How to succeed in real estate
Real estate is a noisy and crowded marketplace.
According to the 2018 National Association of Realtors (NAR) report, there are over 1.3 million Realtors in the US. Do the math. That translates to an average of 26,000 agents per state.
Yet, all of them are ‘scrambling’ for the same lead opportunities.
Keep in mind that you need a healthy pipeline of leads for your real estate business to succeed and grow. But this begs the question; how do you beat the competition and attract leads in such a crowded marketplace?
Well, many successful realtors have done it, and you can do it too. But you’ll need a strategy that’s guaranteed to drive results. Here are 5 tested and proven real estate lead generation strategies that successful realtors use to grow business.
1. Generate Hot Leads with Zillow
The best lead generation strategies are those that involve reaching out to customers in the channels or platforms they visit most.
When it comes to real estate, Zillow is your best bet. With an average of nearly 200 million visitors per month, Zillow is undoubtedly the largest real estate network. Many successful realtors have grown their businesses by promoting their listings on Zillow.
To get the most out of Zillow, try Zillow Premier Agent. It might cost you but nothing good comes cheap. In return, Zillow will connect you with more active buyers and provide you with tools and resources to help you convert buyers into lasting clients.
2. Prioritize Referrals
It may be an old school method of lead generation but it works like a charm. According to Follow Up Boss, referrals are the #1 most reliable strategy for generating real estate leads.
And the best part, referrals cost you nothing. While this strategy works best for those agents with a solid list of past clients, it can also work for beginners. All you have to do is build a referral system early in your real estate career. To take it to the next level you can organize your network using referral marketing software and implement an incentive for referring.
3. Networking at Non-Real Estate Events
When it comes to standing out in the sea of agents, there are many tricks of the trade. Although attending real estate events can be fruitful, it can be hard to generate real estate leads when all the participants are real estate professionals.
Successful realtors are masters of ceremonies in many events. They participate in all community work and sponsor many social and national events. Then they take these opportunities to introduce their business and introduce their value propositions.
4. Customer Testimonials & Reviews
One effective, yet often overlooked strategy for generating real estate leads is the use of reviews. The truth is prospects trust reviews as much as they trust peer recommendations.
That explains why most of the big businesses you see every day have hundreds of Google and Yelp reviews. Real estate is no exception. According to NAR, 60 percent of buyers check reviews first before picking an agent. But reviews don’t necessarily need to be on third-party platforms.
You can start by creating a review page on your site that will ask customers for reviews. You can also ask your email subscribers for feedback and happy customers will be happy to comply. If all goes well, you can then ask them to share their testimonies on third-party platforms.
What other lead generation strategies do you employ for your real estate business? We’d love to hear them in the comments section below.