Top Producer asked Michael Hellickson to create a 6 part series of short videos on the most important aspects of real estate agent success! In part 2 of 6, Coach Michael begins talking about lead follow up and what you NEED to be doing.
Lead Follow Up
The three most important things every agent MUST master are Lead Generation, Lead Follow Up, and Lead Conversion. As an agent, if you don’t follow up where do those leads go? They disappear!
How quickly should I be following up?
The answer to that is 5 MINUTES! The difference between following up within the first 5 minutes versus the first 10 minutes is a 900% INCREASE in contact rate. After the first 5 minutes, your chances of contact decrease tremendously.
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In some markets (San Diego, for example), it is so competitive that prospects are receiving as many as 4-5 calls, and 5-6 text messages from agents within 5 minutes of submitting their information on popular websites like Realtor.com!
How long should I keep following up with them?
You have to be persistent AND consistent when following up with leads over a longer period of time. Many agents make the mistake of limiting lead follow up calls or not making them AT ALL! 48% of agents don’t even make 1 follow up call. 25% of agents make 2 follow up calls, and then stop. 12% of agents make 3 calls and then stop. Less than 10% of agents make 4 or more follow up calls before stopping.
Your follow up calls have a direct correlation on your number of sales! 2% of all sales happen on the first contact, 3% of sales happen on the second contact, 5% of sales happen on the third contact, 10% of sales happen on the fourth contact. 80% of sales are made on the fifth or subsequent contact. Yes, 80%!
What’s worse is that these numbers reflect sales after CONTACT, and each contact can require numerous calls!!
The fortune is in the follow up!
How do I make my follow up simple?
One of the first things you want to do, is make sure you have a CRM (Customer Relationship Management Software). Top Producer provides a great CRM, where you can funnel all of your leads into one place. When used with 5 Street, tracking real estate leads and lead follow up efforts has never been easier.
What is my goal when I am on the call?
Your goal on the follow up call is NOT to get a listing or make a sale. Your number one (and only) goal is to get an appointment. As soon as you set up the appointment, get off the call.
In order to set the appointment, we’ll want to take the Land, Air and Sea approach as Michael Hellickson likes to call it! You need to get them on your drip campaign. As soon as the client comes in to your CRM, you need to email, call, text, and Facebook Message (preferably video) the client. The next step is to call the lead.
How often should I call?
You need to call 3 times a day for the first three days, 3 times a week for the next three weeks, and finally 3 times a month for the next three months. No matter what, you need to make sure you are calling the lead at least 12-20 times with no response before giving up.
Having consistent follow up over a long period of time will give you more bang for your buck. Once you get a hold of the lead, the follow up times should be adjusted. When you get in contact with the lead, the number one thing you should say is “I just want to make sure I am not dropping the ball on my end”.