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Lead Generation Means Nothing (If You Don't Have a Lead Engagement Strategy)

April 14 2022

Agents are obsessed with lead generation, but that's only half of the battle.

When you get leads into your CRM, the next -- and potentially most important -- phase of the conversion process begins: lead engagement and follow-up.

Generating leads is a costly investment, so make sure that you actually have an effective lead engagement strategy in place in order to convert those leads.

Lead Engagement and Follow Up Are THIS Important:

  • 90% of real estate agents will give up on a lead after the first four touches, despite the fact that 70% of the time that lead will go on to buy a home within the year — just with a different agent. (NAR)

  • 80% of prospects are deemed "bad leads" by sales teams, and yet, these buyers still go on to purchase homes within 24 months. (NAR)

  • Responding instantly to inquiries can increase lead conversion rates by up to 391%. (Zillow & MIT)

#ProTip: Consumer demands focus on instant gratification, service, and communication.

The most successful real estate businesses are those that not only meet consumer expectations but exceed them by anticipating needs.

Seamless engagement experiences are critical for lead conversion.

Agents are challenged with assuring that:

  • Your leads are contacted and qualified quickly, 24/7.
  • Your brand is accurately represented
  • Your leads get white-glove customer service
  • You're not glued to your desk so you have time to work with your current clients and expand your brand

3 Ways to Extract Value From Your Lead Generation by Driving Conversion

Let's be honest, sometimes all of the responsibilities of lead generation and follow-up can be incredibly time-consuming for agents. And, the more successful your lead generation strategies are, the more responsibility agents have to respond, engage, and qualify leads.

Since we don't have all of the time in the world, agents need to establish "rinse and repeat" processes that warm up leads until they're ready to convert.

Agents that want to maximize the value of their lead generation efforts can improve their follow up and engagement models with these three strategies:

#1. Lead Qualification Plan

To work your leads, you have to know where they are and what they need.

Lead qualification is a process that determines where a lead currently is within the sales funnel.

  • Are they buyers looking to purchase a home immediately, or is it a shopper that's just dipping their toes?
  • Is a seller looking to start listing their home, or are they still thinking about whether or not they want to sell?

Lead qualification plans gather information from the lead to build a client profile that analyzes their potential for, and ability to, convert into a tangible deal for your real estate business.

Lead qualification plans are important because they:

  • Let agents know what the lead's needs are so they can provide valuable information
  • Informs agents on the best angle to use when reaching out
  • Tells agents how much time they should be investing in the lead
  • Prioritizes your lead funnel based on how cold or hot leads are

#ProTip: Plug what you learn during lead qualification into the lead's CRM contact so you're remembering all of the vital information that can give you an edge down the line.

#2. Nurture Plans

Once you determine where a lead is on the sales funnel, or how far they are from converting, agents need a nurture plan to help nudge leads towards their transactions.

Using the information gathered during lead qualification, agents need to continually maintain contact with the lead — keeping your services top of mind.

The main goal of nurturing leads should be to:

  • Show a lead your value as an agent
  • Help leads overcome potential obstacles and challenges related to buying/selling
  • Build trust
  • Empower leads to take the next steps, moving them forward on the sales funnel

A strong nurture plan will share content with the lead, send them updates on new opportunities in their target market, and help them begin planning for their transaction.

#ProTip: The best lead outreach and engagement provides customized information that is relevant to the lead. Leveraging bulk email actions can be a time-saving way to provide leads with seamless service.

#3. Lead Concierge Services

Lead concierge services, like Success Assurance from BoomTown, is a solution to lead follow-up and engagement that fills your pipeline and drives conversion. It solves for speed-to-lead without the agent having to stay glued to the desk all day. You'll be able to spend time working for your active clients while Success Assurance secures opportunities for business down the road.

Remember: It's important to "play the long game."

To view the original article, visit the BoomTown blog.