Every time you gain a new transaction, you’re growing your real estate business.
To help you convert your leads and boost your production, BoomTown partnered with RealTrends to conduct a study on how marketing practices, database size, and automation impact the performance of top-ranking real estate teams.
Let’s check out the most interesting findings of the report, along with five proven best practices to generate new business — effectively and at scale.
#1. Target Both Former Clients and Potential New Leads
Are you viewing your past clients as valuable streams of business?
According to BoomTown’s customer survey, 81% of top-producing real estate teams have a systematic strategy in place for engaging both new leads and former clients.
Marketing campaigns should focus on generating new leads, but also on accessing repeat business and referral opportunities from past clients.
Since you’ve worked closely with your past clients, you’ve already built trust and reputability with them. This shortens the conversion timeline while making it easier for you to land the deal. Since it takes less time — and fewer touches — to convert a past client, it’s less expensive to nurture a past client compared to a new customer.
BoomTown’s survey found that:
- Real estate agents who include past clients in their marketing campaigns see an average of 9% more transactions than agents who only target new leads.
Pro Tip: Leveraging bulk actions can help you organize your CRM outreach.
BoomTown makes it easy to categorize your leads and send out automated bulk emails to each group. This can help you save time when reaching out to new leads and past clients with personalized content.
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#2. Every Lead Needs a Systematic Follow-Up Strategy
There’s no such thing as “trash” leads. Every contact in your sphere is an opportunity for business — some just take longer to convert than others.
Every lead is valuable, and that means that every lead needs to be warmed with a systematic, strategic follow-up plan.
There’s a science to warming up cold leads until they’re ready to convert. BoomTown’s survey revealed that dynamic outreach plans applied to every lead are the most successful at boosting conversions.
Instead of cherry-picking which leads to reach out to, the best approach is to hit your entire database with multiple touchpoints.
5 Ways to Engage Leads in Your Database:
- Email Marketing Campaigns
- Social Media
- Web Advertising
- Direct Mail
- Phone and Text
#3. Combine Programmatic and Social Media Advertising
Did you know that agents who do not use programmatic and social media advertising tend to have 29% fewer transactions?
Make sure that you’re leveraging strategies inside and outside of your sales funnel. It’s critical that you’re in both your sphere’s email inbox and on their social media feeds for maximum exposure.
Pro Tip: Go through your database and find every lead on social media. Engage them, and add their social media profile information to their contact to keep you organized.
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#4. Aim for 10 or More Touchpoints Per Month For Each Lead
BoomTown’s survey discovered that agents who make 10+ touchpoints per month have 39% more conversions.
Working with an automated Lead Concierge service — particularly a market-beating, human-driven, seamless software that does it all — can help you meet your outreach quota to stay relevant with your sphere.
Pro Tip: Get creative when reaching out to your database. Think outside of the box to create meaningful conversations and become a source of value, insight, and expertise for your leads.
5 Touchpoint Ideas to Warm Your Leads:
- The “Haven’t Heard From You” Email
- A State of the Market Update
- Tips for Preparing for a Mortgage
- Moving Tips and Service Provider Information
- Local Events Calendars
#5. Work on Growing Your CRM Beyond 500 Contacts
500 database contacts is known as the “tipping point” that helps agents level up their production.
On average, agents with more than 500 contacts convert 25% more leads than those who don’t.
But, the work doesn’t stop once you reach 500. Once you grow your database, you’ll need to maintain your sphere. To effectively manage your expanding database, you’ll need to have the capacity to follow up, reach out, and warm every lead in your sales funnel.
In today’s fast-paced market, that means leveraging technology and automated workflows to maximize the ROI of your CRM.
RealTrend's survey found that:
- Teams with less than 15 agents that use Boomtown have 12-14 more transaction sides per agent than peers.
- Teams sized between 16-30 agents that use BoomTown have 10-11 more transaction sides per agent than peers.
- Teams with over 30 agents that use BoomTown have 5-6 more transaction sides per agent than peers.
Do the math, and that equates to:
- Up to 210 more transaction sides for teams with less than 15 agents.
- Between 160 and 330 more transaction sides for teams of 16-30 agents.
- At least 150 more transaction sides for teams of over 30 agents.
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