For many agents, their database of contacts and leads is their primary source of business and earning commissions. An agent is only as good as their pipeline. However, even if the agent's pipeline is full of contacts and incoming leads, they face a big issue. This issue is a "leak," or inefficiency, in maintaining and nurturing contacts effectively. In this article, we will cover a few of the most common issues we see and some ways you can fix them to nurture real estate leads and contacts in a manner that brings you more closings and GCI.
Not Using A CRM Software to Nurture Real Estate Leads(Or Not Using It Correctly)
Using CRM(customer relationship management) software is the most crucial element of converting leads in an agent's pipeline. This software allows you to effectively manage and communicate with your contacts in one central platform. Most CRMs allow an agent to call, text, and email efficiently and effectively.
Many agents are given access to a CRM by their broker or team leader. If not, most agents decide to pay a monthly subscription to gain access to one. However, only some agents know how to use all the features and efficiently use the software. We recommend agents lean on the support and training their broker or CRM provider provided to learn how to optimize and use this powerful system to its full potential. Some agents still believe it is optional or is refined using a spreadsheet. For those agents, try CRM software. Most of these systems are pretty inexpensive. You can also purchase a monthly subscription that can be cancelled anytime.
Not Communicating Enough With Your SOI(Sphere of Influence)
This is the most overlooked section of an agent's database. While most agents are focused on generating new online leads from all types of sources, they never focus on the low-hanging fruit in front of them. The low-hanging fruit, in this case, is the agent's sphere of influence(SOI). These people are part of the agent's personal and professional life or network. This includes friends, neighbours, family members, previous clients, your monthly business networking members, and other similar connections.
For most agents, millions of dollars of sales volume could be had if only they correctly maintain and nurture their sphere of influence. However, this segment of their database must be noticed or taken for granted. Remember, you are not the only real estate agent in your friend's and family's lives, and it is essential to stay in mind with them just as much as with online leads who do not know you personally.
There are a few things an agent can do to improve the amount of business generated from their SOI. First, you can create segmented lists in your CRM the same way you have done for your inbound internet leads. This will allow you to nurture real estate leads better. If you still need to do so, create a list of every SOI member. After you create the list, input it into your CRM software. Another thing you can do is to pick up the phone and call every person in your sphere of influence. Remember, the chances of your SOI picking up your phone call are MUCH HIGHER than an internet lead or referral you still need to learn.
Having a Disorganized Database
One issue we have seen with many agents is the mismanagement and disorganization of their databases. While most agents are given a CRM by their broker or have one they pay for themself, they often need suitable systems and organization to manage their database. This is especially true for agents who have hundreds, if not thousands, of leads in their database. With this many leads, it is easy to let solid opportunities slip through the cracks.
Our Recommendation to Better Nurture Real Estate Leads in Your Database
You can do a few things to keep your database organized with your CRM software. The first is to utilize the ability to create custom "lists." This is a feature that many CRMs have that allows you to use filters to segment your database. For example, you can create lists of your SOI, people you last called in over one week, one month, or even previous clients. These segmented lists help you track who you need to reach out to daily.
Another thing you can do is take advantage of the tagging feature that most CRM software offer. Tags can be used to automatically start action plans/drip campaigns, track your lead sources, create segmented lists and much more! If you are not taking advantage of this software feature, we strongly recommend you create and organize your database with tags as soon as possible. A CRM will be a big help in helping you nurture real estate leads at a high level.
Use Your Automated Drip Campaigns/ Action Plans To Nurture Real Estate Leads
One of the most powerful features of an agent's CRM software is the ability to engage or nurture their leads and database with automated action plans/drip campaigns. These programmed campaigns typically feature a combination of automated emails and text messages that go out at scheduled times to the corresponding contact in the agent's CRM. Action plans allow you to connect instantly with new leads. They also allow you to nurture leads that were not ready to buy for whatever reason when you previously spoke to them. The campaigns also allow you to communicate well with your sphere of influence and database.
If you haven't done so, we highly recommend learning about your CRM's existing action plan/drip campaign capabilities. Some software is more intricate and sophisticated than others. Still, most will allow you to schedule campaigns that have the ability to SMS message and email contacts over a 365-day calendar year. This means you can have campaigns that begin instantly(for new inbound internet leads) and begin days or months into the future(such as with people currently in a lease). We recommend that agents set up at least 4 to 5 essential campaigns. These would include a plan for new leads, 3-month follow-up, 6-month follow-up, and buyer and seller campaigns. These campaigns will significantly help increase conversion rates and fill holes in your pipeline. They will also save agents valuable time than manually writing and sending out emails or text messages.
Correcting these "leaks" in your pipeline should bring you more success and, ultimately, more clients. Agents can focus on servicing their clients by having a fully optimized database of contacts and leads that is adequately nurtured. They will also be able to maintain contact with future business opportunities. If you're looking for even more ways to nurture real estate leads and increase the number of closings you have, we recommend you book a strategy call with one of our highly trained experts. We will be able to guide you and make a few suggestions that can significantly improve your business!