Breaking Free! The Power of Lead Nurturing & Sales Pipeline ManagementMay 18, 2023
In today’s training, we will cover the essential strategies for you as a real estate agent, to break free from the feast and famine cycle which you may be experiencing in your sales journey. It's time to challenge the belief that this cycle is the norm and embrace a new phase of sales growth.
By prioritizing lead nurturing, effective time and task management, and strategic follow-up, you can achieve a consistent flow of signed-up sellable listings, closed deals, and healthy commissions. In this training, I will delve into the benefits of mastering these strategies and provide you with simple and effective ways to implement them in your real estate sales business.
It is quite common in the real estate sales industry to experience a cycling pattern of feast and famine when it comes to signed-up listings, closed deals, and commission payments. Many real estate agents have come to accept this stage as the norm, thinking it is just how the business operates. However, being trapped in this never-ending cycle can be exhausting and frustrating. In reality, it is, in fact, only a stage in the sales journey, where you may have unintentionally found yourself stuck.
Numerous real estate sales agents have embraced this pattern as their standard and focus their energy on surviving the roller coaster of unpredictable income to sustain their lifestyle and keep their real estate sales business afloat. Unfortunately, this perpetuates a vicious cycle.
When it comes to lead nurturing, failure to nurture relationships, ineffective time and task management, and insufficient follow-up only fuel the feast and famine cycle in your real estate sales business. Simply put, you are leaving significant opportunities and money on the table for another real estate agent to walk in and take.
The truth is, the feast and famine energies are merely a growth stage in the journey of successful salesmanship. It is by no means the norm for effective real estate sales agents.
You absolutely do have the ability to navigate out of this stage and shift yourself into the next phase of sales growth.
By effectively managing your sellers and potential sellers in a strategic and efficient manner, you can achieve a consistent flow of signed-up sellable listings, closed deals, and healthy commissions.
Prioritizing lead nurturing and actively engaging in sales pipeline management are two activities that you can willingly embrace as a real estate agent which will lead to an almost immediate growth in your real estate business.
So let's explore why this is crucial. The core truth is that property represents the largest financial investment and purchase for most individuals. Unless there are unexpected life events, such as job loss, relationship breakdown, or relocation, most people do not make impulsive decisions to sell their property. In fact, to effectively convert leads generated through lead generation efforts as a real estate agent, lead nurturing must be coupled with it.
Lead generation often requires more effort and resources compared to lead nurturing. According to industry studies, acquiring a new lead can be up to five times more expensive than nurturing an existing one into a paying client. Therefore, focusing on nurturing and cultivating relationships with leads generated through prospecting activities is not only less draining on your day-to-day energy as a real estate agent but also on your resources. Prioritizing lead nurturing is essential to maximize conversions from your lead generation activities.
For those who are members of my program, The Get Listings Bootcamp, you may be familiar with the renowned sales author Brian Tracy. His quote perfectly captures the essence of today's discussion: "Your ability to follow up and follow through with your leads and customers will be the key determinant of your success in sales."
When we prioritize lead nurturing as a regular part of our weekly activities as real estate agents, we will find that a trusting relationship forms between our potential clients to us. This occurs because we are consistently showing up within their experience. Rapport builds as we actually get to know our potential sellers and understand their needs in the dynamic of listing their property for sale. As rapport strengthens, we learn exactly how to communicate with our different potential sellers in our pipeline, ensuring that our communication is relevant to them and effective for us in terms of conversions from potential seller to successfully signed-up sellable listing. Regularly showing up within our potential sellers' experience keeps ourselves, our real estate business, and the opportunity of us serving as their real estate agent top-of-mind for that potential seller. By doing so, we set our real estate business up for long-term success.
Now that we understand the importance of lead nurturing in our real estate sales business, how can we effectively and consistently maximize conversions of potential sellers into signed-up sellable listings?
Here's the thing: You want to keep this element of your business very simple in both process and messaging. You don't want to get bogged down by overthinking the content you provide or the number of unnecessary features it should include. Don't allow yourself to be hoodwinked by platforms that sell you services and make you believe that they, as service providers, know better than you, the real estate salesperson, about converting potential sellers into signed-up sellable listings.
What I mean by this is, for example, don't let a company that sells an email marketing service be the one educating you on what potential sellers want to receive in an email. Remember, that's them nurturing you as a lead to buy their service; they are not real estate sales professionals.
I advocate for keeping lead nurturing simple and effective. When it's simple and effective, not only will you engage in it, but you will also maintain consistency.
