The real estate industry is as diverse, if not more so, than just about any field in the business world. In fact, diversity, in and of itself, is perhaps the single largest reason entrepreneurs consider investing in real estate. There are a myriad of niches one may consider investing in, each of which offer their own customizable strategies. Even the time designated for a respective exit strategy can vary significantly.
There are, however, several constants that serve as the foundation for real estate investing. A lead, in particular, is the lifeblood of any investor and should be treated as such. Regardless of your knowledge and experience, a lead is the name and contact information pertaining to someone who is potentially a future client. Despite differing opinions, a lead is just that. There are no semantics. If you have a single way to contact someone, then it is a lead.
Some self-proclaimed “gurus” define leads as having a full name, a phone number, and have expressed interest in your services. Unfortunately, that’s wrong. The advent of the Internet has changed the very nature of a lead and its subsequent requirements. With that being said, a lead may be nothing more than an email address (no name required).
You definitely want to move the lead along, get them to become a prospect, then a client, then a closed client. However, it is critical that you don’t make the mistake of thinking a lead is “dead” or not viable because you only have an email address. This has doomed countless investors. Don’t make the same mistake.
Any legitimate contact information should be considered a viable lead. Therefore, you must follow up with every opportunity that presents itself, no matter how ambiguous it may seem. Do not make the mistake of thinking a lead is dead if it is not ready at the moment.
Here are a few tips regarding lead generation that can push your business to the next level:
Treat Every Lead Appropriately
Capturing and converting leads takes a considerable amount of time. The entire process requires extra effort and money. For as hard as you work for a lead, you should try twice as hard to keep it. This requires extensive nurturing. Done correctly, you can take something as simple as an email address and convert it into massive profits.
While relatively simple in theory, a lead nurturing system is a complex process. Do not approach it in a lethargic or half-hearted manner. The nature of a lead is ever-changing and therefore requires your utmost attention. Those that do manage to create a well-devised lead nurturing system will be rewarded accordingly.
Unfortunately, many investors may be unaware that they are spending more time, energy and money in their attempts to lead generate (and seemingly bringing in dead-end leads) than they are in lead nurturing (moving those supposed “dead-end leads” through the sales funnel). This is a recipe for disaster. While obtaining leads can be advantageous to a company, it is more important to maintain that lead till it becomes a deal.
The truth is; investors try out several different lead generation methods, sources and systems, spending nearly 100 percent of their time on the generation and almost none of their time and efforts on the conversion. This is where lead nurturing comes in. Once the lead is captured, you must do everything in your power to maintain it.
Make it a priority to follow up with leads on a regular basis. If you have not already, implement a system that allows you to do so. That way, you will already have a streamlined process in which to build a relationship with the respective individual. This may include generic emails, company newsletters or mailings. Just be sure to reach out. You are basically killing any lead in which you do not follow up.
Lead nurturing increases your chances of closing on a deal. However, many may not be aware that this process corresponds with lead generating as well. Any successful relationship you establish introduces more prospective clients to your pipeline. This is why it is critical to believe that there is no such thing as a bad lead. If you take the time to pursue every lead, you’ll not only change your thinking, but you’ll also change your efforts and focus. When you start spending time nurturing, your business will start to explode.
Spend 20 percent of your time generating and 80 percent of your time converting. Snap out of the whole “they are dead leads” or “bad leads” and start nurturing. Six months from now, you’ll be so happy you did!