New research highlights the Lead Conversion Gap, and what it takes to improve conversion rates in today’s modern communications landscape SAN DIEGO - September 30, 2020 - Ascend2, a leading market research firm, in...
How Our Real Estate Clients Went from Chasing Cold Leads to Generating 10x More Clients/Sales: A Complete Guide for Real Estate Agents
Are you finding it challenging to keep up with the digital trends in the real estate business and attract quality prospects?
I know what it feels like to get caught up in the chaos as a real estate agent, investing a considerable amount of time and effort without making noticeable progress. This is the reason why new agents have a high turnover rate.
I know that you are in real estate to help people find their dream home. But how can you do this with the uncertainty and fewer sales caused by the COVID-19 outbreak?
According to the National Association of Realtors Report, 12% of contracts have been canceled from 4% in February 2020 to 12% between March and May 2020.
This, in addition to the constant flux in marketing strategies, influences the way potential customers see your products and services. Because beyond just generating leads for buyers and sellers in the real estate space, it is important to also qualify them.
Over time, we helped clients by gaining considerable clarity and have learned to focus on more productive activities because chasing cold leads is no longer an option for businesses looking to grow and scale.
By helping clients change their routine, they were able to use technology to attract hot-shot prospects, organize their leads database, and convert them into revenue.
Is there a way you can fix your marketing-sales funnel to appeal to potential customers despite this global pandemic?
What is your marketing plan for drawing in buyers?
I’ll take you through a system for generating 10x more clients and sales than you ever have before. Here is what I’ll cover:
- The lost art of marketing
- Marketing only gets you so far
- Inbound vs. outbound marketing: The past, the present, and the future
- How to drive leads and increase conversions through conversation marketing
- Our 3-Step System for Generating Winning Leads
Are you ready? Let’s go!
The Lost Art of Marketing
Does it take much to retain customers for an extended period of time?
It’s not enough to offer the best prices for properties. You have to offer greater distribution and better marketing for your offer to be more appealing to customers than that of superior real estate agencies.
If you are interested in keeping your customers and prospects right where you want them, these 4 lost arts of marketing will help you:
1. Follow-up + Omnichannel Marketing
Follow-up is the golden rule of sales. As simple as it sounds, it takes continuous follow-up attempts to close a sale.
So, what if there are no sales after 2 or more calls?
It’s time to use the omnichannel marketing strategy. This approach engages prospects on as many channels as possible. Although this may seem overwhelming, it is also very rewarding.
Here are some of the channels you can use:
- Text messaging
- Phone and voice messages
- Social media
2. Lead Conversion Gap
Are you under pressure from your superiors to always close?
Well, yours is not the only sales team under such pressure!
There is a large gap in the sales funnel, known as the Lead Conversion Gap, that most real estate marketing teams are working hard to fill.
Do you see this gap as something that you can live with, or as something you can address?
Keep reading if you want to do something about the issue.
a. Fill the gap between your sales and marketing teams
Your sales and marketing teams have to align and stop pointing fingers. When the marketing team brings in leads, the sales team has to follow up on them. But first, the leads have to be of high quality and high volume.
If your sales team is too busy following up on leads and chasing prospects, they can easily become fatigued. This, in turn, will lead to poor sales, low team morale, and lower closing rates. Consider outsourcing these duties to a budget-friendly, expert team.
b. Try sending a text instead
As one of the most underused tactics for mobile marketing, it is unbelievable that most customers prefer text messaging to receive their offers. People would rather open a text than an email.
c. Have a 24-hour digital storefront
Some customers are very difficult to get a hold of, with some of them only available outside business hours.
How do you engage such customers in the evenings, on weekends, or during holidays?
Having a 24/7 contact center will make it easy for your sales team to attend to clients from the comfort of their homes. It is also a more budget-friendly option for real estate marketing teams.
3. Artificial Intelligence (AI)-assisted lead response and qualification
Are you looking for a better way to generate, qualify, and convert leads?
Perhaps you should try AI. An AI sales assistant can help to extract insights about your leads from marketing and sales data. AI follow-up will allow you to get to know your prospects and customers.
Our team of experts possess AI marketing and AI selling tools that will help you find new prospects, while providing recommendations regarding which leads to pursue.
