Listing focused lead generation strategies for a low inventory market
“If everyone has the same amount of time and yet some earn more than others, can we say then that it’s how we use our time that determines the money we make?” - Gary Keller.
This quote has always resonated with me. Now, replace ‘time’ with ‘resources’ and it’s especially relevant when thinking about prospecting and lead generation. As real estate agents, our resources are finite so it’s important that we’re calculated and strategic about how we’re leveraging our resources. To help in this endeavor, I’ve laid out three prospecting areas that will help you maximize your finite resources — money and time.
Some of the lowest hanging fruits to prospect are FSBOs and expired listings. Both of these have validated that they have a desire to sell their home so the lifecycle on these deals is much shorter. With FSBOs, these homeowners are receiving numerous calls from agents trying to win their business, so the key is reaching out to them consistently and providing them value. You can give them tips for how to stage their home, tidbits of information on how to host an open house, etc. This allows you to build trust with them and when the time is right, you can share your individual value propositions and they will be more inclined to hear you out. These homeowners hear from everyone that they will be able to get them top dollar for their home. Instead of just telling them about how you’d get them that price or how you’ve done that in the past, show them by giving them small pieces of your approach for free. Similarly to FSBOs, expired listings receive a high volume of calls from prospective agents. You must be able to differentiate yourself from the crowd — by providing real value through tips and strategies, this allows you to create a lasting impression.
Your database is living and breathing — it requires effort, but can pay out in large dividends. One of the biggest mistakes we see real estate agents make is that they do not continually touch base with their database. It is vital to continually check in with your database — a lot can change in someone’s life in six months. They may get a new job, a new marriage or divorce, children, empty nesters, etc. This allows you to be well positioned in their decision making process to get a response. The second mistake we see agents make is their reach outs provide no value. As a market expert, you can provide them with listings just sold in their area, high level market trends, or a referral incentive. Whatever the contact is, it should have a clear call to action and clear value.
Circle prospecting is one of the more time consuming prospecting methods, but it’s often times one of the most fruitful as you do not have to compete with as many agents as you do with FSBOs and expired listings. At Phone Animal, one of the criteria for us to deem a homeowner a nurture is they must not be working with another real estate agent, but more often than not, these homeowners have not even spoken to another real estate agent by that point. This is because with circle prospecting, you are getting in front of the homeowner so early on in the decision making lifecycle. This allows you to create a lasting impression and create a higher likelihood of converting them to a client. One of the best ways to leverage your time while still circle prospecting is to hire an ISA. Ultimately, circle prospecting is a volume game — the more you and your ISA call and the more time you put into prospecting, the more you’ll see in return.
As the old saying goes, there is more than one way to skin a cat. The same is true for prospecting and lead generation. The key is to get moving and get leverage. If you’d like to talk through these strategies further, please reach out to us here and we’ll be happy to help.
