3 Reasons You’re Not Closing As Many Seller Leads As You Should Be
If you’re like most real estate investors out there, you probably think that the vast majority of seller leads that come in from your marketing efforts lead to nowhere.
And the truth is, YES, the vast majority of inbound seller leads are not going to close right away. In fact they’re not going to even close soon. But this is where there is a HUGE separation between highly lucrative real estate investors and the vast majority of investors who struggle to grow their business into 7 and 8 figures a year.
It’s in the follow up.
Take a look at the chart below:
Where The Fortune Is Made
2% of sales are made on the 1st contact
3% of sales are made on the 2nd contact
5% of sales are made on the 3rd contact
10% of sales are made on the 4th contact
80% of sales are made on the 5th – 12th contact
As you can see, the fortune is in the follow up. And if you’re like most investors, you’re not consistently following up with seller leads the way you really should.
So how can you ensure you don’t miss out on 80% or more of the sales you could be making and what are you NOT doing that is preventing you from quickly scaling your business to 7 or 8 figures?
Well there are three things that every 7 and 8 figure real estate investor does that (surprise!) investors struggling to get to that level are not doing. And if you’re making any of the following mistakes, it’s time to stop RIGHT NOW in order to scale your business.
1. Not Automating Your Follow Up Correctly
If you’re manually handling your seller lead follow ups right now, YOU’RE DOING IT WRONG! When you have the right automation set up, your leads will automatically receive messages from you at regular intervals.
And for most leads, this follow up campaign should last for more than a year!
Again, for most leads it takes you planting the seed to sell, then allowing it to grow in their mind while you water it slow and steady over time. That’s how you get the 80% of deals.
But you also need to vary the follow up channel. For example, you don’t want to ONLY send email followups. You should be using every channel (email, text messages, voicemail, usps, phone calls etc) at your disposal and using them in the right ratios.
I’ve created a free video explaining exactly how to automate the entire process.
2. Treating All Leads The Same
Most real estate investors treat all inbound leads pretty much the same. For example, seller leads that call and hang up go through the same follow up process as those who you may have made an offer to.
Maybe they were simply “not interested at this time” or even were angry.
The key to getting these leads to close in your follow up process is to treat them uniquely and put them on their own unique follow up sequence.
Although the process is still automated, every seller lead will feel as if you are demonstrating a personal interest in them and their property making it exponentially more likely that they’ll do a deal with you.
I explain the different segments of seller leads you should create and exactly what the follow up sequence should look like in this video.
3. Spending Too Much Time Working Leads
If you’re truly interested in being a successful 7 or 8 figure real estate investor, then you already know, time is your biggest asset.
All too often, I see real estate investors “stuck in the weeds” digging through notes they’ve made on different leads and spending way too much time on the phone with leads that lead to nowhere.
The truth is, in order to grow your business, you need to spend LESS time organizing your leads and LESS time on the phone.
One of the easiest ways to do this is to implement a custom CRM (customer relationship management) system that keeps all of your lead information tightly organized for you, without costing you anything more than you’re already spending.
And with a cloud based CRM, you can leverage a team to “work” these leads for you at less than the cost of on virtual assistant.
I go over exactly how to customize your CRM and leverage this “team loophole” to dramatically scale your business in this short training video
I really encourage you to check out the short training video I’ve created on using follow up to close a LOT more leads because I KNOW you’re going to get a lot out of it!
I do a deep dive into everything I mentioned above.