Navigating today’s real estate market is like stepping up to bat with curveballs flying. It’s becoming harder to tell if our tried-and-true strategies are hitting the mark. What’s unmistakably clear, though, is the dip in lead conversion rates—a sign that sharpening our lead prospecting and conversion strategies has never been more critical. Success in converting leads goes beyond sheer hustle; it requires a blend of strategy, precision, and a dash of operational savvy. In partnership with some of the sharpest minds in the industry, we’ve crafted strategies to elevate your prospecting efforts:
Finding Treasure in Your Own Backyard
Chasing after the latest and greatest in lead gen? Hold up. The biggest wins might just be lurking in the deals you’ve already closed. Take a beat to sift through the last year’s successes. Identify the top 3-5 lead sources that truly delivered. That, my friends, is where the gold is. With a bit of digging and some smart analysis, we’re not just chasing rainbows—we’re putting our energy where the real payoff is.
Most likely, your database of past clients & sphere is one of your top lead sources. This is because people do business with those they like and trust. Now is the time to double down on those relationships.
OPS BOSS® VALUE ADD:
Your operations team/admin staff should be tracking your business with two questions for each closing: “Where did you hear about us?” and “Why did you choose us?” The answers to those questions tell you where to increase (or decrease) focus.
Your ops team can also turn your database into a databank. Here are some questions they can ask to do that:
- Do we have a systematized touch plan?
- Do we have enough touches?
- Do we need to warm up the touches?
- Are we providing value?
- Is every touch useful or needed by our clients?
- Are we making the ask?
- Are we systematically adding to the database?
A higher return can be gained by increasing the number of touches, the quality of touches, the value being provided and by raising the temperature on touches from cold to warm to hot. Many people focus way too much on email for example. The best touches are belly to belly, face to face. (That’s why we have a class called “Low Cost High Impact Client Events”.)
The Art of the Script
If you think you can skip using scripts, think again. A script is a structure for intentionality, purpose, and consistency. When you’re not consistent, things slide and you start missing out, even if you don’t notice it slipping away until it’s too late. Here’s a tried-and-true framework:
- Introduction: Kick off with a personalized greeting, including both your name and theirs.
- Express Gratitude: Foster immediate rapport with a sincere, “Thank-you for taking my call today.”
- Reason for the Call: Clearly state why you’re reaching out, “I’m calling because,” perhaps noting their recent activity or past interest in moving.
- Open-Ended Question: Engage them further with an inviting question, like, “What has sparked your interest in moving? Tell me more!”
Dedicate 20-30 a day for three weeks to master a new script. And don’t overlook voicemail scripts—they can give a significant boost to lead responsiveness compared to no voicemail or a hastily constructed one. Keep them concise, under 30 seconds, offer value, and suggest a specific callback time.
OPS BOSS® VALUE ADD:
Today’s market means agents are facing new challenges & objections. Operations teams should be gathering and updating new scripts for use by their agents. Your Operations Manual or Google Site should have a Script Library (including voice mail scripts). They also should be organizing & contributing to ongoing training for their teams.
Consistency is Still Key
The market has shifted, and so have the numbers. In the past, it might have taken 1 appointment for every 10 or 20 contacts. Today? It’s more like 1 appointment for every 30 contacts. The key? Consistency. Ensure new leads are called six times in six days with effective voicemails. Research from the Harvard Business Review shows this approach yields a staggering 90% contact rate.
OPS BOSS® VALUE ADD:
Your ops team can streamline your tracking systems, provide reports & give insights into your conversion data so you know where to focus. They can also help “inspect what you expect” and ensure every lead is being followed up with, has a search set up, a drip plan triggered and a follow up call/activity scheduled.
Listen Like You Mean It
Engaging with a prospect is more than just hearing them out—you need to listen with purpose. Dive into their motivation and take diligent notes. It’s crucial to echo their motivation back to them, word for word, to foster trust and connection. In today’s cautious market, reflecting their desires back can spur them into action. Your goal? To understand their story, identify their objectives, and guide them to their desired destination. With your admin’s support in capturing these motivations, every interaction is elevated from simple service to a memorable client experience.
In a market where every lead and every conversion counts, sharpening your approach is not just smart—it’s essential. By diving into what’s worked in the past, perfecting our scripts, and truly connecting with our prospects, we’re setting the stage for success. And with your admin in your corner, streamlining the systems, you’re not just ready to tackle lead conversion—you’re ready to knock it out of the park.
BONUS: Listen in as we interview one of the pioneers of real estate inside sales (Anna Krueger). Anna shared some great tips for what is working best in TODAY’S market!