Lead Conversion Myths & Facts

Lead Conversion Myths & Facts

Greg Harrelson & Abe Safa discuss lead conversion myths and facts and help you shift your mindset about leads and lead conversion.

Turning a lead into a customer can be one of the most complicated steps in the marketing and sales process. As a real estate agent, you may have your own strategies related to lead conversion as well as personal beliefs on how the system works.

Lead Conversion Myths & Facts

However, there are some prevalent misconceptions about lead conversion that may hinder you from efficiently transforming prospects into interested buyers. Keep reading to discover common myths regarding lead conversion as well as the facts behind these misconstrued beliefs.

Myth #1: Fresh Leads Are Better Than Old Leads

 

Oftentimes, agents get excited when they encounter a brand-new lead to potentially convert into a loyal customer, and in the process, they may begin to ignore old leads.

However, leads as long as three years still have the capacity to be converted; it’s up to you, as the agent, to consistently communicate and follow up with leads.

 

In fact, new leads may be worse than old leads, as their name might already exist in other agents’ databases in the market. In other words, your “new lead” could be an “old lead” in someone else’s book. 

The conversion ratio between the second and third years of having a lead is approximately equal to that within the first year. In other words, old leads can be just as profitable as new ones; communication will be the make or break in your success.

 

Myth #2: Some Leads and/or Lead Sources Are Terrible

 

As a real estate agent, you might have dealt with leads that didn’t match up with your own expectations. Some prospects may have been unresponsive or uncommunicative, and often the easy thing to do is brand these cold leads as “terrible.”

However, it’s a more effective strategy to change your outlook on these leads and patiently look at the bigger picture when going through the process of conversion.

On average, it can take about a year to officially secure a lead, beginning from when you first made contact.

Take the time to observe patterns in your previously successful leads, and don’t fall into the trap of craving a successful buy and sell immediately after acquiring a new prospect.

Myth #3: Calling Frequently Is a Bad Method To Keep in Touch

 

While constantly ringing up someone’s phone seems like it may just provoke a potential customer to hang up on your business, it actually may produce the opposite effect.

 

Research shows that calling a lead six or more times connects you with over 90% of your contacts, and 91% of people who got called the same number of times also mention that they would work with the specific agent that ringed them.

 

In other words, assertiveness can be appealing to the majority of leads, strengthening the advice that constant communication is key to successful lead conversion.

 

What’s Next For Me?

Overall, common myths about lead conversion revolve around one’s outlook and strategy on dealing with leads. The facts on lead conversion are clear — you must maximize effective communication and do away with the belief that certain leads are better than others to increase the chances of becoming more successful in your marketing endeavors.

Published on Oct 3, 2022 under , ,

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Greg Harrelson Abe Safa

5 Lead Generation Strategies That Work During a Shift

5 Lead Generation Strategies That Work During a Shift

5 lead gen strats that work during a shift

In the real estate industry, generating leads is essential to success. While many different methods can be used to generate leads, not all of them work during every shift.

That’s why knowing which lead generation strategies still work during a shift is essential to get the desired results.

If you’re finding that your lead generation efforts aren’t working as well as they used to, try out these five strategies. They’re practical and can help you get the results you need.

What a housing recession is and is not

 

Pay Attention to Your Past Clients

Your past clients are a great source of leads, especially during a shift. They already know and trust you, so they’re likely to list their home with you when they’re ready to sell.

Reach out and touch base with your past clients regularly to generate leads from your past clients.

Let them know you’re thinking about them, and offer your help if they have any real estate needs. By staying connected, you’ll come to mind when they’re ready to sell.

It's all about activity!

 

First Sale by Owner

Many homeowners are hesitant to sell their homes with a real estate agent.

Instead, they try to sell their home on their own. But after a few months, they often realize it’s not as easy as they thought it would be.

That’s when they turn to you for help.

To generate leads from the first sale by owners, start by advertising your services in your local newspaper and online.

You can also knock on doors or hand out flyers in neighborhoods where you know homeowners are trying to sell their homes.

Expired and Withdrawn Listings

Expired and withdrawn listings are homes on the market that didn’t sell.

The homeowners may have been unrealistic about their asking price or had trouble getting their home show-ready.

Find out why their home didn’t sell and see if you can help them come up with a better price or get their home show-ready.

By acting fast, you can snag these motivated sellers before the competition.

Use Workflows To Work Your Database

Data shows that seven to nine percent of your database will sell their homes in the next year. 

To generate leads from your database, start by using workflows. Workflows are a series of email, print, or digital messages you send to your contacts regularly.

