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Best Real Estate Lead Generation Strategy for 2024

Having a good real estate lead generation strategy is crucial in today’s market to ensure success and growth; without good lead generation, there's no business to be had.

Some years ago, just having a good relationship with your clients and reaching out to some folks was more than enough; however, with the market becoming more competitive, a clear strategy is crucial. 


In this episode of The Team Building Podcast, Jeff goes in depth about lead generation, why you need it, and what types of leads you should focus on to get the most profit out of your real estate business. 

Before The Real Estate Lead Generation Strategy

Jeff got his real estate license more than a decade ago; back then, in 2006, people didn’t have a clear concept of a business plan for real estate or lead generation.


Recognizing the need to forge a unique path toward success, Jeff chose to dive deep into the world of lead generation.


Now, after years of exploration, experimentation, and successfully building a thriving real estate team, Jeff is an expert in lead generation. 


So, where should one start to generate leads? Well, first, you need to understand the type of leed that exists in the real estate realm. 



Type of Leads

Understanding the type of lead will help you identify them quickly and create strategies for each of them. 


  • Hot Leads: These are prospects who are ready to make a move. They've set an appointment and are prepared to buy or sell a property.


  • Nurture Leads: These individuals are considering buying or selling but aren't quite ready yet. 


They're about 3 to 6 months out from making a decision. You'll touch base with them occasionally, but not too often.


  • Watch Leads: This group is about 6 to 12 months away from making their move. Keep an eye on them; they may become hot leads sooner than you think.


  • Archive Leads: These are leads that have already sold or bought a property. But don't forget about them! 


Use a Customer Relationship Management (CRM) system to keep them in your pipeline.


  • Trash: Unfortunately, not all leads pan out. These are people who will likely never buy or sell. It's okay to let these ones go.


Now that you know how to categorize and approach each of your leads, how do you even make new ones?

Getting More Leads



Making leads can be a hard process, but it can also be pretty smooth and easy if you know how to do it right. 


We have identified 3 “buckets” where we would like to categorize our possible next leads. We believe that reaching out to these segments will drive more leads to your business. 

Sphere of Influence

The first and often most fruitful bucket is your sphere of influence. 


This group comprises individuals who know you, trust you, like you, and have your contact information. 


They are the ones most likely to convert into leads.

Outbound Prospecting 

This is your second bucket. These people do not fall within your sphere of influence; they don't have your contact information and most likely don't know you well.


Typically, these are people you might encounter at an open house, social event, or through expired calls. They are individuals you don't know personally but might bump into occasionally at various events.


With time and effort, they can become part of your sphere of influence.

Internet Leads

The third and final bucket is dedicated to internet lead generation. 


This includes any potential leads that come from social media and other online sources.




Staying Top of Mind

Once you've successfully identified potential leads and made the initial contact, how do you ensure they remember your business when they're ready to buy or sell?


The key is to maintain regular communication. We recommend using a mix of email, text messaging, and phone calls to stay in touch. Here's a simple strategy:

Email

This can be your primary mode of communication. Send out informative newsletters, market updates, or personalized messages at least once a month.

Text Messaging

Use this for quick check-ins or important reminders. It's less formal but highly effective due to its immediacy.


We also recommend you send at least one text message a month. 

Phone Calls

These add a personal touch. Try to call your leads at least once every quarter. 


This can give you a chance to catch up, answer any questions they might have, and remind them of your services.


Remember, the goal is to be the first person they think of when they're ready to make their move.

Google PPC

In terms of online advertising, Google Pay-Per-Click (PPC) has proven to be very effective. It's a great way to reach people who are actively searching for real estate services.


Lastly, it's important to focus on the lead source that's providing the most results. 


If one of your "buckets" is consistently producing more leads than the others, don't hesitate to double down on it. 


This isn't just working harder; it's working smarter

Tracking Your Metrics



Get your ROI right to make smarter choices when it comes to lead generation and lead conversion. 


To keep it running smoothly, you need to know exactly how many calls to make, open houses to host, and meetings to arrange in order to close a sale. These are your KPIs – the critical numbers that drive your success.


Here are some essential components to consider when tracking your metrics:


  • Lead Sources

  • Conversion Rates

  • Cost per Lead

  • Revenue Generated from Leads


Start tracking these numbers diligently. Not only will they help you see the ROI of your outbound prospecting, but they'll also highlight areas where you can improve.

Want to Join the ERS Family?

Contact Elite Real Estate Systems today and start seeing the results you want for your business. 


Stop wasting your time and money on strategies that don’t work. We are ready to help you get your business on track and reach your goals for 2024. 


Contact Elite Real Estate Systems today and start seeing the results you want for your business. 




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