By using our AI-assisted lead response and qualification, you will –
- Better understand and predict the behavior of customers,
- Generate more leads from your website traffic,
- Convert most of your leads into sales, and
- Improve the quality of your pipeline.
4. Ultra-fast, increased conversion rates
When you fail to quickly follow up on rapidly arriving leads, they may start to feel unimportant and neglected. When this happens, they will lose interest and turn to your competitors.
Speed-to-lead is a non-negotiable mission for sales teams who want to stand out using their hard-earned leads. Leaving a prospect uncontacted for five minutes could reduce your chances of converting them into qualified leads.
Marketing Only Gets You So Far
Keith Harwood, the founder of Inspire Speakers, once said: “marketing only captures the attention of prospective customers but getting them to actually spend money with you, and on a regular basis, is all about relationships.”
Undoubtedly, marketing is fundamental in attracting potential customers. However, even the best marketing strategy will generally not get you sales.
What then do you need to get sales and stand out in the real estate business?
Here are three ways you can generate outstanding sales after catching the attention of potential customers through marketing:
1. Build quality relationships
Getting sales involves building relationships. But you cannot develop a relationship with potential customers without adding value and earning their trust.
2. Know your clients
It takes more than a cheerful disposition to build a solid relationship. You need to develop an in-depth knowledge of your clients – who they are and what they need. AI can help you accomplish this.
3. Do the work
A phone call can turn out to be a cold call, but it is what you do after the call that will retain customers. Sometimes, you need to arrange a face-to-face with them, get a brief, and touch base with prospective clients. Invest your time and energy in developing long-lasting relationships with them.
Inbound vs. Outbound Marketing: The Past, The Present, and The Future.
Are you a real estate agent trying to build a sustainable marketing campaign that will ensure that you stand out?
Although the difference between “inbound” and “outbound” marketing is subtle, it is essential that you know what these concepts mean if you want to generate 10x more clients and stand out in this industry.
Which marketing strategy belongs in the past? Which strategy is best for the present? What is the best marketing strategy for the future?
We’re going to deal with outbound marketing first because it is becoming more unpopular by the day.
The Past: Outbound marketing
This conventional marketing strategy sort of fell out of favor with most marketers because it seemed pushy and interruptive.
Outbound marketing utilizes repetition to make a lasting impression in the mind of the customer.
Some examples of outbound marketing for a real estate team are:
- All-year-round phone calls: These calls target prospective clients who are listed in your database.
- Follow-up calls: You should also call buyers who had previously visited a property that was for sale.
- Printed invitations: This is a great way to inform residents about the day and time they can have their property appraised.
- Printed magazines or newsletters: This way, you can provide both customers and potential customers with monthly, quarterly, or yearly information on local sales.
Strategy and subtlety are crucial in marketing. Marketing aims at promoting products and services in such a way that customers do not realize it is a promotion. However, outbound marketing is anything but subtle.
This is the reason that most marketers focus more on inbound marketing leads to create an exceptional marketing strategy.
The Present: Inbound Marketing
Unlike the outbound marketing approach, consumers can reach the company easily through inbound marketing leads. With inbound marketing, you can attract more leads with minimal effort and a smaller budget. You can promote your service virtually and establish your brand before your target audience.
The technological revolution has made subtle promotion easier, and goes a step further to allow customers to approach companies.
This is one of the best ways in which customers can stay informed, while the purchasing process will be more passive and ethical.
Some of the inbound marketing strategies that are useful to the real estate industry are:
- Search Engine Optimization (SEO): An optimized website is the best place to start if you want to reach a wide audience.
Our local SEO specialists can help you generate traffic to your website through link building, so that you can get conversions.
- Blogging: Write blog posts on topics and issues that are relevant to both homeowners and home buyers.
We recommend that our real estate agents craft long-form content because they use keywords that will help you to capture more leads who can be nurtured into loyal clients.
- Social Media: This strategy uses platforms like Facebook, Youtube, and Twitter to target a specific audience and boost brand awareness.
If you are struggling to get followers on social media, we can create content about events, local news, sales, and trends in the industry.
- Downloadable Guides: It will be fantastic if you’ll allow us to produce downloadable guides on topics that are relevant to real estate.
These informative guides can provide information on how to choose the best real estate agent, or how to prepare your home for sale.
The future: Inbound and Outbound
Should you use inbound marketing or outbound marketing for a sustainable real estate business?