Not all workflows will work for every database. That’s why it’s crucial to determine which workflows work best for your databases.

Open Houses

Open houses are no longer as typical as they used to be, but they’re still a great way to generate leads during a shift.

They’re also great for meeting new people and getting your name out there.

Implement These Strategies Today

All of these strategies can help you generate leads during a shift. But it’s important to remember that not all of these strategies will work for every real estate agent.

The best way to determine which lead generation strategies work best for you is to experiment with a few different ones and see what works for your business. But always ensure that you’re active and reaching out to people. Use these five strategies to start generating leads.

What are you waiting for? Implement these strategies today and post your results on the RealGeek Facebook page. We can’t wait to hear from you!

Rubber band workflow

 
Coaching SEO Real Estate Lead Generation

How to Recession Proof Your Real Estate Business

How to Recession Proof Your Real Estate Business

How to Recession Proof Your Real Estate Business


The uncertainty that comes from market shifts and headlines proclaiming a recession is on the horizon tends to make people freeze up.

After all, a real estate transaction is a major financial decision. In times of financial uncertainty, what is a major financial decision and what isn't can vary a lot among clients.

A good real estate agent knows the right dialogues and conversations to help reassure leads and move them into taking action.

After consulting industry leaders who have been through many market fluctuations themselves, we at Real Geeks have compiled a guide for real estate agents on how to manage market shifts, client objections, recession proof your business models, and how to scale your business effectively through it.

 

Prepare to adopt new strategies

A trait of any successful entrepreneur is flexibility and adaptability. This skillset will benefit you in any trade or profession, but especially as a real estate professional during turbulent times.


 

Take a look at what has been working and what has not been producing that much ROI in your business.

Although some strategies might be comfortable during times of uncertainty, it will most likely benefit you more to forgo the comfortable strategies and add a few new strategies to your outreach.


 Get creative with the resources you already have like your website and social media channels.

Drive traffic to your site and your business by building out area pages and guides to the markets you serve. To learn more about this strategy check out our Episode with Bob McCranie: The Power of SEO and Area Pages With Bob McCranie.

The-Power-of-SEO-and-Area-Pages-w-Bob-McCranie


Utilize landing pages and create unlimited home valuation landing pages. Add and create as many communities and add as many home valuation landing pages as you wish. Customize them by adding unique images, text, calls to action, and URL's for your targeted audience.

real-estate-seo-graphic-1

 

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In addition to creating your own landing pages, you can utilize a home valuation widget like The Real Geeks’ Home Valuation Tool which is embedded in every property and market report page to entice site users to evaluate what their home is worth. When they complete the form, this notifies the assigned agent to reach out to the lead.

Users submit their addresses to find out what their home is worth, creating a lead for you in the process. If the user abandons the process before completing the sign-up, the address is still captured as an address-only lead.


As times change, you also need to adapt and learn how to generate seller leads even in low inventory areas.

This can be done in many ways by utilizing the above strategies, but for a deep dive into generating seller leads in low inventory markets check out our Keeping It Real episode with Lisa Chinatti and Jason Posnick: How To Generate Seller Leads in Low Inventory Market w/ Lisa Chinatti & Jason Posnick.


Revisit your approach to objections.


Every craftsman needs to practice their craft in order to perfect it and with real estate, there is no difference when it comes to practicing their approach to handling objections.

There are endless strategies and takes on how to practice handling objections but the best way echoed by the most seasoned real estate professionals is to get out into the real world and practice role-playing with as diverse of a pool of players as possible.

You will find that every conversation is unique and every person has their own background and concerns, it is important to expose yourself to as many people as possible to ensure a well-rounded approach to handling objections.

To dive deeper into the strategy of handling objections check out our Keeping It Real with Jeff Glover: Top 10 Real Estate Objections Answered w/ Jeff Glover.

Mind your routine — If you don't have a routine you don't have a business.

Rewrite your schedule and eliminate anything you cannot track a positive ROI from. Look at your schedule and all the things you consistently write there and ask yourself what your ROI is. If you have a hard time answering that question, you need to think twice about whether that needs to be in your schedule.


Re-evaluate your schedule and eliminate stuff that doesn’t contribute to investments’ gains.


Work on your mental endurance. You need to have the mental endurance to stay the entire day. Talking to over 20 people a day is no joke. Stick to the game and avoid all distractions that come your way.


Work on your physical endurance as well! This is a good time to focus on your physical wellness because you will be needing that extra energy and stamina. The physical side really helps the mental side. One way to break the pattern of lack of motivation and fend off burnout is to start increasing your physical strength, getting some fresh air, breaking a sweat, and staying consistent.


