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Real Estate Agents: Cash in on the Money in Your 'Trash'

July 06 2022

social searchOne of the biggest mistakes that real estate agents make is thinking that cold leads are dead, trash, or not valuable.

In reality, your leads are playing the long game with their real estate transactions.

They're thoughtfully approaching one of the biggest transactions made in an entire lifetime. For them, buying or selling a home is a marathon — and leads aren't moving from the starting line to the finish line in one step.

In order to win their business and cash out on the value sitting in your CRM, you need to start playing the long game, too.

Busting the "Lead Quality Myth"

World-renowned real estate success coach, Verl Workman, said, "The goldmine in your database is those 3 and 4 year-old leads that are sitting in BoomTown that no one is working. I like to go in and look in one of my agent's trash leads and work through them and say, 'Hey, look, I just did four contracts with your trash.'"

In other words, there are leads in the "Trash" or "Archive" category on your CRM that actually might convert. When you call them "dead" and stop engaging, you're leaving money on the table.

According to a study from Sirius Decisions, 80% of prospects are deemed "bad leads" by sales teams, yet still go on to purchase within 24 months.

Agents need to rethink the way they've thought about the sales funnel journey in the past.

Let's review the truths about lead flow and how online leads — which are lower in the funnel — actually work.

Research has found that:

  • Only 25% of your leads are ready to buy at any given time.
  • 50% of leads are qualified, but not yet ready to buy.
  • Nurtured leads make 47% larger purchases than those who buy immediately.

Your leads take time to covert. It's a process. Instead of seeing colder leads that are farther out from conversion as "weak" or "dead," start thinking about them as your future business opportunities.

If only about a quarter of the leads in your CRM are conversion-ready at any given time, you need to be constantly working that remaining 75% so you can build up a continual stream of conversions to fuel your business.

Not only will you prevent hitting a "drought" after closing on your current deals, but you'll also be making sure that you're retaining the business in your CRM.

Long-Term Nurture Plans Are Essential for Accessing the Goldmine in Your CRM

When strategizing your lead follow-up and nurture plans, work smarter — not harder. You need a seamless, technology-enabled system to automate your long-term lead nurture plans.

7 Ways to Stay Connected with Leads via Email:

  1. Introduce yourself and your services with a welcome email
  2. Ask for more information about their position as a buyer or seller
  3. Send out gift cards to local businesses on holidays, birthdays, and special occasions
  4. Share testimonials of past clients
  5. Provide tips for preparing for a mortgage (for buyers), or how to prepare your home for listing (for sellers)
  6. Promote deals that close successfully
  7. Discuss the common pain points of a transaction and provide helpful solutions to overcome obstacles

Pro Tip: Make your website more engaging so your leads can gain value by visiting your site again and again. While your website needs to serve as the main landing spot for your online traffic, your site should also delight:

  • Leads that are already in your sales funnel
  • Past clients
  • Community members

Become a true hyper-local market leader by generating content that appeals to your leads beyond their sales funnel journey.

After they've signed up for your email list and have been added to your CRM, the leads in your sales funnel should be able to go to your website for helpful information regarding their transaction — through home buying and selling guides, and financial information to help them prepare.

Your website should also be a resource to continue supporting your past clients after closing — with helpful new homeowner tips, or a list of service providers in your area.

Build trust, reputability, and a presence within your neighborhood by publishing locally-driven content — like shoutouts of all the small businesses in your area, or a list of the best things to do in your community.

Once it's posted on your website, you can recycle all of this content through email drip strategies and social media to boost your audience even further.

To view the original article, visit the BoomTown blog.