As a real estate agent, consistent and effective lead nurturing activities will propel your business from the cycle of feast and famine to one that consistently lists sellable properties, closes deals, and generates income.
Never overthink this simple fact: Potential sellers primarily want to know and be reassured that you, as their local real estate agent, can effectively list and sell their property for the best possible price within the optimal timeframe, and that you are trustworthy.
No matter what you communicate to your marketplace and sales pipeline, these are the most effective messages you, as a real estate agent, can convey.
Alright, so what does a simple and effective lead nurturing system look like? Well, it really isn't rocket science, and you've heard it before. And do you know why you've heard it before? It's because it works!
Here are the simple ingredients of a powerful lead nurturing strategy that you can engage in your real estate sales business, starting today:
- Weekly emails to your entire database.
- Monthly, bi-monthly, or quarterly calls to all members of your database.
- Regular meetings with members of your database.
- Effective use of a simple CRM system.
- Consistent input of new leads into your pipeline to ensure you don't exhaust your sales pipeline of genuine leads that can be converted into successfully signed-up sellable listings.
You may be wondering, when implementing this simple and effective lead nurturing system, what should I communicate?
When it comes to your weekly emails, consistency is key. It's crucial to be disciplined and ensure that they are sent out to your entire database around the same day and time each week. Now, let's remember what we just covered: potential sellers primarily want to know if you can effectively do the job and if you are trustworthy. To make the best impact, consider sharing your new listings, successful sales you've made, your open home schedule, and any testimonials you've received on a weekly basis. During times when you may have a content gap, provide fact-based updates on the market. Include details on the overall property count, the number of properties listed and sold, and the percentage increase or decrease in market performance compared to the previous month and the same time last year. Position yourself as a local property market expert within your email communications.
Most email newsletter platforms provide features that allow you to review the open and click rates of your subscribers. Generally, those who take action by opening or clicking a link are warmer leads within your email database
Let's take a closer look at calls and meetings. You've heard me say it time and time again: you secure more sellable listings and close more deals when you talk with the right people more often.
In terms of real estate sales, there is simply no substitute for picking up the phone and talking to the potential sellers in your sales pipeline. Only through conversation can you build trust and rapport, understand their needs, and determine how best to serve them. No amount of sending emails, letters, or social media posts can ever replace the power of a phone call when it comes to engaging leads in your sales pipeline.
The key to success is to work your sales pipeline in conjunction with a simple CRM system, ensuring that you have regular telephone calls scheduled with the leads in your pipeline. This will enhance the impact of regular phone calls.
To take the impact even further, make an effort to meet regularly with the people in your sales pipeline. The frequency of these meetings will depend on how cool or hot the lead is. However, sitting down with the potential sellers in your sales pipeline and gaining a deeper understanding of their needs will position you to more effectively convert the business within your sales pipeline.
Another positive spin off of regular phone calls and occasional in-person meetings is the ongoing development of trust and rapport. As the relationship between you and the potential seller grows, you remain top-of-mind for their needs. Additionally, should someone in the potential sellers life ask for a recommendation for a real estate agent, you'll be the first person they think of due to the trust and rapport you've built.
Before we conclude today's training, I want to emphasize the importance of avoiding sales pipeline exhaustion. To ensure consistent conversion of leads into listings and achieve long-term success, it is crucial to regularly load more potential sellers into your sales pipeline. By consistently engaging in lead generation activities and replenishing your sales pipeline with fresh leads, you create a robust and dynamic system that guarantees a steady flow of sellable properties, closed deals, and earned commissions. This proactive approach to sales pipeline management not only safeguards against exhaustion but also maximizes your potential for conversions and drives growth in your real estate sales business.
In conclusion, breaking free from the feast and famine cycle in your real estate sales journey is not only possible but essential for long-term success. By prioritizing lead nurturing, effective time and task management, and strategic follow-up, you can achieve a consistent flow of signed-up sellable listings, closed deals, and healthy commissions. Remember, the feast and famine pattern is not the norm for effective real estate agents. You have the power to shift yourself into the next phase of sales growth by effectively managing your sellers and potential sellers, engaging in lead nurturing activities, and actively managing your sales pipeline. Keep it simple, stay consistent, and focus on providing potential sellers with the reassurance that you are the trustworthy and capable real estate agent they need. Implementing a powerful lead nurturing strategy, including weekly emails, regular calls and meetings, and effective use of a CRM system, will propel your business towards sustained success. Avoid sales pipeline exhaustion by consistently generating new leads and replenishing your pipeline. With these strategies in place, you will leave behind the feast and famine cycle and enjoy a thriving real estate sales business