Take time for yourself. Every successful business leader knows the most valuable asset in any business is the physical and mental wellness of it’s employees. Even in an industry like real estate where many professionals work unconventional hours and are constantly re-orienting their schedules around clients,a commitment to wellness and work-life balance is not to be overlooked.


Especially in stressful times, it’s common for people to overdraw and burnout under the pressures to maintain a sense of financial security but maintaining financial security is not done sustainably without centering wellness.

This of course is much easier said than done, but might be one of the most important areas the focus on when weathering uncertain times.


Automate what you can.

What a time to be alive! With all the ups and downs the markets have had in the past, this is certainly the most technically advanced time to experience a market shift.

Allowing the smart use of technology to automate your workflows can not only save overhead costs but can save your precious time.

Don’t let your business go down just because the number of transactions in your market goes down. Make the most out of your database and deploy automated drip campaigns. To learn more about the best drip campaigns to deploy check out: 4 Drip Campaigns You Can Activate Today and Get Huge Response, our guide where Greg Harrelson and Abe Safa break down their favorite drip campaigns you can activate today using your Real Geeks workflow library, as well as a drip campaign of their own.


Keep a busy schedule meeting with clients while Robin, Real Geek’s Geek AI Assistant makes sure no leads slip through the cracks. It can be tough to reach out to every lead immediately; with 'Speed to Lead' being the name of the game, you can't risk missing out on an opportunity.

Have confidence that leads are contacted immediately with the Geek AI Assistant! Strengthen your follow-up, and enjoy the much-needed peace of mind.


Find community

It’s easy to become overwhelmed with all the moving pieces of life and business. Do not let these overwhelming times create distance between you and your network. Often times we hear the importance of keeping a network/ database but do not consider the community-building aspect of real estate.

Reach out to other real estate professionals in your market and see if there are any collaborative opportunities. Attend networking and community-building events within your market. Get in touch with the needs of your community and position yourself as a resource to people.

Business coaches always press on the importance of providing value to your clients and sometimes the best way to provide value is just by being a present and collaborative member of your neighborhood and community.

Many deals often come from organic relationships years down the line so it never hurts to increase your reach.

Create your own MeetUp group for real estate professionals or real estate investors for your market. To learn more about how to successfully build a MeetUp group and build a business off of your own, check out our Keeping it Real with Rob Chevez, who began a local MeetUp focused on empowering real estate entrepreneurs to build wealth and create a legacy.

How-to-Start-a-Real-Estate-Investor-MeetUp-Group-w-Rob-Chevez-1

Less than 10 people attended Rob’s first meeting. Now, what is known today as GRID, has grown to over 16K+ members in 8 states and over 18 locations.

Putting in a constant effort will build attendance over time, and before you know it, you will have collected a community of regulars at your events that can also serve as a potential client base. Networking greatly helps get leads, even if not by a massive count at first.

What Do We Do If The Real Estate Market Starts To Shift?

What Do We Do If The Real Estate Market Starts To Shift?

5.3.22 what if the market starts to shift

A shift in the market may start to worry real estate agents. For one, it can affect their commission rates. Secondly, it can lead to their clients losing interest in a property.

In this episode, Abe and Greg examined what it really means when the market shifts. Abe defines “shift,” or correction, as a slight change of position, direction, or tendency. A shift shouldn’t be equated to a market “crash.”

A shift shouldn’t be a cause of concern in itself. In fact, a shift can even bring benefits to an agent.

So, what do we do if the real estate market starts to shift? Discover the current state of the real estate market and how agents should react if there’s a market shift.

"I'm starting to hear agents get concerned. I'm hearing agents worrying ... a shift could be a slight change, not a crash, but just with a slight change, agents get worried. --And I think when agents get worried, How they respond to that determines whether or not their personal business crashes. So it's not necessarily the shift ... it's the reaction to the shift that could have negative results to an individual agent. In the same shifting community or market on agent could be accelerating, and one agent could be falling backward. " Greg Harrelson.

Current State of the Real Estate Market

"A shift is a slight change in position, direction, or tendency." - Abe Safa.

Abe begins the discussion by distinguishing and defining appreciating and depreciating markets. When a particular market rises in value. The latter, market’s value falls.

When a market appreciates, the first market that’ll rise is single-family homes, as it’s more in demand. The second to rise will be condos on “golf courses” or those that are located in a hot area.

