Real Estate Lead Generation 4 Pillars
I’ve had many discussions it seems in the last couple of weeks about lead generation.
Part of it is because we are getting close to the end of 2014 and a lot of Agents are starting to plan their businesses for 2015.
The other part is really about helping you to achieve greater success in generating leads for yourself, whether you are a singular agent or the leader of a team.
So today, I am going to discuss the 4 Pillars of Lead Generation for Real Estate Agents and hopefully this will help you to Crush your goals for 2015.
The following pillars are in no order of importance…thought I’d mention that, I don’t want there to be an argument about which one is more important because the are all important.
Pillar Number 1: Websites and Online Lead Gen
Any new agent just starting out, their first question is always:
Do I need a website?
This question I will always and forever answer with is “It Depends”. It depends on what you are going to use it for.
If it is just to be ‘online’ then don’t bother. If you are getting a website because a ‘guru’ said it in some webinar, you should find out the WHY behind having a website.
In my opinion, the ONLY reason you should have a website is to generate leads for yourself. If you spend big money on the look and feel of a site and then have no plan for it to earn you business then don’t bother wasting the dollars that you could put into something else.
Once you have the site then you need to drive traffic, this can be done organically by creating a ton of content to ultimately help your potential client through the buyer’s journey.
I call this a long term play, I feel you NEED to do this on top of any other strategy that you employ. It will set you apart from your competition as an expert in your field or in the area in which you work.
You can also drive traffic by hiring an SEO to do the on page search engine optimization for the site. Lastly, you can run adwords campaigns in Google and Facebook. Each of these will cost dollars so make sure you have a budget.
Pillar Number 2: SOI or Sphere of Influence
This is likely the most underutilized marketing by all REALTORS. We’ve all heard Repeat and Referral Business, right?
This is what we are talking about, generating leads from your past clients, friends, family, acquaintances and business partners.
This sector of lead generation, like the blogging component above, is about creating value for your sphere. Remember, you are the expert. You know the market. You should be helping your clients understand all there is to know and keep them informed on a consistent basis.
There are some very good sphere marketing plans out there but I will break it down for you quickly here:
- Email: Market Report for their Neighbourhood
- Email: Video email on a monthly basis using BombBomb
- Snail Mail: Newsletter delivered on the monthly
- Either a Monthly or quarterly touch. Example: January: Listings on the Street (Sending out the sold listings on your clients street or neighbourhood with a custom letter)
- Think about who your A list sphere should be, these are people that sing your praises over and over. Put them into a list and take them out for lunch once per quarter. These people should also get all the great deals that you find as part of being your ‘inner circle’
There are 3 touches, minimum, there per month giving you 36 touches per year with the potential for over 40 in the course of the year. This will keep you top of mind with your Sphere. Remember, quality of the content is the key.
Pillar Number 3: Open Houses
Some may be surprised to hear me say this considering my stance on open houses, but this is a major part of how I built my business without knowing a lot of people in my market.
There is a key component that a lot of newer agents don’t consider when selecting a property to open house, Price.
Determine at what price point the most sales are happening within your market. Select a property, in that price range, with a lot of turnover in that neighbourhood. These two items should ensure, no matter the market you are in, that you will see a tremendous amount of traffic through the property.
Again, provide value to the people coming through the door. Comps in the neighbourhood. Other properties that are similar to the one you are sitting as alternatives. Lastly, a sign in sheet. How else will you get names and contact information for unrepresented buyers walking through your open house? You can also try out this strategy: Place a Sign on the front door
Pillar Number 4: Geo Farming
Now this is the one area that a lot of Agents give up on before it starts to pay off big. This is an expensive, long term play that can have massive long term benefit. Think of the 3-7-27 Marketing Plan when it comes to a Geo Farm.
It takes 3 contacts for a prospective client to recognize your name. It takes 7 contacts for them to place your name with your business. It will take 27 contacts to earn their trust and give you their business. Check out this post for more on the 3-7-27 Marketing Plan.
The key is determining an area that you want to work.
Set a budget. Set a content strategy. Commit and be consistent.
Geo Farming can cost thousands of dollars but can also have a massive pay off if you are willing to stick it out.
Measure, Evaluate, Re-Tool, Rinse & Repeat
With any type of marketing you need to measure your efforts on a monthly or quarterly basis.
You need to evaluate if the effort of time and money that you are putting in is working. If it isn’t then you need to re-tool.
Measure every piece of your lead generation plan to make sure that you are spending quality dollars on quality content that is going to generate quality leads.