Realtors: Why use Referral Marketing
17 August 2018
Here’s a scenario you’ve probably encountered many times…
A prospect says he’s going to list his property within three or four months. Then, weeks later, he mentions that he’s considering holding off on his move to later in the year.
This type of prospect can be a challenge. On one hand, you don’t want to waste time and energy on a real estate lead that may or may not actualize several months down the line when you have hot prospects who are ready to move in the very near future. On the other hand, if and when that prospect is ready to list — eventually — you want to be the first and only agent he calls.
The first thing you need to do is evaluate the prospect. How serious is he about listing? Consider the source of the real estate lead. If he came to you via a lead-capture form on your agent website, then he was there for a reason. He was probably looking for an agent.
Also consider his motivations for moving. Is he retiring and seeks to downsize? Is he relocating for work? Is he in need of more space for his growing family? If there are solid reasons for him
looking for a new home, then he’s likely a prospect worth pursuing — regardless of his timeline.
Of course, your own experience plays a role, too. What does your gut say about the prospect? Do you get the feeling his move is going to happen at some point?
Once you’ve decided to stay in touch, what’s the best way to do that?
One thing is for certain. Just following up once or twice isn’t going to do the job. According to bestselling marketing author, Dr. Jeffrey Lant, you need to get in touch with long-term prospects at least seven times within a few months (Lant’s famous “rule of seven”) in order to build trust. And in the competitive world of real estate marketing, the optimal frequency is actually once a month.
That doesn’t mean just making an occasional phone call. The best way to nurture long-term leads is with a real estate marketing system that communicates with your prospects each month with a real estate direct mail newsletter featuring high-interest articles, helpful updates, and a personal message from you. That, combined with other keep-in-touch tactics — email, social media, phone calls — ensures you’re continually top-of-mind and consistently positioned as the obvious choice.
The goal, of course, is to ensure those long-term prospects who do, eventually, decide to sell call you, and only you.
So, take a look at your current strategy for marketing to long-term real estate prospects. Is it time to make some improvements?