It’d be great if all you ever had to do for work is show appealing properties and have your clients sign on the line. But one of the challenges of being a real estate agent or broker is generating seller leads.
It’s no secret that through marketing efforts, you can find buyers and sellers in your city. And it also helps to know exactly what kind of leads you need to generate.
There are two primary types of real estate leads your marketing efforts need to generate:
In general, it’s best to have a good mix of both types of leads coming in from your real estate marketing efforts at any given time.
However, so we can cover the topic of real estate lead generation in greater detail, in this blog, we will be covering seller leads, and we will follow up soon with another blog of advice for optimizing your real estate buyer leads.
In the real estate profession, a seller is someone who’s looking to sell their property to someone else, and a seller lead is the qualified identification of a seller.
...Which is a fancy way of saying that seller leads point to potential profit for real estate agents or brokers.
To maintain and grow business, agents and brokers must consistently generate a stream of seller identification, or seller leads, to fill their sales pipeline with.
Not every seller lead will become a property seller, though. Some seller leads are merely people who are interested in selling their property and only want an initial conversation, but who may not go through with making a sale.
The more seller leads a real estate agent can identify and qualify, the better the chances are that the agent or broker can make a sale—and, in turn, make profit.
There’s nothing inherently wrong with having an initial conversation with a seller lead. It’s even necessary—and can pay off, as you develop your relationship with top-of-funnel leads and move them down the funnel.
However, it’s the best of your time if you spend more time with qualified seller leads who want to make a sell now than with leads that merely want an initial conversation and might sell later.
It’s great that online marketing can deliver real estate leads to you, and build your brand equity at the same time. But if these leads aren’t motivated, you’ll spend a lot of time turning your wheels instead of signing deals.
First and foremost, you need to find out how much a seller wants to “get out” of their property. This could be a variety of reasons—ranging from the seller relocating for work, or that they’ve run into financial trouble.
Either way, the faster a property is off the market, the more profit a real estate agent or broker can make.
Is the lead willing to sell their property at a favorable price (even below market value)? If so, this is a motivated seller.
Does the lead have a very limited time for getting their property sold? If so, this is also a motivated seller.
Is the seller willing to sell the property with 0% interest or no money down? This is also a motivated seller.
It’s no secret that the longer a property stays on the market, the more challenging it will be to sell that property. So any right-thinking real estate agent or broker should do their best to identify sellers who want out of their properties ASAP.
But it’s not just about identifying theoretical motivated sellers. Now you have to find them in real life.
One way to do so is to visit your courthouse and find delinquent tax information, which is free. Home owners who can’t pay their taxes are often motivated to sell.
Of course, also rely on your marketing tactics and campaigns, such as direct mailers, your website, your Facebook profile, and more, to send the right message to your prospects. Once a motivated seller has contacted you, call them as soon you’ve decided it would be right to work with them.
Once you’ve done these things, you should also develop your sales list to categorize your sellers to various categories:
Property owners with delinquent taxes
Out-of-town property owners
Longtime property owners
Absentee property owners
Any other categories directly pertinent to your business
Now that you’ve categorized your sales list, you can filter it. Ask yourself the hard questions and make the best decisions for your business. What kind of sellers do you want to cater to? What will be the most worth it for your time and money at the end of the day?
Even if you pare down your list to the ideal motivated sellers, you’ll still have to work hard to sell the property. Be sure you choose wisely.
Then, explain to your seller that you can list their property—and get it in front of prospective buyers—as soon as possible. Remember: motivated sellers work on strict timelines, so make your speediness of delivery part of your selling point. And then follow through.
But there are inherent troubles in these strategies. PPC advertising, for example, leads to more conversions—but it costs far more than other kinds of lead generation. How do you find the right balance, then?
We think that you should also consider your time, money and energy. Part of running any business isn’t just pulling the right marketing levers, but building a brand as well.
Building your communication and branding skills will allow you to create a steady, easily reproducible messaging strategy that gives you a reputation as an expert in your market.
Broker One offers a great branding instrument to build a powerful website for your online marketing. And the best part is, our tools deliver seller leads.
With Broker One, we will build your website from the bottom-up, and implement various tools within it that enable it to be indexable by Google. Due to this increased visibility by search engines, the difficult balance between PCP advertising and other kinds of communication, can be solved.
With Broker One’s turnkey real estate, you can build your brand, better market yourself, and get your sellers’ properties in front of the eyes of interested buyers more quickly than ever before.
And that can only lead to generating more motivated buyer leads than ever before.
That means your 2020 can be better than ever before.
And check back in with us soon for our next blog, about how to boost your buyer lead generation in 2020.