Real Estate Advice

3 minutes
Collaboration with tablet and laptop

The Path Toward Real Estate Success: Conversations Into Appointments

Joshua Smith Apr 3rd, 2020
Real Estate Advice
Joshua Smith
Real Estate Success

Consumers love to consume (in this case, buying and/or selling real estate), but they HATE being sold to.

To find success in real estate, your mindset must be to come from a place of adding value by leading with contribution. And know that once your contacts are ready to buy and/or sell, they will think of and reach out to you.

So, yes, more frequency than ever is required to convert leads into appointments; however, you do not need to resort to using high-pressure tactics. In fact, when delivering high-pressure scripts, you will end up turning off far more people than you are allowed to help.

The goal is to follow up frequently, lead from a place of contribution, and develop a relationship over time.

Let me give you an example:

My team generates a ton of leads and business by running Facebook Ads. These leads register on my website to unlock the ability to search for homes. Let’s say I just received a new lead who saved a property as a favorite on my website.

I would call this lead ASAP and say “Hi (lead's name), this is Joshua Smith with REVISITO Real Estate. I wanted to reach out, as I noticed you saved (the property address) as a favorite on my home search website, and I wanted to see if you had any further questions on that property, as well as see if there is other info/data on that home and area I can send you. (Pause to let them answer, answer any questions they may have, then try to set an appointment). I have some time this evening between 5pm and 7pm if you would like to meet at that home on your way home from work and spend a few minutes checking it out. Is that something you would like me to set up?”

IMPORTANT NOTE: Remember from Creating Real Estate Success: Lead Follow-Up, that the same lead will reject you for an appointment five times before saying yes. So, I am expecting a no and will then say, “No worries at all. If you have any further questions, or ever need anything, please feel free to reach out anytime! Have a great day!”

The goal is to follow up, lead from a place of contribution, try to set an appointment, and if unable, repeat the process.

As you can see, my lead follow-up is far from pushy, but I do follow up frequently with courtesy check-ins.

As the famous sales saying goes, “The fortune is in the follow up”. And I have seen time and time again that it really is.

To make your life easier and your business manageable, a lead follow up plan/system is essential. But the plan or system is not enough. You also have to execute. Please know that generating leads is not the main issue. Converting leads into appointments is a much more crucial step, and one that most realtors struggle with, as they do not have a dedicated lead follow-up system in place. 

Thanks for reading!

  Joshua Smith, Realtor/Mentor/Entrepreneur

-Voted 30th Top Realtor in America by The Wall Street Journal

-Over 5,000 Homes Sold & Currently Selling More Than 1 Home Daily

2 minutes
Classroom Setting

The Path Toward Real Estate Success: CRM Essentials

Joshua Smith Apr 10th, 2020
Real Estate Advice
Real Estate Success
CRM

A CRM is a “Customer Relationship Manager” and is a system that can help you automate your lead follow-up, stay organized, and help ensure you do not miss tasks. Your CRM might be your most important tool you use to fuel the success of your real estate business.

Statistics show that most realtors do not have a CRM. But even the ones who do don’t use it effectively.

The first place to start when selecting a CRM is with your budget. Like most things, you get what you pay for, but you must work within your budget, of course. The real estate technology world has no shortage of CRM choices, so I am going to focus on the critical features your CRM must have to boost your ability to succeed.

MUST HAVE FEATURES:

#1: The ability to add leads both manually and automatically into your CRM

#2: The ability to add notes to each individual lead inside your CRM

#3: The ability to organize your database with types and categories: Buyers/Sellers/Leads/Clients/Past Clients/etc.

#4: Mass email feature that allows you to send an email to everyone in your database all at once

#5: Drip plans, both email and text

#6: Auto responses, both email and text

#7: Manual and automatic tasks

These are the seven absolute must-have features a CRM needs to be effective. A good CRM is so critical to ensuring your follow-up process is followed (for more on lead follow-up best practices, click here), you stay on task, and stay organized. Once set up correctly, a solid CRM is a massive game changer.

If you do not have one already, start working on identifying and setting up your CRM.

Next time, I will discuss the importance of your website and the features to look for when selecting a site.

Thanks for reading!

  Joshua Smith, Realtor/Mentor/Entrepreneur

-Voted 30th Top Realtor in America by The Wall Street Journal

-Over 5,000 Homes Sold & Currently Selling More Than 1 Home Daily

2 minutes
Typing on laptop

The Path Toward Real Estate Success: Lead Follow-Up

Joshua Smith Mar 27th, 2020
Real Estate Advice
Real Estate Success
Joshua Smith

The average realtor follows up with a lead within 40 minutes and only follows up twice. These numbers are just not good enough for any agent to ever be able to create a profitable real estate business. As you read in Creating Real Estate Success: Lead Generation and tracking, the average realtor only converts .5% of leads into a closing. More on predictable lead generation systems here.

But as you have demonstrated by your dedication to learn to perform at the highest level in the real estate business, you are not the average realtor.

Let’s now dive into what steps you can take to turn your leads into appointments and point them toward closing.

Consider these averages about lead follow-up:

-- You must follow up with a lead fifteen times before that lead will reach back out to you.

-- Each lead will reject an appointment five times before ever agreeing to meet with you.

-- Every consumer is sold to 2,000+ times each and every day.

