It has happened to the best real estate agents– you’re no longer a newbie to the business and things seem to be moving along. And then you discover that you’ve been making a huge mistake when it comes to real estate lead generation.
It’s not the end of the world if you recognize these mistakes and remedy them as soon as possible. Of course, if you remain oblivious to them, you could seriously hurt your real estate lead generation process in the long run. You might even ruin your reputation as a real estate agent in your market.
So, to make sure this doesn’t or isn’t happening to you, let’s look at some of the worst mistakes an agent can make when it comes to real estate lead generation.
Mistake #1: Labeling Leads as “Dead-End Leads”
Just because a real estate lead isn’t ready to buy or sell property just yet, that doesn’t mean they should be labeled as a “dead-end lead.” A true dead-end lead is one where there is no conceivable way for you to make contact- no phone number, no name, no email, no Facebook info, nothing. However, if you have just one of these elements, then you should be able to make a connection and move this contact through your real estate lead generation process.
So, what’s the real mistake here? The mistake is the fact that when you label real estate leads as dead ends, then you neglect lead nurturing. This means you’re neglecting to develop a relationship with a lead in the very early stages when they aren’t ready for any kind of transaction. The problem is, although they may not be ready to work with a real estate agent now, when they are, you will not come to mind. That is, if you fail to nurture them.
Another side effect of this mistake is that you end up working at real estate lead generation to the point where you exhaust your process. That’s because you’re always tossing leads away, looking for new ones that are ready to transact this instant. Lead generation and lead nurturing, however, must go hand in hand in order for you to convert leads into clients.
Mistake #2: Not Mapping Out a Real Estate Pipeline for Your Leads
If you are making Mistake #1, it could be because you never really mapped out a real estate pipeline. With a clear pipeline in mind, you will know where each lead stands, how much of a priority they are, and how to deal with them. A basic real estate pipeline looks like this:
Stage 1- Lead: This is the stage of the pipeline where every lead you come across initially falls into. Even though you won’t be showing real estate leads in this stage properties, don’t undervalue them- understand them. Leads at this point likely want some kind of information and if a real estate agent can provide it, the lead will see value in this relationship. Once you do, it’s more likely they will return to you when they are ready to make a move.
Stage 2- Prospect: A real estate lead moves down the pipeline when they show real interest in your agent services. This is the time to show them how great you are at your job. Continue nurturing the relationship, earn their trust, and help them along in their real estate journey.
Stage 3- Client: Now that the prospect has officially become your real estate client, you can help them in the buying/selling process. Pay attention to their property needs, use your network to help them out, and prove to them they made the right choice when they chose you as an agent.
Stage 4- Post-Sale: Always work to maintain a relationship with clients after you’ve handled their real estate transaction. Keep them on an email list, call them up when you have interesting listings, and just stay in touch. Why is this so crucial to your real estate career? Two reasons:
- Repeat business
The better you take care of the agent-client relationship post-sale, the more likely it is your clients will come back to work with you and even refer you to family and friends. So take advantage of this stage for lead generation and repeat business.
If you outline a basic pipeline, you can continue to tweak it for your real estate business needs. Failing to do so means you will likely lose leads in that first stage or miss out on opportunities for real estate lead generation in the last stage.
Mistake #3: Failing to Identify Where a Lead Is in Their Journey Early On
Once you have a pipeline, make sure to identify the stage where each lead falls in as early as possible. Not all real estate leads are the same and you can’t treat them like they are. The better a real estate agent understands each lead’s intention, the faster they can move them through the pipeline, and close deals.
Mistake #4: Forming a Real Estate Team Solely for Lead Generation
A lot of real estate agents make the mistake of bringing on a team because they are having trouble with lead generation. One more agent will mean twice the leads, right? Well, that’s not exactly how it works. You should only consider forming your own real estate team when you have mastered real estate lead generation and have too many on your plate to handle.
