As in any other commission-based industry, real estate brokers and agents must rely on a steady pipeline of clients to keep their businesses profitable. If you are entering the real estate industry in 2022, you are facing a unique combination of a skyrocketing housing market, limited inventory, and intense competition. Succeeding in this market will require hard work, dedication, and a thoughtful lead generation strategy.
Focus on a Niche
You may have heard the business mantra, “the riches are in the niches” before, but how does that apply to real estate? Agents can specialize in several areas. Most agents primarily work with buyers or sellers. From there, you can narrow your expertise to a specific location, price range, or property type.
If you really want to differentiate yourself from other agents, you can niche down to a specific buyer or seller persona. Bringing your focus down to the granular level will give you insight into the types of services and added value that would be most appreciated by your target market.
For example, if you wanted to focus on homebuyers looking to downsize, such as retirees or divorcees, it would help to learn about niche markets such as 55+ communities or mixed-use construction projects in up-and-coming neighborhoods.
Buying a house is complicated. Millions of first-time homebuyers enter the market every year, and they need guidance every step of the way. Real estate agents can make themselves stand out by sharing valuable information. Thanks to social media, there are multiple ways to create and share content.
For example, you could start a podcast where you discuss market trends in layman’s terms. Or, you can start a youtube channel that focuses on the financial aspects of homebuying. Publishing blogs on your website or sharing interesting articles on your social media page can also build up your credibility.
If you prefer a personal touch, consider hosting an information session at a local community center. With this strategy, you can fill a room with your ideal client base. Not only can you raise your profile as a knowledgeable agent in your area, but you also have the opportunity to collect contact information from very warm leads.
Attend Open Houses
While the real estate industry can be competitive, some of the best sources for leads are other real estate agents. If you have the chance to register for a broker’s open house, come prepared with questions.
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You can learn more about the area and popular architecture styles preferred by local clients. Broker’s open houses are exclusively attended by industry professionals, and Buyers and Seller’s agents often work together to close deals. Use the event as an opportunity to network.
Manage Your Contacts
If you have been following the above strategies, you’ve probably accumulated contact information from dozens, if not hundreds, of leads. In real estate, client contact data is a gold mine, but only if you use it wisely.
To keep this data safe and manageable, import your leads into a customer management system. A CRM organizes client data into a searchable database that makes it easy to track who you have contacted and when. You can also categorize your leads by their readiness to buy or make a sale.
If you want to simply remind your list of your services, you can use an automated system, such as a tailored email sequence or agent assisted dialers to contact hundreds of leads at once. This tactic allows you to drum up business from the leads you already have.
Nurture Your Leads
As you can see, gathering leads takes a lot of footwork. Once you have these potential clients in your database, do not let them go stale. Sending out an informative email newsletter keeps you top of mind for your leads, as they will perceive you as a helpful and knowledgeable source.
For leads further along the buying process, you can create targeted emails that include new listings and open houses. If the lead has already toured several houses or hosted an open house, you can reach out with personalized emails or direct phone calls.
Lead nurturing doesn’t end after the transaction is completed. After all, former clients are the best source for word-of-mouth referrals. Further, the average homeowner purchases a new house every 8 to 18 years. It is very likely that a former customer will need your services again.
Show your clients your appreciation by sending a thoughtful housewarming gift shortly after their move-in date. Develop an outreach campaign that caters to homeowners. This could be a newsletter focusing on mortgage options and property values, or information about a referral reward program.