You must be diligent about lead follow-up. I recommend, at a minimum, that you follow up with every lead 21 times in the first 30 days. You can use any combination of phone calls, emails, and text messages, but the key is to reach out 21 times in the first month of your relationship with a lead.

Plan to get voicemails and few responses. That’s okay and is expected industry-wide. You can only focus on and control your actions. So your job is to continue to follow-up via phone, email, and text until you can get a lead to respond to you. At that time, you can work with that lead to identify goals, expectations, and time frames for purchasing or selling a home. More on how to turning conversations into appointments here.

In real estate as with anything else, hard work and persistence are key.

Thanks for reading!

  Joshua Smith, Realtor/Mentor/Entrepreneur

-Voted 30th Top Realtor in America by The Wall Street Journal

-Over 5,000 Homes Sold & Currently Selling More Than 1 Home Daily

3 minutes
Man looking at phone with laptop

The Path Toward Real Estate Success: Lead Generation

Joshua Smith Mar 20th, 2020
Real Estate Advice
Joshua Smith
Lead Generation

Only 7% of realtors conduct 93% of all real estate business.

The unfortunate reality is that the vast majority of realtors do not understand the amount or type of actions that are required to generate business.

But all is not lost.

You have come to the right place to learn how to grab a slice of the massive amount of business that top agents and teams are responsible for. There’s plenty of room for an agent who is willing to work relentlessly with the right tools and appropriate knowledge.

Perhaps the most foundational concept for building a real estate business is effective lead generation systems and data tracking, so let’s start there.

Consider these stats:

-The average realtor converts .5% of leads into a closing.

-Top realtors with world class follow-up convert 3% of leads into a closing.

So let’s split the difference, and say you can convert 1.75% of your leads into a closing, or basically one for every 60 leads. To convert at this level, of course, you must know how frequently to follow up with leads. More on how to conquer lead follow-up here. But you can do a rough calculation of the amount of leads you need to convert one closing, so you know how many leads you need to accomplish your goals.

Let’s say your goal this year is to close 36 homes. Based on the above conversion rate, you must generate at least 2,160 leads this year to hit that number.

You can them break things down further for more easy to manage targets. 180 per month. 44 per week, if you take off two weeks per year. You can even take it down to leads per day, if you would like. The important thing is to stay on track and make sure you are regularly hitting your numbers.

IMPORTANT NOTE: The only way to win the year is to win enough months. To win the month, you must win enough weeks. To win the week, you must win enough days. So every morning when you wake up, just think about winning the day. Every day.

Always break your numbers down so that you know if you are winning the day. Successful businesses, after all, are built on predictable and practical systems. And in real estate, lead generation is the number that fuels your growth.

Thanks for reading!

  Joshua Smith, Realtor/Mentor/Entrepreneur

-Voted 30th Top Realtor in America by The Wall Street Journal

-Over 5,000 Homes Sold & Currently Selling More Than 1 Home Daily

3 minutes
Leading a meeting through glass

The Path Toward Real Estate Success: Breaking Down Lead Generation

Joshua Smith May 22nd, 2020
Joshua Smith
Lead Generation
Making Money in Real Estate

It all starts with lead generation.

You can deliver amazing service to your clients, you can know the contract inside and out, you can know how to look out for your clients’ best interests, BUT if you can’t generate a constant stream of leads, you won’t have the chance to excel at the preceding tasks.

So, how do you generate a steady stream of new leads?

You have to start by acknowledging the importance of generating new leads. Every single day, you must make new people aware of you who were not aware of you yesterday, offer those people something of value in exchange for their contact information, and then follow up with them frequently. The essence of lead generation and lead follow-up.

Most realtors make two BIG mistakes make with lead generation: #1: They do not make lead generation a daily priority, and #2: They pursue too many lead sources.

A different approach:

#1: You must make lead generation a daily priority. You have to wake up each day with a plan in place to generate leads. Block off that time on your calendar. You must become intentional each day with your lead generation.

#2: Success is not found in doing 1000 things but in doing a few things brilliantly, thousands of times. Don’t try to focus on having twelve lead sources, but instead, focus on three or four. Do those three or four things constantly to become world class.

What is the best lead generation source? It doesn’t matter. The only thing that matters is your consistency and willingness to generate leads day after day. The best source is the source you enjoy, and the one you will continue to use over and over and over. 

Identify your personal strengths, and then identify the lead generation methods that align with your strengths. For example, if you love talking with and networking with people, then try joining local networking groups and working those groups for new leads. If you are more introverted, and don’t like networking, try Facebook lead generation.

If you study all the top producers on the planet, they have different lead sources, of course, but the one factor that runs through the most successful realtors in the industry is a willingness to be radically consistent.

A magic lead source has yet to be invented. You must plan to win with consistency.

Your lead generation task list:

#1. Break down your personal strengths.

#2. Identify three to four lead generation methods which align with your strengths.

#3. Block off daily time on your calendar to intentionally work those lead generation methods.

#4. Go build a constant stream of new leads to fuel your success in the real estate industry.

Thanks for reading!

  Joshua Smith, Realtor/Mentor/Entrepreneur

-Voted 30th Top Realtor in America by The Wall Street Journal

-Over 5,000 Homes Sold & Currently Selling More Than 1 Home Daily

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