everywhere.
2. Using Facebook for real estate listing leads
While it’s not exactly “old school,” Facebook turns 13 years old this month and many agents are veterans on the platform.
While we toyed with the idea of calling this section “Social Media,” we’ve done enough research into social media demographics that, at least now, all other platforms aside from Facebook (and LinkedIn) are a waste of time when it comes to finding real estate listing leads.
Of Instagram’s 1 billion users, for instance, only 11 percent live in the U.S.
That 11 percent is further whittled down (at least for real estate agents) by the fact that the largest group of Instagram users is between the ages of 18 and 24 – not exactly the age range of the average real estate consumer.
Facebook, on the other hand, is the ideal place to be on social media to generate real estate listing leads. Not only might you hook new leads but you’re also nurturing your sphere of influence.
Don’t be posting just your listings and open houses, either. It’s SOCIAL media. Engage, interact, respond. Just be present as a reminder that you’re a real estate agent.
3. Offer more and better seller services
So, how’s that “Seller” section on your website looking?
We did a random sample of agent websites and here are the most common “services” offered to listing clients:
- Negotiating skills
- Market updates
- Estimate potential proceeds of selling your property
- Professional photography & listing in MLS
- Installing a physical “For Sale” sign at your property (yeah, that’s a unique value proposition, isn’t it?)
Sadly, each of these were found on LUXURY agent sites.
What is the value in working with these agents as opposed to anyone else? Most agents boast the same skills, offer market updates, help with estimated proceeds and stick a listing in the MLS.
Let’s take a look at the Silicon Valley market. To say it’s competitive would be a massive understatement.
The NAR says that there were 8,649 homes sold for a median price of $887,750 last year in San Jose, California. Total agent commissions are estimated at $460 million, just for this market.
That’s a whole lot of money and, as we know, most of it went to around 10 percent of the market’s agents.
For sticking a sign in the yard, a listing in the MLS, crunching some numbers and negotiating with the buyers’ agent?
Judging by the number of disrupters in the real estate space, rapidly gaining ground, it’s time to up your listing game. It’s time to add value to working with you, rather than an algorithmically- powered tech company.
Smart agents in Silicon Valley have massively stepped up their practices to offer real value to those who choose to list with them.
Take a look at Debbie Morino’s Properties in Silicon Valley sellers’ services. And check out what Gina Arigna and her team at Arigna Homes offers.
Even adding just one of these free services to your clients will most likely put you a step ahead of the competition for listings in your market.
Some of the services we’ve seen offered by lead-the-pack listing agents include:
Free staging. Not just a staging consultation, but free staging. Some offer it for a room or two, others offer far more. Think you can’t afford it? Check out our guide to staging a home on a budget.
Add 3D tours to the mix. While Matterport is the reigning king of 3D tours, there are other companies you can find online who do similar work. We recently watched a video of two celebrity luxury agents who are so impressed with the value these tours bring to the table that they save it for last in their listing presentation.
It cinches the deal and lands real estate listing leads every time, they claim. And, here’s why:
They kick video tours’ hineys
When a consumer is allowed to control what they see, rather than being forced to see what the videographer decides to film, 3D wins every time. It’s impressive. It’s immersive. And folks love it.
Ditch the videos (real estate listing leads don’t watch them anyway) and the slideshows and splurge on 3D tours, at least for high-end properties.
Free pre-market home inspection – Some agents swear by pre-market home inspections, others think they’re the devil’s spawn. If you’re in the former group, fork over the couple hundred to help put your clients’ minds at ease and be proactive in the transaction.
The real estate industry is changing. Agents who aren’t concerned, should be. Not only do you need to set yourself apart from other agents, but certain disrupters as well.
How will you make that happen?
Once you land the listing, it’s time to make a sale – Here’s how to get your website ready
Create this seller’s guide and generate more leads – Here’s how it works: