Building a real estate business is simple. You meet new people (lead gen), nurture them until they're ready to make a purchase or sell an asset (follow-up) and then assist them in the process (conversion). It really isn't any more complicated than that.
So why is it such a grind? Why do we spend so many of our waking hours agonizing over how to attract more clients, close more deals, and find some time in there somewhere to live some semblance of a normal life? The truth is, just because something is simple, doesn't make it easy.
Of course we need to put those hours in. No matter where our business is currently at, it takes constant, focused effort to continue growing, moving towards whatever vision we have for our future selves and the operations that we run. But I would argue, after years of coaching and working along side real estate professionals, that, for most of us, there are substantial holes in the funnel that is our growth engine. Filling these gaps increases our conversions and the ROI on the time we invest in our businesses.
The nurturing process is far and away the biggest opportunity for improvement for most real estate professionals. It's a familiar miss in our workflow, we generate a lead, their timeline is long enough for us to bury them in our database and hope the systems we've built keep us top of mind and they come back to us when the time is right. This hands-off approach is time efficient, but leaves much to be desired in an industry that is increasingly demanding of personal touches. So, rather than leaving it to the robots, try these strategies to increase conversion and fill the gaps in your funnel.
Take Impeccable Notes
Head and shoulders above the rest, this is the number one area for improvement in nearly every real estate professionals' business. Especially for leads outside our sphere, we tend not to communicate consistently because we simply aren't familiar enough to carry on casual discourse. We understand real estate is a relationship game, but when we don't have any more knowledge than home search criteria, it's difficult to maintain correspondence without coming off overbearing. The good news is, there is absolute gold in the nuance of conversation if you pay attention and commit to extensive note taking.
Never get off the phone, end an email chain or text message conversation without immediately taking as many relevant notes as possible in your database. What's relevant? Everything. Dog's name? Relevant. Sport their kids play? Relevant. We tend to skip over these things when considering what's important to know about our prospects. But this is the easiest way to get deeper into the relationship building phase and turn prospects into clients. People like working with professionals that not only provide great service, but that portray themselves in a way that communicates a genuine sense of interest in them as human beings. Recording the details of your interactions will tremendously cut down the time and effort involved in building real connections with your prospects.
Come From Contribution
The things we take for granted as agents, the things that tend to become white noise, can be valuable to our prospects and demonstrate a level of contribution that strengthen our relationships and increase our conversion rates.
Every day we're subjected to a barrage of information. New listings, rate changes, development progress. It all gets thrown into the blender that is our inbox and routed to what we deem is the appropriate resting place. Get in the habit of taking time each day to consider these opportunities, rather than seeing them as white noise. You will find that there is a consistent stream of relevant information that we often pass over, rather than use as a connection builder for our prospects. A well timed article or the perfect 'coming soon' property can be just the foot in the door you need to secure the business.
Complete Contact Info
The systems we build are only as effective as the avenues by which we can communicate with our database. A big miss for a lot of us is glossing over chances to complete our prospects' profile. Only have email? Close for a phone number. Number only? Ask for an email and let the prospect know you have some info you know they're going to want to check out. And then, of course, follow through. Completing your prospects contact sheet will tremendously increase your chances of building a successful working relationship.
These are just a few of the more consistent opportunities we see in agents' businesses, but the underlying premise rings true even if these examples are less relevant to your situation. Think broadly about your business, how you can increase ROI and where the gaps lie in your nurturing process? You're bound to find a way to increase the return on your hard fought dollar productive hours.
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