As a successful real estate agent, identifying and pursuing hot leads is essential to achieving your goals and reaching your full earning potential. While each lead represents a potential sale, it's important to remember that every new listing also represents a significant investment of your time, money, and energy.
Additionally, the lifetime value of a client can go far beyond a single sale. Repeat business and referrals can bring in even more sales and opportunities, making your initial investment pay dividends.
One of the hallmarks of a great real estate agent is a long list of loyal clients. Word-of-mouth referrals are also incredibly valuable, as most agents and marketers believe that one referral is worth more than ten online leads. So, how do you build great rapport with your real estate leads for repeat business and referrals? Here’s 4 fundamental tips for establishing long lasting relationships with your leads:
1. Actively document your conversations
Building memorable relationships with your clients is crucial to your success. By taking the time to truly get to know your clients as individuals, you can not only build a deeper connection with them but also tailor your approach to better meet their needs. When you take the time to learn about your clients' likes, dislikes, and interests, you can use that information to make a lasting impression.
For example, if a seller mentions that they're taking their kids camping this weekend, take note of that information in your CRM and ask them about it on your next call. This small gesture shows that you're invested in building a relationship with them and you'll be remembered as a trusted advisor.
2. Anticipate their next move
Are you aware that in Australia, the rate of individuals changing homes is significantly higher than the global average? In fact, a staggering 40% of Australians move houses every five years. That's double the average rate seen around the world. This means that the real estate market in Australia is constantly in motion, providing ample opportunities for those who are able to capitalize on it.
One of the most powerful tools for successful prospecting in the real estate industry is a robust and well-maintained database. In fact, many agents find that the majority of their opportunities come from real estate leads that are already in their database, rather than from constantly searching for new ones. This is because a strong database allows you to easily identify and target the most promising leads, and to quickly follow up with them at the right time.
"There’s a general obsession in the industry to constantly drive new prospects, rather than looking inwardly to discover the opportunities that already exist in your database."
- Mark Hinkins, Rex Software
3. Utilize tracks and keep in touch
Following up with your leads is crucial in building a relationship and earning repeat business. Tracks are grouped, time-released tasks that define best practices with following up your prospects. Set reminders to check in and see how they're doing, and ask for feedback on properties they've seen.
Additionally, stay in touch even if they're not currently looking to buy or sell. Send them relevant information, such as market updates or local events, to keep them engaged and interested in working with you in the future.
"I created that appraisal track to stay in touch with our clients until they are ready to sell… I had one this week .. the agent got booked in and listed the property.”
- Graeme Carmichael, LJ Hooker Property Centre
4. Showcase your testimonials
Testimonials are an important tool for real estate agents while prospecting because they provide social proof of their ability to meet the needs of their clients. Testimonials from past clients can serve as a powerful form of advertising, as they demonstrate that other people have had positive experiences working with the agent.
Additionally, testimonials can help to establish trust and credibility with prospective clients, as they can provide insight into the agent's level of expertise and the quality of their service. By making sure you include testimonials on your website, in your prospecting emails, etc. real estate agents can help to differentiate themselves from the competition and build a strong reputation in the community.
By structuring your conversations, asking the right questions, anticipating their next move and following up and making sure you nail your testimonials, you'll be able to create a human connection with your clients and be seen as a trusted advisor, if not a friend. With a little effort, you can turn leads into loyal clients who will recommend you to their friends and family. And with a long list of loyal clients, you'll be able to increase your sales and opportunities, making your initial investment pay off in the long run.
If you're struggling to find prospects in the first place, this article outlines 12 actionable tips for generating more leads through your website.