In today’s dynamic and diversified real estate world, the secret of success lies in smart lead management and effective follow-up strategy.
In this article, I’m going to discuss how to manage a real estate lead management process effectively to get the best result out of it. This is exactly how I grew from almost nothing and managed to win numerous successful leads over the years!
So, without further delay, let’s dive right in!
How to manage real estate leads
Your real estate leads may come from several different channels, including social media, websites, referrals, or even online forms. No matter what source it comes from, it’s important to capture all of them effectively so you don’t miss a single potential lead.
Real Estate Lead Management Process Flow
1. Organize Incoming Real Estate Leads in Your CRM
The process begins with customizing your CRM in a way that matches your particular business needs. First, you need to categorize all the leads on the basis of their source, level of interest, location, etc. It will ensure easy access to the leads and help to prioritize them so that a more targeted, efficient, and personalized approach can be taken later.
The main goal here is capturing diversified data from multiple sources and recording all of them within a single CRM software. By following a single, specific system, it gets easier for the sales team to deal with all the leads efficiently.
2. Distribute Real Estate Leads Between Your Team Members
There are many lead management software today that allow you to assign leads automatically to the right agents, based on certain criteria you set before. Such CRM software can make things much easier for you.
For instance, you can distribute your leads geographically through zip code or geolocation or by generation source, and then send those leads to the most suitable agent.
3. Qualify Real Estate Leads
Not all the leads hold equal significance. To minimize hassle, you should develop a qualification process in order to identify leads who possess the highest potential. In that process, your priority selection criteria should be your leads’ search criteria, budget, or timeline. You can follow the steps below:
i) Initial Screening:
You should start the process with an initial screening. Review your lead information, including their submitted personal details as well as their online behavior. That can help to know more about their suitability as your potential clients.
ii) Qualifying Questions:
In order to realize the specific needs, priorities, and financial capabilities of your potential leads, ask relevant questions in the initial conversations.
iii) Prioritize Leads:
After analyzing the potential value of the leads as well as their likelihood of conversion, you should classify the leads into different priority tiers; such as hot-lukewarm-cold. This is considered an important one among lead management best practices, and the priority list will help to strengthen your follow-up strategies.
Follow-up with Real Estate Leads
Real Estate Lead Follow Up Plan and Schedule
Generating an effective follow-up plan can take your lead generation game to the next level. Try to establish a smart approach including the initial contact, personalized communications, and any ongoing engagement. For example, you can set up an automated follow-up to be approached within 24 hours of acquiring a lead, then do periodic follow-ups afterward.
How to Automate Your Follow-up Process
You must ensure the best use of time and resources in your real estate lead management and follow-up plan. If you are wondering how to follow up on real estate leads, there are numerous workflow automation software out there today that can send personalized and attractive follow-up emails, work as schedule reminders, and initiate proper communication based on the behavior of your lead.
Indeed, a real estate CRM for lead management can make your life much easier! By automating your real estate lead follow-up system, you can make the best use of your time and ensure consistency and efficiency in your follow-ups. Eventually, that adds to the chances of conversion and supports your real estate sales lead management system.
Keep Your Real Estate Leads Up-To-Date
To keep your leads up-to-date, you should review and re-clean your lead database on a regular basis. This will help to ensure that obsolete leads have been eliminated and only important leads are there in the system of your real estate brokerage.
Hilton Head Island based realtor Dino DiNenna who uses CRM regularly commented, “There are many CRM systems these days that can streamline the process of realtor lead follow-up. You can utilize them to ensure that your contact information, preferences, and requirements are up-to-date. Using automated tools, you can get rid of outdated leads spending minimum time or effort.”
Get the Most of the Converted Clients
It is important to generate and implement a systematic approach that can encourage your clients to refer their friends. You can incorporate a referral program to reward your clients for each successful referral. You can offer them discounts, exclusive access to special property listings, or any other lucrative incentive.
You must ensure a strong relationship with your converted clients, which can be through regular personalized follow-ups, or just by showing them appreciation. By keeping them happy and encouraging them to promote your business, you can get and spread important feedback and testimonials. Such word-of-mouth marketing can have a high impact in social media and online platforms!
Track Your Process’ Efficiency
In order to figure out your process efficiency, set certain key performance indicators (KPI). You can use the latest project management and collaboration tools for monitoring process workflow and identify challenges. It is important to identify all the relevant trends, milestones, and potential areas for development.
Using the relevant software, you can automate your routine tasks. It will free up more time for you to invest in strategic activities. By collecting feedback from your team members, you can incorporate a culture of continuous improvement. Also make sure to follow data-driven insights, and invest in necessary training on skills and productivity. These are musts to be successful as a team and as a real estate broker!
At the end of the day, you must reassess and improve your processes in order to compete in the rapidly evolving real estate market!