Most real estate leads (95%!) never turn into commissions.
As an agent, you spend a lot of time focusing on one critical business element – getting more leads. Generating leads is obviously important, the problem is, you’re probably not spending enough time focusing on whether or not you are taking the appropriate steps to convert those leads. Do you have an effective nurturing system in place? Are you segmenting leads based on their readiness level? Are you building trust? If your answer to any one of those questions is no, it’s time for you to rethink your marketing strategy to make sure you're getting a good return on your lead generation investment.
I’ve never heard of offer generation – what is it?
Offer generation, a term recently coined by RealScout, is the strategy of systematically and scalably converting clients into transaction offers. There are various ways to incorporate offer generation into your marketing strategy – the most important of which is to put more time and energy into qualifying and segmenting leads for more effective follow-up.
Here are a few examples of what this could look like for your business:
(from the Offer Generation Playbook)
How does it fit with my existing marketing strategy?
Obviously, you need to continue to invest in marketing that is helping you generate your new real estate leads. However, to make sure you're getting the most 'bang for your buck', consider shifting your focus towards effectively incorporating offer generation into your marketing strategy. That means, put systems in place that will help effectively nurture and engage leads, building trust, brand recognition and credibility until they are transaction ready.
If, for example, you’re currently spending 80% of your marketing time on new lead generation and 20% on referral business, modify your strategy and include time to focus on what you're doing to convert new leads. Making sure you have an effective system in place to boost your conversion rate will make the marketing dollars you are spending on new lead generation a much healthier return on investment.
It’s clear to see how quickly leads become significantly more valuable when you have processes in place to help move them through the lead nurturing pipeline. Offer generation follows a lot of the same principals of inbound marketing, a once unheard of buzz word that has attracted a ton of attention over the past few years.
Once you are able to successfully identify different types of leads (aka lead personas) and you’ve determined what type of marketing is most effective for each lead group, you’ll quickly see why incorporating Offer Generation is absolutely critical to your real estate success.
Learn more with our downloadable Offer Generation Playbook!