Ready to level up your real estate career and begin generating more income? Read on!
BoomTown is sharing five must-follow rules to expand, grow, and scale your real estate business. Agents that successfully follow these guidelines typically see more transaction sides, more closings, and more revenue.
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It’s not magic — it’s a data-backed approach based on findings from a study conducted by RealTrends in 2021. Let’s explore the tips derived from the survey analyzing how marking practices and contact database size may impact performance.
#1. Marketing Should Target Both Potential New Leads AND Former Clients
Did you know that including your entire sphere in your marketing plans can boost your success by an average of 9% more transaction sides?
Agents that only focus on attracting net-new clients are missing out on the opportunities for business introduced by their past clients.
Your past buyer and seller clients are sources of referrals. Staying in touch with them through regular outreach boosts your chances of being recommended to one of their deal-ready friends or relatives.
Furthermore, past clients also offer opportunities for repeat business. Your past clients will likely eventually become sellers and buyers in the future. If you’re able to maintain a strong connection, they will be more likely to choose you as their agent again.
#2. Implement a Systematic Follow-Up Process for Every Contact
Agents who do not employ any kind of systematic follow-up generate 12% fewer transaction sides than those who have a formal strategy for working new leads. For agents who have a formal strategy in place for both new leads and past clients, the difference in transaction activity is 22%.
Lead outreach and follow-up should be approached on a lead-by-lead basis.
Individually curated follow-up is more effective than dry, generic advertising. Not only does this approach build a connection between your sphere and your business, but it also delivers real, substantial value to your leads.
Your leads don’t gain anything when you send out a conventional “let’s do business” email. They already understand that you are there to do business, and you’re not really offering them any new, innovative value.
On the other hand, your leads do benefit from customized, specific messaging that speaks to their needs and circumstances.
For example, if you know that your lead is a first-time homebuyer concerned about securing financing, you will be able to grab their attention with personalized messaging. You might share a guide for preparing for a first mortgage and an overview of the escrow process as attachments to that “let’s do business” email.
Your follow-up becomes value-driven rather than value-lacking.
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#3. Workflows Should Use a Mix of Contact Types
Real estate teams that do not use both programmatic and social media advertising typically see 29% fewer transactions on average.
When reaching out to your previous clients and new leads, you should combine a diverse mix of contact types — including programmatic and social media advertising.
Social media should be a key component of your lead generation and outreach strategy as consumers spend an average of nearly seven hours a day online, with 145 minutes dedicated to social media.
If you want more eyes on your business, make sure that your ads are coming up when your prospects are scrolling through their social media feeds.
#4. Aim for 10+ Touchpoints Per Person, Per Month
Want 39% more transaction sides? That comes from making ten or more touchpoints per person, per month to all of the contacts in your database.
Reaching out less than ten times per month is not going to introduce the success you’re hoping for. But, when you achieve ten or more outreach touchpoints per lead each month, you will boost your chances of securing business by moving leads through your sales funnel.
Increasing the number of touchpoints sent to each lead can help you retain the opportunities for business that are sitting in your CRM. Since you’re top of mind, your leads will be less likely to seek another agent.
#5. Grow Your Database Beyond the Tipping Point of 500 Contacts
Agents whose database contains more than 500 contacts have an average of 25% more transaction sides than agents with databases smaller than 500 contacts.
Investing time on marketing and networking action plans can help you grow your database beyond the “tipping point” of 500 contacts.
If your database currently has less than 500 contacts, getting the contact information of your web traffic should be a top priority for growth. To do so, include captivating calls to action that prompt site visitors to submit their contact information when interacting with your website.
Then, add them into your CRM so they begin to receive your communications — putting more leads into your seamless, “rinse and repeat” sales funnel that’s been achieved by following these five tips.
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