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As a real estate agent, the only way to succeed is to find properties and homeowners who are looking for an agent to represent them. Business won’t come to you if you sit around and do nothing, you have to WORK for your success and establish yourself as the realtor capable of selling a client’s home and collecting leads.
There are three critical elements any great real estate agent MUST maintain and develop to be succeed in the market, and they are Lead Generation, Lead Follow Ups, and Lead Conversion. Lead generation is huge in today’s real estate market and EVERY market for that matter, but the following formula created by Michael Hellickson spells out just how essential lead generation is to your success:
Lead Generation + Lead Follow Up + Lead Conversion x (Systems x Talent) = Income & Freedom
As you can see, lead generation, lead follow up, and lead conversion are the core variables necessary to maximizing your total income and available free time. When generating leads, you must remember that there are two distinct types of lead generation: ACTIVE lead generation, and PASSIVE lead generation.
Most real estate agents begin their career with more time than money. In the beginning, you’ll need to work for your leads and keep putting in the work until you start making returns. As your business matures, you will have far more money than time, and thus, will lean more towards Passive sources!
Active Sources: This is where you CHASE business and take initiative with your leads. Starting out as a fledgling realtor, the vast majority of your initial sales will come from these properties or clients, which includes:
Doorknocking, REOs, Bankruptcy Attorneys, Default Notices, Referrals
Passive sources: These sources require less input and effort on your end, ATTRACTING potential business through advertising rather than seeking out your clientele. As your business matures, you will deal with more passive lead sources, also called marketing. Examples of passive lead generation include:
Facebook Ads, TV, Billboards, Radio, Purchasing Leads* [see below]
As your business matures and you get the ball rolling, referrals will start rolling in like a passive lead source. Before you know it, a cumulative growth effect begins to take over, and while it takes massive energy to get it started, it takes FAR less to keep it moving down the tracks once its built up steam!
*Once you’ve accumulated a healthy sum of wealth, websites such as LeadsLikeCandy.com allow you to grab countless leads for a specified price. Once you are done building up your referrals and want to take the easy path, click on the link below or check out www.clubwealth.com/31leadsources to see 31 of Michael Hellickson’s favorite lead sources!
There is an entire SYSTEM to referrals. Yes, a SYSTEM.
Large numbers of referrals don’t just happen, you have to make them happen. Sure, many real estate agents get referrals from friends and family without any formal lead generation efforts, but it’s unpredictable at best. DO NOT leave your business success to chance!
Develop a deliberate, predictable monthly flow of referrals you can count on. Start with everyone you know, and everyone who knows you. You have your sphere of influence, your friends, family, past clients,even attorneys!
To get predictable referrals, you need to call, send notes, drop by with brand merchandise, host client appreciation events, mail out an engaging monthly newsletter, and foster consistent social media interaction.
Your business CAN and WILL grow through referrals, so long as you develop and follow the proper systems and strategies.
To master lead follow-up and lead conversion, you’ll need the right CRM (Client Relationship Management) and transaction management systems. Top Producer is a great transaction management system, as well as a great CRM!
The most important thing about lead generation and lead follow-up is CONSISTENCY. Now that you understand the importance of generating leads, click on the following link to read part 2! https://clubwealth.com/top-producer-success-series-part-2-of-6-lead-follow-up/