The real estate market has been on fire for the past few years, and for many agents, production has never been higher.
But, thinking strategically, this market activity cannot continue forever. As an agent, it’s important for you to anticipate a changing market so you can set your business up for success no matter what.
Here are a few tips to help agents “future-proof” their businesses.
Play the “Long Game” With Leads
If a lead doesn’t convert immediately, it’s not weak — it just takes time.
Real estate is all about timing. Just because a buyer or seller isn’t ready at the first point of contact doesn’t mean they can’t become a valuable transaction opportunity in the future.
The savviest agents know that they need to work their leads if they want to see conversion at the end of the lead funnel.
Switching your mindset from an instant win to a long-term game is essential to future-proofing your real estate business. When a lead enters your sales funnel, be prepared to put in the work to warm them up through consistent engagement.
Want to Do It All, Without Doing It All?
Improving your lead nurture and follow-up plans can provide you with a continual stream of business.
Remember, a “maybe” today is a “yes” tomorrow.
Even the leads that look the weakest will convert into a deal at some point. The cold leads that you engage with today are the hot leads of tomorrow. If you’re not staying in touch with your leads and providing value, you risk losing their business to another agent.
#ProTip: Manage your time wisely by working with a lead qualification plan.
Gather information to determine where a lead is along the sales funnel and use that to shape a custom engagement strategy.
Not only will this allow you to prioritize your time and effort, but it also helps you assist the lead based on their specific needs and circumstances.
Don’t Use Smart Drip?
Diversify Your Lead Sources
How many avenues do you leverage to source leads?
One of the most important steps in “future-proofing” your real estate business is to diversify your lead sources.
The best in the business work with multiple different resources to get in touch with new leads.
This creates a business model that is resilient, resistant to changes, and ready to adapt to new conditions at a moment’s notice. This will prevent you from suddenly seeing a gap in your production due to a lagging sales funnel.
If one lead source dries up, you need to have a variety of other resources to rely on.
For example, open houses have long been a favorite source of business for agents. But during the pandemic, open houses couldn’t happen the way they used to.
- The agents that were overly reliant on open houses as their main source of leads ultimately took a hit to their lead generation.
- However, agents that were working with other lead sources — such as online lead gen tools — were able to balance out the blow and keep up their momentum.
Want Conversion-Ready Leads?
Lead generation strategies are the pillar of your real estate business. Make sure that you have a strong foundation to rely on that can accommodate market shifts and unexpected situations.
#ProTip: More leads mean more responsibilities for following up and engaging. As you pursue new opportunities for lead generation, make sure that you have a strong plan in place to service and stay in contact with those leads.
Long-term lead follow-up and engagement are necessary to activate your leads and see the conversions you’re looking for.
Audit Your Technologies
Agents need to make sure that they’re using their tech stack to the best of its potential. The technologies and tools that you’re using need to be streamlined in order to maximize your ROI.
If you’re not, figure out what’s wrong with how you’re currently using your technologies.
Ask yourself these questions to determine the best way to move forward that will allow you to streamline your real estate technologies.
- Do you need more training?
- Do you need a coach to walk you through the programs?
- Or, do you need to stop using the tool altogether and find an alternative that really works for you?
If something truly isn’t working, it may be best to find a more suitable option for you rather than continuing to invest in something that’s not optimizing your business.
Which BoomTown Package is Right for You?