The future looks bright for the real estate business, and whichever strategy you choose will depend entirely on your company’s needs.
Outbound marketing is fast and effective, but has an exceptionally low capture rate. People who view your paid ads may need to find more information about your company through other means, and they may become uninterested in your products or services.
Would you like this, or do you prefer a budget-friendly system that can rapidly convert traffic to leads?
Inbound marketing, on the other hand, entices people to contact you by leading them to your website where they will find content that is relevant to their needs and interests. Real estate agents can further apply their knowledge of inbound marketing to achieve the following:
- First, attract visitors to your website using keywords, SEO-friendly blog posts, and social media.
- Then, convert these visitors into leads using contact forms, landing pages, and calls-to-action.
- Next, you close the deal by creating customers from your leads through offers of lead-nurturing actions. These actions can be exclusive content or product trials.
- Finally, delight your customers by engaging them until they become loyal and help you to promote your brand through positive reviews and social media posts.
Note that when it comes to the real estate business, expect that most of your new leads will be generated by text messaging, local search engine results, referrals, networking, and mobile phone marketing.
Therefore, it is advisable that you focus most of your marketing budget and efforts on inbound marketing, while dedicating a smaller portion to outbound marketing.
How To Drive Leads and Increase Conversions through Conversation Marketing
Statistics show that the average landing page conversion rate is 2.35%, while the email open rate is 24.8%. Most people detest answering cold calls.
The statistics above make it clear that it is about time we made business personal again.
How can we achieve this?
By replacing lead forms with real-time conversations. This is known as conversation marketing.
Conversation marketing is one of the fastest ways you can move buyers through your marketing and sales funnels. The process involves having one-on-one, real-time conversations aimed at capturing, qualifying, and connecting with only your best leads.
The goal of every real estate team is to receive traffic and leads that they can use to facilitate high converting sales conversations.
Some of the benefits of conversation marketing include the following:
- It creates a buying experience that is more human.
- You will learn more about your customers.
- You can add new leads to your sales and marketing funnel.
- It helps to reduce your sales cycle.
- You will grow your sales pipeline.
Since every individual has a specific way in which they would rather communicate, you should find a way that works best for you. You can engage, qualify, and convert your potential clients with conversations that are powered by experts and smart technology like AI.
You may want to use AI to help determine optimal timing. A multi-channel approach such as calls, text, and social media posts can also be instrumental in covering all the bases and conveying your message loud and clear.
Our 3-Step System for Real Estate Teams Looking To Generate More Clients/Sales without Chasing Cold Leads
When conversation meets data-driven prospecting, it produces our 3-step system. This system ensures that you Convert Conversations into Cashflow (CCC) and Follow-Ups into Figures (FF).
Here’s our 3-step system that works every time:
- Qualify new prospects: The qualification of new prospects is accomplished via smart lead qualification.
- Reconnect with stale leads: This reconnection uses data to communicate with your leads — on their time and terms.
- Drive more sales, calls, and bookings: Drive opportunities, not leads. No more sales reps complaining about unqualified leads from your marketing efforts. Identify actual opportunities that are ready to be handed over to your team.
Now It’s Your Turn to Fix Your Marketing-Sales Funnel
Most of the time, a client thinks that all they need is more leads. However, they quickly realize that they do not have a follow-up/nurturing process in place for those leads. Not all leads will buy right away, and sometimes it is a waste of time to even chase them.
Verse removes the stress of chasing leads, while qualifying them at the same time. Follow-up/nurturing is where Flying V Group comes in. We provide email drip campaigns, remarketing/retargeting ad campaigns, social media marketing, and many other digital business growth strategies.
This helps to nurture the client down the funnel and to a point where they are more serious about buying because they have seen the information/advertisements as many times as possible.
Partner | Flying V Group
Real Estate Digital Marketing Expert, Robb Fahrion is a Partner at Flying V Group, which was voted a #1 Digital Marketing Agency By Clutch.
Robb’s team delivers digital marketing and advertising strategies to residential and commercial real estate clients. On average, they help real estate clients generate 15x more leads online. Flying V Group has worked with Colonial Capital, JLL, Trident Capital Partners, Commercial Consult, and many more.
With Robb Fahrion, your company will grow into one of the best, while standing out in this fast-paced technology space.