words Al Woods
Listings are the lifeblood of your real estate business. Thus, you don’t have a business without a full pipeline of leads. To help with this, here are effective ways you can generate real estate listings.
1. Door Knocking
This method of generating leads is not common these days. Yet, if you approach it the right way, you can be sure to get solid results. Door-knocking marketing is ideal because it doesn’t need your lead to take any action. All they have to do is listen to your pitch.
To begin with, by choosing door knocking, you’re separating yourself from the competition. Many real estate agents use the internet for prospecting. For this approach, you’ll need to pick a geographic target. This ensures that you don’t pick an area with many agents.
Besides, before you hit the road to door knocking, ensure to do research. This will fill you in on the statistics of the neighborhood you’re visiting. As a result, you’ll be able to answer all questions from your prospective clients.
Also, ensure to have a good real estate script. This will help you know what to say when the client opens the door. If nobody’s at home, make sure to share your business information. So, when going for a door-knocking campaign, ensure to carry your business cards, flyers, or doorknob hangers.
2. Call Expired Listings
The good news is that there is always a homeowner in your market who wants to sell but can’t. One of the major reasons is that their listing might have expired. Even though their listing has expired, they still want to sell their property. Here is where you come in.
With your prowess in the industry, you can turn the listing from expired to active to sold. The first is to find these expired listings. One thing you can do is check the MLS each time. Besides looking at the price changes and new listings, you can look at the expired listings.
Once you have identified the expired listings, it’s time to call them. Before you make the call, you have to be ready to explain why the seller should trust you. To help you with this, you need to have a script. After you’ve shared your points, ensure to listen to what your leads’ thoughts are.
This way, you’ll know what actions to take to convince them. Bear in mind that expired listings are not exempt from the Do Not Call List. If your potential client is on this list, make sure not to call them. Note that by breaking this rule, you’re subject to a fine.
3. Frequently Post on Social Media
Social media in real estate has made a climb in the industry over the years. Thus, this makes these platforms an absolute gold mine for your real estate business. Some of the platforms you can use are; Facebook, Instagram, Pinterest, or Twitter.
You need to continuously post on these social media platforms for this option to work for you. Before running any campaign, ensure to do extensive research. This way, you’ll learn more about your leads and how to capture their attention and meet their needs.
4. Attending Network Events
To be successful in real estate, you need to know how to network. The first thing you’ll need to know is where to network. The best place to start is by attending networking events. When choosing an event, ensure that your target clients are most likely to attend.
The good thing about real estate is that you have various events to choose from. This is so as many people are looking to buy or sell their property. Note other considerations come to play when deciding on a networking event to go to. For example, if your focus is townhouses.
Choose an event that attracts clients that are likely to buy a home. The good thing about these network events is you can get referrals. For this to be possible, make sure to meet people in the event whose business contracts complement yours. With this approach, you are likely to generate listings faster.
5. Send I Have a Buyer for Your Home Letters
Even when other methods are ideal for generating leads, this is without a doubt effective. With I Have a Buyer for Your Home Letters, you are informing the seller that you have a ready buyer for their property. You need to ensure that these letters suit different homeowners.
In these letters, you need to state that your buyer needs to buy a home or the property in the area. This will compel the seller to give you a call. To stand out from the rest of the agents, ensure to show that you are active in the market.
6. Geo Farm a Neighborhood
Geo farming is a method of making you known in a particular neighborhood. Before you get into the basics of this approach, you need to go for neighborhoods that have a high turnover rate. If you consider going for an area with a low rate, ensure that the commission you’ll get from the sales is high.
Note that geo farming is all about doing the math. Things to focus on include how much you’ll need to spend to generate a lead. Also, focus on how much commission you’ll get from your engagement. If, from your calculations, you’ll not get any profit from the geo farm, consider choosing another neighborhood.
Before your geo farm a neighborhood, make sure to do your homework. First, you need to be conversant about the local area. This will enable you to convince your leads. Besides, check whether there is an existing competition of agents.
You can do this by checking the MLS to help you know the agent saturation rate. To gain traction in a neighborhood, ensure it’s less competitive.
7. Build a Referral Database
Creating a referral database of people who are likely to help refer your services is a great way of generating referrals. Most referrals come from friends, family members, and current and past clients of people you’ve met through network events.
Another important group to look out for is the vendors in your community. It would be great to create a relationship with them. You can do so by referring clients to buy their products or services. In return, they will refer you to clients who need your services. As a result, you’ll grow your real estate business.
Finally, always ensure to thank your referral sources. You can do this by calling them or sending a thank you card. They’ll know that you appreciate their effort to support your business by doing this. This boosts your chances of receiving more referrals.
In a nutshell, it can be challenging for a new real estate agent to win leads. However, having a plan and doing extensive research is the key to success in the real estate business. What’s more, you need to identify a local area that you know best.