Implement a consistent follow-up system to boost your conversions and elevate your business.
Effective follow-up is one of the keys to success for those in the luxury real estate market. Unfortunately, most agents don’t have a system to help them follow up on leads they’ve collected. Instead, they reach out to leads when they have the time via email or a phone call, or they assign their assistant to do follow-up when they aren’t busy with their other tasks. This unorganized approach rarely works — and many agents find they reach leads only to find out they chose another agent to work with because they waited too long or didn’t persist after the first follow-up.
If you want to dramatically increase your lead conversion rate by up to 50%, you must have an effective lead follow-up system that is foolproof — meaning it is not dependent on you! Here is more on why follow-up is crucial to conversion and how to implement a system that works.
The Dangers of Not Following Up on Leads Effectively
Did you know that approximately 44% of salespeople (this includes real estate agents!) give up after one no? 22% give up after two nos, meaning that about 75% of agents are giving up on leads after hearing no twice. However, statistics show that those making large purchases like homes only say yes after five follow-ups! That means that if you fall into the 75% of those who stop following up on a lead who has put you off twice, you’re giving business away to your more persistent competitors.
Many agents stop following up because they don’t want to be rejected again. Others simply lose interest in the lead, get distracted, or forget about them completely. If they do remember to follow up, they often find that another agent has already gained their business. You are literally setting money on fire and letting good leads go down the drain if you don’t have an effective follow-up system. You may also gain the reputation of being flaky if you fail to follow up with a potential client who is interested in working with you.
The Benefits of Effective Follow-Up
When you implement a follow-up system that works, you will increase your inbound business and continue to break your GCI records. This translates into more time and money that you can spend with and on your family, your hobbies, and other areas of your life that increase your quality of life.
Following up effectively will also set you apart from your competition. You’ll get a reputation as a professional agent who does what he or she says and never allows a potential client to fall through the cracks. This makes buyers and sellers feel safe and confident that you will take care of all their real estate needs.
The Components of a Good Follow-Up
Not sure what a good follow-up system looks like? The most effective systems have these characteristics:
■ They provide value.
When you reach out to your leads, you need to have more to offer them than “You ready to sell your house yet?” An effective follow-up always provides value, whether that’s in the form of a gift, an educational piece of content, or a helpful tip.
■ They are personal.
No one wants to feel like a number, so don’t make the mistake of sending out generic emails or cards to your leads as follow-ups. It’s important to personalize each follow-up with the client’s name and some detail about how you met or about the home they want to buy or sell.
■ They are automated.
If you plan to remember each and every lead you need to follow up on and when, you’re fighting a losing battle. Other priorities will distract you, you’ll forget which leads you’ve already talked to, and the whole system will come to a standstill. Instead, use a system that doesn’t rely on your memory and provides automation to make the process easier and more reliable.
■ They are unique.
You don’t want your follow-ups to look or sound like every other realtor, or you’ll get lost in the shuffle. Instead, focus on your target market and what they want and need out of a real estate professional. Combine that with your unique personality and skillset to create a follow-up that makes an impact.
■ They solve a problem.
You can be the hero and gain business when you solve the problems of your prospects. When you’re following up, ask what they’re struggling with right now and offer assistance. This might involve connecting them with another professional in the real estate industry, answering a question about a neighborhood they are considering moving to, or providing a checklist on how to increase their credit score so they can qualify for a mortgage.
■ They are not pushy.
Calling and texting your leads every day to ask if they’re ready to buy yet is not an effective follow-up technique. Learn more about your ideal client to determine how often they want to be contacted and always ensure you’re providing value rather than just asking for the sale.
■ They are immediate.
Just met a lead at a networking event or been given a referral by a colleague? Some realtors make the mistake of waiting a few days (or even weeks) before following up. When you do this, you open the door to other agents who may have also gotten the lead. You should always make your first follow-up attempt as soon as possible after getting a lead.
■ What to Do Now
Now that you understand the importance of an effective follow-up system and what makes a good follow-up, it’s time to implement a system that works. Work with an outside agency like Luxury Presence that specializes in lead generation, conversion, and follow-up systems for real estate agents to ensure you are leveraging the power of the follow-up and increasing your conversion rate up to 50%.