Then, the final wave of appreciation will affect those that are less in demand or desirable. Even if they’re not in demand, these properties will still be pushed by the market.

In light of the current state of the real estate market, Abe reports that there has been a noticeable and significant appreciation on oceanfront condominiums since April 15th. If this trend continues, then it’s a clear sign that a market shift is happening.

What If There Is a Market Shift?

An agent’s reaction to market shifts will determine the outcome of their business. So, if ever there’s a market shift, real estate agents should focus on the following things:

An opportunity to Set Yourself Apart

 

Mindset Shift

A mindset shift begins by not panicking or worrying. In fact, some agents/corporations attribute their success to when the market is down. This means that there’s actually an opportunity for grabs when the market is down. A shift in the market doesn’t necessarily mean that your business will go down, too.

Greg highlights some effects of a changing market:

  •     You gain market share in a declining market
  •     You fight to maintain market share in an increasing market.
  •     The majority of agents lose market share in a hot market since there are a lot of licensees that get into the business.

Bring Certainty to the Consumer

 

Future Pacing

 

Shift Conversations

“Approximately 6 million houses are sold every year.” - Abe

With knowledge and real data, you don’t have to worry about what the media presents. Having actual data is important since consumers, who are not experts in the field, need certainty. This means they need to rely on people like you who know the facts.

Greg presents two tips when talking to a client during market shifts.

  • Future pacing: Assure clients that you’re constantly monitoring the market.
  •     Blame the market:  Don’t tell them to change the price without data. In other words, act as an interpreter of the shift, then inform them that the price is suited for the current market shift. 
 

3 Things We Do If the Market Shifts

 

Increase Activities

This involves tracking your numbers, like conversions and ratios. After getting the number, increase your amount of activity/lead generation by 25%. This way, your business can survive despite market shifts.

You can’t control the real estate market or the economy. Don’t sit and fret about the market shifting. Instead, capitalize on what’s going to change and when it’ll change. By doing so, your real estate business will still grow.

Coaching Keeping It Real

Keeping It Real: The Resources To Equip Your Real Estate Team for Success with Sascha Chatman

Keeping It Real: The Resources To Equip Your Real Estate Team for Success

 

 

In this episode of Keeping it Real, Sascha Chatman and  Frank Klesitz, CEO of Vyral Marketing, break down how you can equip your real estate team for success.

Learn more about the resources needed to manage your own team of real estate agents. Of course, a capable workforce is one thing for generating leads and obtaining success in the real estate world. However, having the right resources available is one of the critical factors needed to equip your real estate team for success.

Recruiting Presentation 

Transforming Your Success into Their Success

Creating a Schedule

Buying this Year vs Next Year

Discovery Phase

The discovery phase is meant to determine whether or not the agents being recruited are the right fit for their real estate team while providing the necessary details for the agents to know what their team is about. Sascha first discusses their team goals and strategies to ensure agents know exactly what they're walking into. He also discusses other matters, such as expectations from the agents themselves and their commissions.

The discovery phase may be one of the most important parts of knowing how to equip your real estate team for success. In order to succeed, you need to have a reliable workforce on your side that shares the same goals and is willing to cooperate with the rest of the team to move forward. Having a compatible and efficient team is one of the best resources you can have in real estate, as it can significantly affect your business' productivity.

Ad Educated Buyer is Easier to Work with!

Agent Utility Belt

This is the highlight of the entire video. Sascha compares his utility belt of resources to Batman's belt of tools and trinkets. This belt essentially exists to store all resources and keep them within reach. Don't get the wrong idea, though. It's not an actual belt. Instead, it is usually a cloud or a compilation of all your valuable resources, such as videos, links, and other agent tools. Having a utility belt that is curated specifically for your team and your needs could help increase the productivity of your workflow because you won't have to scavenge for resources when you need them.

Not only does it make you more productive within your workplace, but it also gives off the sense that you are reliable and organized. When clients ask for something, you will easily have it within reach. 

Clients understandably have many questions before closing the deal, so one of the best ways to answer them is to grab a resource from your utility belt. For example, you're talking to a client about title insurance. Instead of answering their questions yourself, you could take an informative video from your utility belt and ask them to watch it. This makes it easier to understand and relate to.

Having a utility belt is a great way to equip your real estate team for success. It also comes in useful during business transactions. All in all, it's one of the best resources that a real estate team can have.

Having the right resources is essential in equipping your real estate team for success. Create an agent utility belt that caters to your team by signing up for the Real Geeks platform today. We provide valuable resources that you and your team can use to achieve the best possible outcome in every situation. Get started with us today!