With so many leads coming in, one must have a system to track them. First and foremost, you must follow-up and make a connection with the person who needs to buy or sell their home. When speaking with these prospects, you must understand their “why” and get to know them. The old cliché is more true today than it ever was: “People don’t care how much you know, until they know how much you care.” Prospects don’t want to work with someone who only talks about themselves and whose main goal is to sell.
As an industry, we are pretty pathetic on lead follow-up. In fact, 48 percent of agents never even follow up after making the first attempt to reach a prospect. Only 25 percent of agents will attempt a second call, and only 10 percent will attempt the third call.
To put this data in perspective, only 2 percent of sales are made on the first contact. Three percent are made on the second contact, 5 percent on the third contact, 10 percent on the fourth contact and a whopping 80 percent of sales are made on the fifth to 12th contact.
If 80 percent of sales are made on the fifth to 12th contact, then why don’t more agents succeed? The answer is simple: they have no system to track, nurture and convert their leads.
The first step in the lead tracking process should always be to set the date for the next attempted contact for that prospect on your calendar. Be sure you choose a time when someone will likely want to take your call or be receptive to your communication.
The ABCs of lead management is a good system once contact is made. Classify your contacts with their timeframe to act. The A contacts are clients you have an appointment with who are actively wanting to complete a transaction. You should contact these people daily until they have achieved their goal.
The B contact is someone who wants to act in the next 30 – 90 days. These leads should be contacted twice a month. The C contacts are those who may be ready in 90 days or more. Checking in once a month with these leads is key, as many move from a C to an A faster than they think.
When you employ the ABCs of lead management, take great notes and always schedule the next contact with your prospects. If you do this, you will have a system that works.
Your success depends on it! Julie Timms is a master coach with Workman Success Systems. She began her real estate career in 1979 as a sales assistant, and four years later, in 1983, opened her own brokerage—and holds eight real estate designations. Contact her at firstname.lastname@example.org.