Likewise, joining a team will also mean that you will have to be on top of your real estate lead generation game. The team will expect you to deliver leads and do your part. If you’re not there yet, keep working on lead generation on your own.
Mistake #5: Not Using the Right Tools for Real Estate Lead Generation
Without new leads, your real estate business will plummet, fast. And without a certain number of leads, you won’t be making decent money as a real estate agent. A lot of agents are against the idea of buying real estate leads but that’s because they may be used to the programs that sell you an email list. With this kind of real estate lead generation program, you typically end up becoming just another spammer.
However, when you sign up for a real estate lead generation program like that of Mashvisor’s, you don’t run that risk. How? Because Mashvisor works with real estate investors who want to be connected with agents. They’re the best kind of real estate lead- a qualified lead. So don’t just use any real estate lead generation tool, use the right one.
To learn more about our lead-generation program, schedule a demo.
Besides real estate lead generation tools, CRM tools are also essential in moving your leads down the pipeline. They can help with quick follow-up, keep your contacts organized, and help you maintain that post-sales relationship.
Check out Mashvisor’s agent dashboard and see what our CRM tools have to offer you. Schedule a demo now.
Mistake #6: Giving Up When a Real Estate Lead Won’t Answer the Phone
You might not notice how often you do this when it comes to real estate lead generation. You make a call and it goes to voicemail, once, twice, three times. So, you end up pursuing other leads and forget all about this one. You could have just lost a potential client. Rather, be more persistent in your pursuit of leads- email them, text them, and call them again until you make contact. If you have permission, you can even add them to an email campaign list. But whatever you do, don’t give up after one missed call.
Mistake #7: Neglecting Your Lead List
You might be neglecting your lead list in two ways:
- You don’t constantly update it with new real estate leads that come your way
- You fail to consistently keep in touch with the list through valuable emails
With permission, every lead should be added to an email list. This can be an easy way to nurture leads and bring them to you when they are ready to make their next real estate transaction.
Additionally, you have to consistently provide these email lists with valuable listings and content. Leads may lose interest from time to time but if you’re consistent enough, you are more likely to bring them back into your pipeline.
Mistake #8: Providing Too Much or Too Little Information and Not Soon Enough
This is a simple mistake but one that some agents might not realize they’re making when it comes to their real estate lead generation process. You have to respond to leads quickly and with the right amount of valuable information.
Taking too long can mean you lose a lead to another real estate agent who was there to provide the right info.
Providing too much information may end up being confusing more than helpful and again, you can lose a lead who doesn’t see the value in forming an agent-client relationship with you.
You can also provide too little info- you’re the expert after all and your lead needs to know they can rely on you for the right info on the real estate market and on properties.
Essentially, it comes down to identifying your real estate lead’s needs and providing them as soon as possible.
Mistake #9: Using Only One Real Estate Marketing Strategy
There are multiple real estate marketing strategies for agents out there. Whether you’re using social media and digital marketing strategies or old-fashioned ones like door-knocking and direct mail, you should be testing out a range of strategies to see which ones work for you and which ones don’t. You might actually be surprised by what helps you with real estate lead generation in the end.
Mistake #10: Skipping the Best Practices When It Comes to Your Website
Your real estate agent website is a great source for lead generation. However, it might be time to review it and make sure you’re not committing major mistakes and losing potential leads that land on your site. Remember, 95% of property buyers/sellers start their search for information on real estate online. You want them to get their start on your real estate website. Be sure to:
- Have a good SEO strategy to ensure you rank well in Google searches
- Have a user-friendly web design- enlist the help of professionals if need be
- Create useful and engaging content to connect with leads
- Create a community section on your site to engage leads
Review the websites of top real estate agents to get an idea of what they offer to users and how it could be helping their real estate lead conversion.
These are some of the most common mistakes agents can make during different stages of their real estate lead generation process. If you identify them early on and learn from them, you will soon find you’ve become a lead-generating master.
What mistakes have you run into when it comes to generating leads in real estate? How did you overcome them?