Even seasoned experts have difficulty navigating the viability of leads, whether they’re shared leads or exclusive leads. Industry analyst Chris Heller has some advice on how agents can qualify for an exclusive lead network.
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Agents can choose from a host of digital lead options. It is difficult for even seasoned experts to navigate the viability of leads or even obtain a lead with accurate data. There are two types of leads for agents to choose from, shared leads and exclusive leads.
Shared leads, or leads that are allowed to connect with several agents, are often available to agents at various price points, and there is a low expertise entry level. Exclusive leads are a different story; here is a deep dive into these leads and how to access them.
What are exclusive leads?
Exclusive leads are sent to a single recipient and are usually matched to a top agent for a referral fee. The lead company will use a series of decisions and criteria to match the consumer’s needs with the best possible agent. Obviously, this takes things like service area, experience and effectiveness into consideration. Then they provide the agent with the introduction.
It is important to remember that while the leads are exclusive, there is no guarantee they will result in a sale. In addition, even though the lead will only be given to one agent, that doesn’t mean the lead hasn’t contacted other companies on their own time; this means it is incumbent upon the agent to build trust and rapport quickly.
What are the benefits of working with exclusive leads?
They provide high-quality leads: These consumers have “raised their hand” and knowingly agreed to be introduced to a great agent; lead networks tend to find leads that are highly likely to convert. This is because they can trace calls back to the channel they came from and improve the channels that are performing poorly.
They help you build your business: Leads are provided to you exclusively, so you aren’t dealing with many competitors.
They allow you to focus on your areas of expertise: A lead network will find you leads that are specific to your demographic so you can focus on the areas and price points you know best.
They boost brand awareness: The consumers a lead network provides will expose you to a new audience, getting your name and brand out to more people.
They help you meet your sales goals: The qualified buyers and sellers on these networks generate new business that will help you increase your sales and reach your goals.
Methods to help you convert exclusive leads
Speed to lead
Speed to lead involves a simple strategy of getting back to the customer and setting up an appointment as soon as possible. Today, many clients are using mobile devices to find a home. This means they could be calling multiple agents or filling out numerous lead forms on their house hunt and will often go with the first one that responds. Any lag on your part can mean they are on to the next.
As an agent, it’s up to you to respond to clients in just a few seconds and make an appointment within hours. If you are in a meeting and cannot return their call, send a pre-done text or have another agent respond on your behalf.
It is also crucial to build trust and rapport with the consumer immediately. Buying or selling a home is a big decision, so deciding who to work with is very important, and this initial interaction sets the foundation.
LIFO or Last In First Out is a method of your most recent lead appearing at the top of the follow-up task. Great agents know that the gold is in the follow-up.
Best practices on follow up
The right follow-up can help you seal the deal. Make sure to stay top of mind with all of your clients with consistent and persistent follow-up. Send them content that offers value, whether coming soon, market data or community information.
Having a drip campaign can help you ensure you are following up enough and not throwing in the towel too soon, which is one of the biggest mistakes agents make.
Most real businesses have some system in place. The system ensures that you stay in touch with your customers. It includes regular updates to your website, sending out promotional emails and newsletters, videos, texts and calls. In fact, the best, most sustainable systems rely on multiple lead generation tactics.
When creating your system, it’s important to determine the tools that will be most efficient and the content that will be most engaging to your target audience. Continue analyzing your processes to determine what works best to develop a focused plan for a high conversion rate.
Scripts are used for several purposes. They can be used for calls as well as being integrated into emails and text messages. It is important to customize the scripts for who they are going out to (buyers or sellers) and where they are on the funnel, i.e., whether this is your first point of contact, a repeated communication or whether you are trying to revive a stale lead. Your script should be based on questions that take the consumer down the path they started on.
Exclusive lead generation networks can help you spend more time on qualified leads and less on those that have been overworked, generally increasing your conversions and revenue. Quality leads are an essential part of a real estate agent’s success, and these networks can help you focus on obtaining those leads.
Chris Heller is a best-selling author and currently serves as the Chief Real Estate Officer at Ojo Labs. He also serves as an Advisor and Head of the Editorial Board for AgentAdvice.com. Connect with him on Facebook and LinkedIn.