You’ve successfully incorporated a real estate lead generation site into your marketing process and started to capture some qualified Real Estate Seller Leads. Congratulations! But before you rest too much on your laurels, remember that your job doesn’t start and end with a list of new Home Seller Leads, no matter how promising they seem. You need to take the necessary steps to transform your qualified marketing leads into listings.
If the road from qualified lead to home sale seems like a long and rocky one, take heart. It’s true that just because visitors to your site have asked you for market analyses of their homes, it doesn’t mean they are necessarily going to list their home with you—or even sell their home at all. In fact, a study by the marketing research firm Gleanster found that about 50 percent of leads gathered online are qualified, but still not ready to “buy,” or in the cast of real estate, to list. Gleanster research also shows that top performers who actively nurture leads are six times as effective as those who do not.That’s why you need to forge an effective lead nurturing plan to move your leads through the sales cycle and boost your listings.
What is meant by lead nurturing? As its name would suggest, the process of nurturing Seller Real Estate Leads involves following up with that lead in the right way, at the right time, to nurture it through the sales funnel. Choosing your follow-up tactics will depend on the prospective lead’s persona and stage of the sales cycle. For example, the kind of follow up that resonates with a brand new lead is quite different from your approach to someone at the end stage of your lead nurturing process. Whether it’s Motivated Home Seller Leads or Home Buyers Leads that you have in your follow up process, each one is in a different stage and life cycle.
While there are a number of cogs in the lead-nurturing wheel, two of the most important components of any follow-up process are social proof and reciprocity.
Social Proof: Using Trust as a Catalyst for Real Estate Sales Leads
One of the most effective ways to motivate leads into becoming clients is through the use of social proof. “Social proof” is the term used to describe the widespread, natural belief that if other people are doing something, and if I trust those other people, then I should be doing it as well. Most people do not like to feel they are being left out of something. You can work this thought process to your advantage in real estate lead nurturing by showing leads that plenty of people like and value your real estate services. Invite prospects to become a part of the social media conversation generated by your agency and its loyal followers.
While inviting your leads to follow you on social media is a good first step, effective lead nurturing takes things further by inviting prospects to participate in a home-selling webinar, for example, or asking them to take part in a survey based on one of your social media pages. Ask prospects to take part in a focus group that invites prospective home sellers to discuss their issues and concerns. The goal of any social proof tactic should be to pull a prospective lead into a community of individuals by providing a sense of belonging.
Reciprocity: The Art of Give and Take with listing leads for realtors
Psychology plays an immense role in selling and sales, and that’s true not only in the use of social proof, but with the valuable sales tool of reciprocity. If you’ve ever accepted a ballpoint pen with a business name blazoned on the side, you’ve seen the use of this sales tool in action. The idea of reciprocity is at the core of the old adage, “You scratch my back and I’ll scratch yours.”
Most prospects will not even be aware of their own buy-in to this widely held social convention, which makes it particularly effective as a real estate sales tool. You’ve no doubt seen any number of other industries employ this tactic—from grocers giving away food samples at the store to banks offering small gifts for opening new accounts. Reciprocity has become a critical sales tool across many industries for good reason. Successful businesses have come to understand the immense power of reciprocity as a sales tool. Even that cheap, branded ballpoint pen has immense sales power.
It is important, however, not to expect to receive something back immediately once you have given something of value to prospects. No matter the industry, a lead may not be immediately sales-ready even after receiving something of value from you, such as a home valuation. However, he or she will recall the salesperson who gave them something or did something for them. In the case of real estate prospects, not only will they be more likely to move forward with listing their homes, for example, but they will be much more likely to list with the agent who provided them with the information they sought at a critical point in their decision-making process.
In other words, when that prospect becomes sales-ready, it’s very likely he or she will have a feeling of obligation to the real estate agent who provided him or her with the important piece of information desired.
Not only is it critical that you show patience in your prospect reciprocating, but it’s important you are sincere about giving without expecting something in return, ever. Reciprocity works only when a good turn is done for the sake of doing a good turn, and not with the expectation of something in return. Anything less, and your gesture loses its sincerity. Your prospect’s need to return a favor is felt most strongly when there is no expectation of repayment. Yes, you are implementing reciprocity as a sales tool, but you can still do so without expectation on your part. Think of the combined effort rather than any one, individual action.
There are a number of ways to translate the psychology of reciprocity into practice as a real estate sales tool. Simply calling a prospect to “check in,” and ask if you can be of assistance is one potential step to take. You might also launch an email campaign to provide targeted information to groups of prospects, or take a more individualized approach and send targeted emails with links to content likely to be of interest. Many real estate agents also make use of reciprocity as a sales tool by simply sending prospects a birthday card or holiday greetings.
Target Your Approach
As with most sales tools, the more individualized and customized you can become in your Real Estate Seller Leads follow up, the more successful you are likely to be. Make use of the information you’ve gathered to get to know your prospects better so as to better target your lead nurturing actions. Learn to empathize with your prospects to better grasp what it is like to be in their position and feel what they are feeling. Draw upon conversations you’ve had with previous listing customers and listen intently to what new prospects are telling you, along with the tone of voice they are using.
Only through a deeper understanding of your leads can you truly glean the full value of social proof and reciprocity as real estate sales tools. Learning all you can about your prospects will help you to identify their pain points and needs. Create solutions to address these concerns, and you will begin to forge bonds through generous acts and a sense of community, thanks to lead nurturing that is almost certainly to pay off down the road.