Lead Follow up – It’s the difference between success and failure

When I first got in the business my entire training consisted with my broker telling me that she doesn’t do any training.  I knew that going in, but I thought there would be a little bit of training.  It’s one of the reason I started The Real Estate Success Network, I knew there had to be tons of Agents who were like me and never had any formal training.  However, she did give me three words of advice that have proven to be the MOST important aspect of this business.  She said, “Follow up, Follow up, Follow up”.  She was 100% right!

Let’s fast forward 9 years now, actually 9 years yesterday.  I started my career on September 10, 2001.  On September 11, our lives changed forever.  Nine years later our little brokerage in Melbourne Florida is an example of taking the Real Estate business to the Internet world.  We have mastered buyers on the Internet and continue to become stronger and stronger in our lead conversion.  This year we should end up closing 1 lead out of 24 or 4% of our raw leads or 350-400 sales.  We generate somewhere in the area of 750-1500 leads per month, every month.  All of my 20 Agents are on our lead system.  The question is though, with all things being equal; meaning quantity of leads and the same tools with our 100MPH Marketing Software, why do some Agents convert substantially more than other Agents? 

It comes down to two things, prospecting and follow up, which can be tied together.  Our Agents have the luxury of having on average over 2,000 leads in their systems.  Our company is just about to hit 40,000 leads in our system.  This year, as of today, my top Agent has around 20 closings (probably and additional 5 or so short sales in process too) so far this year with my lowest Agent has 7 closings so far.  So why would one Agent have more success than the other Agent?  It’s simple.  Agents who work their database and prospect their database daily, are selling more homes.  Those who don’t prospect their database don’t do as well.  We know that about half of our leads continue to read the emails we are sending them.  This means that 1,000 leads in each of our Agents systems, have at least 1,000 buyers that are actively looking for a home.  My goal is to get each agent at 50+ transactions each year.  However, for me to do that, I’m going to have to have all my Agents step up their game with regard to prospecting and following up their leads.  

One final example I want you to think about; I repeat this to my Agents regularly. 

You receive a lead today.  We know that the average lead doesn’t buy a home for 6 months.  So you get this lead and have a great conversation with the customer.  You feel really confident that in 6 months when they are ready, you are their guy or gal.  You set them up to receive listings from you and tell them to let you know if they see anything they like or when they want to look at homes.  They assure you that you are their Realtor!  Fast forward 5 months from your great conversation.  As they have done many times, they register on another Realtor website.  They receive a call that day from the Realtor who owns the site. The Realtor asks the normal questions and most importantly, at least I hope so, “Are you working with a Realtor”.  Their answer: “We have been receiving some listings from an Agent the past several months but he hasn’t shown us any homes and I haven’t talked to him in 6 months.”  You just lost the customer to another Agent.  In reality, it’s more about your mindset than anything else.  Our Agents, look at a buyer not buying for 6 months or more as a 4-6 month opportunity to create a great relationship.  Most Agents say “Call me when you are ready to buy”.  By changing your mindset to create a great relationship, you will change the outcome of your success.

In the end, our business is all about offering great service to our customers.  If you offer great customer service before you even meet your customers, how do you think they will feel when it comes time to buy?  Most people reward great customer service with great loyalty.  Will you still lose a deal here and there?  Of course you will, but, you will most certainly dramatically change your income.  Just remember, you have a lot of competition out there as there seems to be a Realtor on every corner in this country.  However, strive to be the best you can be and as my broker said to me, “Follow up, Follow up, Follow up”!