Build a Powerful Referral System
The power of referrals cannot be understated when it comes to real estate lead generation. According to a 2018 survey conducted by the National Association of Realtors (NAR), 41% of buyers and 63% of sellers stated they used an agent who was referred to them by a relative, friend, neighbor or used an agent they had previously worked with.
So, referrals remain one of the most reliable and powerful means of generating real estate leads. And the good news is that referrals are free. All you have to do is to inform your friends, neighbors or close associates about the properties that you are selling or looking for, and they will send clients your way.
And as much as this lead generation strategy tends to favor those already established realtors, you can also leverage it as a beginner. You just need to start working on your referral system as early as possible. Once you secure your license, you need to distribute those business cards to all your close associates and colleagues. With time, your client list will grow.
Use Video Marketing
According to recently published real estate statistics, 73% of homeowners intimated that they are more likely to use the services of a realtor who uses video. But currently, only a handful of real estate agents are using videos. So, since not many agents are using videos, you can take advantage of this opportunity to edge ahead of your competitors.
When properly implemented, video marketing can help you to generate more social socials for your listings, increase your lead conversion rate significantly and boost your bottom line.
As much as videos take more time and money to create, the returns will be worth the investment. So, what types of videos can you use to generate more real estate leads? Well, you have numerous options to consider. They include:
- Client testimonials
- Agent profiles
- Yearly reviews
- Videos of local events
If you have the funds, then you can hire a video company to take drone photos of some properties that you are selling. Such videos will provide more context to the listings and help you to generate and nurture more leads.
Host Open Houses
Hosting an open house can also help you to generate qualified leads for your real estate business. When you host an open house, potential buyers can visit the house and take a tour, without booking an appointment. And as much as you may not close a sale that day, you will end up with high quality leads that you can convert later on.
When you host an open house, the most important thing is to ensure that you engage everyone who walks in and create a warm, friendly and inviting rapport. You need to make all the visitors feel welcome, regardless of whether they show any interest or not. Even that curious neighbor that takes a tour of the house can drive potential clients your way.
Ensure you have all the information at your fingertips, regarding the house and the neighborhood. Some visitors will want to know about the neighborhood's crime rates, social amenities, and available facilities, among other things. So, ensure you are informative and engaging throughout the session. You also need to have some printouts and business cards, which you can give to all the attendees.
Leverage Social Media Marketing
The world has gone digital, and the real estate industry has not been left behind. So, social media marketing should now be an integral part of your real estate lead generation strategies.
According to this survey, 77% of real estate agents (your competitors), are using social media platforms to generate more leads for their businesses. So, if you are not using social media marketing as part of your lead generation, then you are missing out on potential leads for your business.
Some of the social media platforms that you can invest in include: Instagram, Facebook, YouTube, Twitter and LinkedIn. However, it's important to note that posting various listings on different social media platforms may not be enough to generate you qualified leads.
You need to provide relevant and informative content while engaging with your audience regularly. For instance, instead of just posting a house on sale, you can instead create a guide for first-time homebuyers or the best neighborhoods to live in your city. Once you do that, you should then follow up, engage with your followers and answer their questions. Just think of anything that can help you to start social conversations with your followers. And out of those conversations, you will end up with some potential leads.
Use Real Estate Lead Generation Platforms
If you've just launched your real estate business and you don't have a website, then you don't have to panic. There are several real estate agent websites, which you can use to generate leads for your business. Leads are usually delivered via text or email, depending on how the platform operates or how you've chosen to receive them. Some of the most popular real estate lead generation websites include:
- Zillow: As a realtor, there is a high chance that you already know Zillow. It's one of the leading companies in the real estate industry. Zillow offers a platform where sellers can list their properties and market them to potential buyers. So, if you are looking for more leads, then you can sign up for their lead generation service. Pricing will depend on various factors such as competitiveness in your area. But they usually charge from $20 per lead.
- Realtor.com: This platform is run and managed by the National Association of Realtors. It works just like Zillow. Realtor.com runs a lead generation service, known as Connections Plus. This service connects buyers and sellers with agents. Monthly fees are $200 for non-exclusive leads and $1000 for exclusive leads.
- BoldLeads: If you are looking for a real estate lead generation platform that will handle all your advertising efforts, then you should check out BoldLeads. Their ads are highly targeted and their leads are exclusive - meaning that your audience will not come across similar ads from hundreds of other agents. Their service also comes with CRM software, designed to help you nurture the leads they've sent you. However, their services are quite expensive compared to the others. Pricing starts at $399 per month. You will also pay a one-time onboarding fee of $200.
Send Targeted Messages
Targeted messaging usually focuses on leads who meet certain criteria. For instance, you can focus on high-income households, first-time buyers or buyers with a decent credit score. Once you've identified your target audience and segmented them into different groups, you can then send them targeted messages using various methods like:
- Email marketing: When done properly, email marketing can help you to capture hundreds of potential leads for your real estate business. And you no longer have to craft and send an email to every person on your list, thanks to marketing automation. If you have a large database of prospects, you can segment them into different categories and then target them accordingly. Ensure your emails contain valuable and actionable information.
- Cold canvassing: Business cards, flyers, and postcards distributed at coffee shops, local offices or other areas where people meet are some good examples of cold canvassing. They are an affordable and effective lead generation method, especially for realtors who are new in the industry. But for them to generate leads, you should ensure that you've customized their content based on where you drop them off.
- Bulk text messages: Text messages provide a great means of delivering your messages to your prospects, without interrupting or disrupting their schedule. But just like emails, don't overdo it. If you send too many, you will end up being blacklisted.
Attend Community Events
If you've just launched your real estate business, there is a high chance that most people in your neighborhood may not be conversant with your line of work. And you cannot thrive in this industry if no one knows you. So, if you want to generate more leads for your business, then you need to establish a strong presence in your city or neighborhood. And you can start with something as simple as attending local events. And they don't have to be real estate events or seminars. It can be any event that brings members of your local community together. For instance, you can volunteer at charity events, attend events such as park fairs, or even sponsor a local sporting event.
Nurture the Leads
As much as this is not a lead generation method per se, it's a vital step in your overall lead generation campaigns. During your real estate lead generation campaigns, you may come across some leads that may not be ready to sell or buy property yet. And there is nothing wrong with that. They may not be ready to transact at the moment, due to various factors. Instead of just giving up on them, you should keep working on those leads. With time, they will earn your trust or the previous situation may have changed, and they may be willing to transact in the future.