Is your real estate business suffering from a lack of leads and conversions or do you need to improve follow-up? Before you answer, I'll share my truth. I suck at follow-up sometimes.
I promote and conduct marketing boot camps for agents and Mortgage brokers are great sponsors for my events. But unfortunately, I have business cards and email addresses of mortgage brokers in my area who I have failed to follow-up with. I failed to put them on an email list and systematically follow up with marketing tips to help grow their business. I failed to call and check on their production. I'll admit it, I suck at follow-up sometimes.
Instead of going through my database to find mortgage professionals needing to be "touched," I simply purchased a new list. It was easier to pay money to a list broker versus investing the time to clean up my database. Dumb, I know. I took the easier road, hopefully you won't.
If you're honest with yourself, you probably have a similar story. Maybe you met Mr. and Mrs. Smith at a dinner party. You exchanged business cards, but you failed to follow-up. Or maybe you attended a networking event and met a great, non-competing real estate professional and promised to share referrals with each other. Neither one of you followed up when you returned to the office. You simply went back to your old ways, hunting for the next deal.
Here's the problem with most small business owners, especially us real estate professionals - we fail to realize the power of follow-up. Statistics show it takes 7 - 10 times for you to engage with a prospect before he or she chooses to do business with you. Most of us are only willing to make 1 or 2 phone calls to get the next deal. If you're quick with math, you'll realize a lot of your marketing dollars and effort are left on the table simply because you failed to follow-up.
Follow up with the prospects and clients you already have in your database. It will save you tons of money and bring you one step closer to your next sale. Here are 3 ways you can follow up with your prospects and clients to grow your real estate business in 2016:
- Schedule a 2 hour time block one day each week to make phone calls to prospects you haven't talked too in 30 days. Ask if they have any real estate related questions you might be able to answer. Keeping good notes in your database will help facilitate the conversation. "Last time we talked you expressed interest in looking at condos. Would you like to schedule time this weekend?"
Schedule a 2 hour time block one day each week to write personal handwritten notes to your past clients. Thank them for their business. Invite them to check out your blog for community news and updates on the local real estate market.
Schedule a 1 hour time block one day each week to call your potential ambassadors and referrals partners. Your insurance agent and mortgage professionals make great referral sources, but they want to know you care about them before they send referrals your way. When talking with prospects and past clients, ask if they're interested in saving money on car and home insurance. Refer those who say "yes" to your referral partners when you call to "catch-up."
If you want to convert more leads and make more money in your real estate business you need to get better at follow-up. It's just that plain and simple. I'm scheduling my follow-up days for next week right now. I hope you do the same too.
To connect with Michael, you can visit: https://www.facebook.com/groups/labcoatagents/
You can also listen to his podcast show Real Estate Success - We Make Marketing Simple here.