Life Cycle of a Real Estate Leads

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A lead is a query or someone showing interest in your product. Typically this is the most important thing for any business organization. In real estate sector lead generation plays a vital role, especially in a low demand market. Each lead can be classified into 3 different categories as mentioned below:

  1. Hot Leads: These are fresh leads wherein the interest shown has been recent. These are the best leads to work on. Such leads have the highest possibility of conversion to an actual sale.
  2. Warm Leads: There are situations where the conversation or interaction with the lead has been high however the response is yet not decisive. Such leads have a fair chance to convert to an actual sales based on your skills.
  3. Cold Leads: This is the uninterested or unattended leads. Many a times due to high work pressure, one is not able to follow-up with all generated leads. Such leads usually have less likelihood to get converted to an actual sale. Usually, this happens with every organization however lower the number better it is for the brokerage firm.

The life cycle of a real estate leads can be broken down to 4 stages. Let’s read further and discuss them one by one.

Stage 1

You would be advertising in multiple media ranging from television, radio, magazines, newspapers, digital media, etc. Post collection of leads from different sources, all leads must be scrutinized. Leads with wrong numbers or erroneous email ids or suspicious names must be informed to the person responsible for advertising. This helps them to optimize the media campaigns. Priority must be given to fresh leads or hot leads as they have better chances of conversion.

Stage 2

In this stage, a broker and his agents would be contacting the customers. Adequate efforts need to be made to ensure all leads are contacted. This will ensure minimum number of leads from entering the cold lead section. All customers must be profiled and appropriately approached. It is very important to document all details. This will help you while you are following up with them. A good practice is to maintain a database with all information so that even in the future, irrespective of a business transaction or not, you can be in touch with them. This would create a loyalty factor in them for you and in turn will earn you the reputation of a trusted broker for their future transactions. Always share feedback with your media managers so that they optimize the campaigns.

Stage 3

You have already shared information with your customers about different projects based on their requirements. Now is the time to do a rigorous follow-up with them. Please respect their privacy and do try to be pushy for a deal closure. The best approach is to be their best friend and advisor. Always keep them updated with different aspects regarding the project of their choice. You can contact them by calling them, emailing or even SMS them with the information. In today’s fast-moving world, it is very easy to forget thus it is continues follow-up which is the key to success.

Stage 4

In the final stage, you would have to gauge the situation and conclude the sale. There would be a very small number of leads in comparison to stage 1 however these are the make and break for your business. Once again a word of caution is do not be pushy while you are concluding the sale.

As mentioned earlier, leads are the bread and butter for your real estate business. The best way to treat your leads is to use a CRM. Kolabro offers a cloud based CRM that would help you to manage your leads appropriately. It also has an added edge due to the virtue of app which is available in both Android as well as iOS. It not only helps you to manage your leads but also helps you with a strong follow-up. Stay connected with your clients and convert more leads!

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