If you’re preparing for a real estate career or are new to the industry, you must have heard the word “lead” a million times.
In layman’s terms, a lead pertains to contact with a prospect or a potential client. The real estate agent or realtor then turns a lead into a paying customer.
A lead is not only one of the most essential aspects of a business, but it is the number one priority. Realtors focus a lot of their efforts on lead generation as it is what will ultimately bring profits and success to their careers.
If you’re a real estate newbie, lead generation can be a daunting task. But in this article, we will give you a comprehensive realtor’s lead 101 guide that will help launch you into a successful career in real estate.
Let’s get right to it!
What are the 2 Ways to Generate Leads?
There are 2 main ways on how to generate a realtor’s lead. One is by using no-cost, organic methods, and another is by paying for leads.
Organic Ways to Generate Leads
By starting with people you know
This is perhaps the simplest method of generating leads. Just reach out to people you already know, such as family and friends, and tell them you are starting a career as a realtor. Don’t be pushy; generating leads from your inner circle may be challenging at first, but it’s a good start.
Just keep in mind that at some point one of your prospects might come to a decision to purchase real property, and have you in mind when they’re ready.
By taking advantage of social media
Another free yet effective way to generate leads is by using social media to reach out to your prospects. The Internet will help your career become visible even to people you are not currently connected with, as long as you utilize the right tools, create the right content, and use the right platform. Facebook, Instagram, and Youtube are just some of the many multimedia and networking sites you can use to generate a realtor’s lead.
By word of mouth
Word of mouth is one of the most tried and true ways of generating leads not only in real estate but in any business. Not only does it cost you anything, but it also doesn’t require any effort from you. Your satisfied customers will essentially give you free advertising through oral publicity.
You can integrate this method into your social media sites. For instance, if you have a Facebook page, you can encourage your customers to leave feedback so potential customers can have review references.
If you have a dedicated budget for generating leads, you can opt for paid advertising. The real estate industry can be competitive, and sometimes, the best way to expand your reach and earn more customers is by investing money in lead sources.
Buy real estate leads
Technically, you won’t be buying leads. Instead, you will be paying for exclusive lead sources. It involves a fixed cost, which can be charged monthly or on a per lead basis.
Some websites that provide lead sources for real estate agents are the following:
BoldLeads is an award-winning and leading real estate lead generation company that serves thousands of realtors in the US and Canada. Through its automated lead generation system, it creates advertisements that drive traffic from sites like Google and Facebook to a landing page where they collect the information. These are your leads.
The best thing about BoldLeads is that the leads it generates are available exclusively for you, and you don’t have to worry about competition. However, it comes at a high cost - an account fee of about $400 and a monthly fee that starts at around $250.
Zillow is another top real estate lead provider in the US. Its process is rather simple; it generates leads according to zip code and your advertising budget. Its system returns a high volume of leads, but it lacks the personalized feature BoldLeads offers. Zillow’s monthly fee costs around $250.
Market Leader is a real estate lead generation company that is quite similar to BoldLeads. It also makes use of pay-per-click ads on various traffic-driving sites and directs leads to a dedicated landing page.
However, the advantage of the Market Leader’s process is that it guarantees a minimum number of leads per month. The company charges a flat fee of around $100 monthly and a per-lead fee of around $20 to $30.
Facebook ads are increasingly becoming popular among real estate agents. Not only is it easy to use, but it is also a convenient platform for leads because all information can be found on Facebook.
Unlike other lead-generating sources, Facebook saves your prospects the hassle of entering their information on a separate site or form. A single click is all it takes.
Another good feature of Facebook ads is that it provides real leads, which you can access real-time. There are fewer spam emails and phone numbers, so you save a lot of your valuable time.
Finally, Facebook ads are a top choice for realtors because it is where almost everyone is. On average, people spend more than two hours a day scrolling through their feeds, which makes it highly likely for your advertisements to reach your target audience.
As a realtor, your long-term goal should be to maintain a healthy pipeline of leads, so you will need to invest time and effort.
Now, there is not a single best method in generating a realtor’s lead. You will have to find what works for you and keep improving it.
But whichever method you pick to generate leads, keep in mind that strengthening your relationship with clients is your next focus.
Once you nurture your network of connections, you will have built a process of repeatability that will help you create a successful and sustainable business.