More words of wisdom from Dean Jackson (the king of real estate marketing). In today’s article, he explains his innovative approach to converting leads over time. Dean Jackson is the founder of GoGoAgent and Listing Agent Lifestyle.
Playing the long game
I’ve heard many agents complain when they try different sources to generate leads, for a few months, and get nothing out of it. Unfortunately, the point being missed with this way of thinking is the real payoff with lead generation is in playing the long game.
The correct approach is to look at your lead generation process, not as a short-term expense, but as a capital investment. Do not add unnecessary and misguided pressure to the action of generating leads by expecting to recapture your money in 30, 60 or even 90 days.
It’s time to amend your perception of the value of a lead over time. And begin to cultivate your leads over 12, 18 and even 24 months (regardless of lack of response). Then you will begin to build a true capital asset. And this asset of unconverted leads will become an incredible treasure trove that will continue to pay dividends for years.
A case study
A great story defending the above philosophy is of agent Tony Kalsi. We tracked lead conversion results on Tony’s listings for four years in a “Getting Listings Case Study”. And we discovered 21 transactions he achieved over the four-years were from leads he had generated in the first year that he had continued to cultivate.
If Tony had written off these 21 leads as “duds” due to not being able to convert them quickly, he would have missed out on – I don’t even want to think about how much money!!
I’ve heard story after story like this from agents who understand the long-term approach to converting their leads. They patiently educate and motivate their lead list, then watch the yield from that portfolio continue to pay off year after year.
Being conscious of your marketing dollars has its place. However, focusing only on what you can achieve “right away” from your marketing dollars and discarding the rest is a mistake. And this mistake will cost you longterm valuable assets.
From “dud” to dynamite
If you have leads gathered over the years that you’ve identified as “duds” due to not converting quickly, I have a great marketing campaign for you. This campaign has the potential to bring many of them back into the fold.
Gather together an email list of your so-called “dud” leads and send them the following email. Put their “first name” in the subject line of the email and then ask them one simple question in the body of the email. “Hi ‘insert person’s name’, “Are you still looking for a house in ‘insert city or neighborhood’?”.
That little email and nothing more. Send that email to all of the dud leads you’ve generated and neglected for 90 days or longer (or you feel have neglected you). And you’ll be amazed at how many people respond “Yes, we’re still looking.” You’re also going to be surprised, not in a good way, at the number of responses you get from people that say, “No, we’ve already bought.”
This second response will break your heart, but don’t sulk, just make a mental note that YOU can not predict when a prospect will be READY to move forward. This knowledge will become a reminder to not prejudge your leads. But instead to take the long-term “asset management” approach to nurturing your leads as the treasure trove that they are.
Begin cultivating and nurturing your lead portfolio today by sending out the Ever Thought About Selling postcard from the Listing Inventory Series to at least 100 prospects from your lead list.
Need help targeting the perfect niche of sellers or buyers? Use our mailing list tool to create the ideal list (it’s easy) or call our support team for assistance at 866.405.3638!
PLUS: When you have time…here are 3 free ways we can help you CRUSH IT in 2018!
1. The Free 2018 Real Estate Business Plan.
Treat your business like a business it is vital to long-term success in this industry. Some agents may put together elaborate business plans, yet there’s something powerful about keeping it simple. Check out our one page Online Real Estate Business Plan – Click Here
2. The Free Online ROI Calculator.
Consistency and automation are the keys to success. Discover how effective direct mail marketing can dramatically increase your bottom line. Enter your statistics in our Free online ROI Calculator and click the ‘CALCULATE MY ROI’ button to see your results instantly! – Click Here
3. The 12 Month Done-For-You Strategic Marketing Plan.
The Real Estate Marketing Planner is a powerful 12-Month-Guide that strategically defines what marketing to do when. Four key market segments are included, Niche Marketing, Listing Inventory, Geographic Farming, and Sphere of Influence – Click Here – Click Here
Also…check out these cool tools 🙂