Fast forward to today: I’ve been a realtor for more than two decades and, through failing as well as succeeding, I have built a multi-million-dollar business. To reach this point, I had to learn what works and what doesn’t.
Lead generation is the single most important activity for any real estate agent, but it’s critical you make the right choices. To make sure you don’t fall into any of the common traps, I’m going to outline the four biggest mistakes you can make when using the internet to generate leads.
Buying Leads Instead of Generating Them Organically
For one thing, if you build a business model around someone else generating your leads, that someone else is in control of your business. At any time, the person you are purchasing the leads from could raise the price of those leads. You’ll need to pay the new price or suffer your source of leads drying up completely.
Also bear in mind that companies selling leads are likely selling the same lists to multiple agents. Finally, such leads may be harder to convert than organic leads because they don’t know you — and they may not even be your ideal clients.
As you can see, buying leads is an expensive and risky way to grow your business. I would recommend you spend that time and money building a model to generate referrals from a list of your own.
Failing to Use Social Media Strategically for Your Lead Generation
Worse still, some agents put their social media strategy in the hands of a niece or nephew. Your younger relatives may understand social media, but do they know how to attract your ideal clients?
Besides, posting is important, but it’s just one element of your social media strategy. You also need engagement. A better option than handing your social media accounts over to someone else is to plan time to engage with your spheres’ posts and build stronger relationships with these users. This is how you’ll develop long-term, raving fans who generate continuous referrals for your business.
This happens sometimes with our coaching clients. We give them a proven lead generation plan to follow every day and soon it starts to work so well that they become extra busy helping clients. However, if they stop following the calendar, they stop lead generating. This means that when their deals close, they have nothing left in their pipelines — and they have to start all over again. You must block your calendar for lead generating and protect that time as if it were a listing appointment.
A second example is continually trying new things before you’ve had time to see if your current strategy is working. I’ve been guilty of this myself — it’s easy to become distracted with a shiny new idea. You hear about a new lead generation tactic and you want to try it. Then, after two weeks, you decide it isn’t working and move onto the next thing.
But gaining traction with a strategy requires patience and commitment. Take blogging: you can’t expect to take over the entire market in your area in two weeks of blogging. If it were that easy, everyone would be doing it.
Never start something new unless you can commit to implementing it consistently to see the long-term results. Like Marie Forleo says, “Success doesn’t come from what you do occasionally. It comes from what you do consistently.”
Relying on Only One Lead Generation Tactic
Consider using a variety of tactics, like video texts, social media, and video email, to maximize your exposure and increase conversions. After all, what do you think will catch more fish: one fishing pole or three? I don’t actually fish, but I’m sure you get the point. Just remember not to use too many tactics to avoid inconsistency.
Heed the advice from me and other top agents. We want to save you from making the mistakes we made — as they not only cost money, they also cost time. You’ll experience an incredible sense of relief when you can fast forward your success: that’s what I hear from my coaching clients on a daily basis. If you’d like to experience the same, check out our sphere of influence program.