Real-estate lead follow-up is something that takes time to master. The key to mastering lead follow up is to master the time, type of transaction, and the different ways to follow-up with leads. Here are my tips on how to do this:
Here’s an easy way to think about it. In real-estate, every lead has an expiration. A time when the prospect will ultimately end up purchasing. It’s only a matter of time before someone buys a piece of real-estate IF they’ve expressed interest.
PRO-TIP: When pre-screening a potential seller/buyer you always want to figure out the when. Never leave this up to your gut, because you can easily get signals crossed.
Very short time span: You want to follow up with prospect in shorter intervals. You have less time to establish yourself as a brand to the prospect and you need to make sure you’re in front of the prospect when they decide to act.
Very long time span: You want to follow up with prospect in longer bursts. You have far more time to establish yourself as a brand to the prospect and have plenty of time to be in from of them should they act,
Buyer vs Seller:
Another very important aspect of lead follow up is the differences between a buyer and a seller. Many people make the same mistake of treating a buyer and seller very similar when they are two entirely different beasts.
Buyers: People buying real-estate expect more hand holding and require a short term follow up plan. Another scenario could be that a client is not working with a real-estate agent and literally will call you and say “we want that house! What do we do?”
- Day 1: Send an intro e-mail
- Day 2: Give them a call and talk about need/wants
- Day 3: Don’t call or e-mail
- Day 4: Send them so properties you found
- Day 5: Give them a call and talk about needs/wants
- Day 6: Don’t call or e-mail
The key point is to be in front of the buyer when they decide to make the purchase or follow-up enough so that they see you as a “brand” and want to work with you. Another risk is that you over-do it and they think of you as an annoying agent. If you feel that somebody is becoming annoyed by your followup, stop for a day or two.
Sellers *usually* require a LONGGG term follow up plan (unless they are a FSBO, expired, or motivated seller. In that case, treat them like a buyer with a short term follow up plan).
When buying a house, people get excited. They research, dream, and overall WANT to buy a house. The exact opposite is true of sellers. Nobody wants to sell a house, but they do so because they have to. Your job is to overall expose them to your brand, but being that they have so much time in between you can apply more complex strategies
Day 1: You found person cold-calling. Put them in your database and send them an introductory letter.
Month 2: Send a mailer. This could be a postcard or a mailed letter that goes out to your database.
Month 3: Follow-up with a quick phone call. DO NOT stay on the phone long unless they want to.
Month 4: Send a quick follow up email. If you don’t have an e-mail try to send a holiday/thank you card. Make sure to mix up and don’t send to many just-listed or business related mail.
Month 5: Quick follow-up phonecall.
Month 6: Just keep repeating
On average it takes around 6+ mailers and calls before someone will list. It may take longer or it may be shorter, BUT stay consistent and don’t stop.
Different ideas for follow up calls:
- Call and ask if they need help finding a lender. After that ask “how’s the home search going”?
- Call and say that you “found a great home on 123 Main St with blue shutters just like you liked. What’s you e-mail and I will send it to you”
- Call and tell them “Hey I found the answer to that question you had. How’s the home search going?”
- Follow-up with a blog post or Youtube video that you’ve made
- Show them a nice loan calculator
- Most of the time you can get away with a quick follow up with just “I want to see how things were going”
- Send them a CMA
- Send them an email update with a recent sold in the neighborhood
- Send them a market update “Prices in Wilmington have increased %3 YTD”
- E-mail a blog post about that particular neighborhood with a Youtube video.
- Offer to check on house if they are an absentee owner.