How to keep leads from working with other agents?

Question

Hello everyone, I will get straight to the point. I feel like I lose more leads to other agents than I close and that makes me sick.. I would say I get about 10-20 leads per month and get 5-10 to more than one conversation and 3-5 of them pre approved with a lender I do most of my business with. Out of those 3-5 maybe 1-3 close a deal with me.. I do not have a very good follow up system in place and do majority of my contact over email. My normal routine is

1) lead contacts me

2) I have a brief conversation and set them up with lender to get approved

3) they get approved and I set them up on auto emails based on their criteria

4) I never hear from them again and finally get ahold of them weeks/months later to find they are under contract or working with another agent..

Does anyone have a better system that I can implement? I realize its part of the business to lose leads and clients but I feel like I can improve the way I do things.. I have been a Realtor for 1 year now.

Thank you in advanve for the help!

Maggie L. · Answer

It doesn't sound like you show them you're serious early on, so it's not too surprising most don't take that relationship seriously and end up with someone else.

When I sit down with a potential client I spend a good hour interviewing them - what they're looking for, where they are in the process, other items e.g. investment strategy for my investor clients, long term goals, etc. Ideally, this is when I set up their auto email (easier to get geographic boundaries just right when they're with me), and right after that meeting I send them the buyers agency agreement to sign (electronically).

After that I follow up weekly if I haven't heard from them - obviously if they said it will be a month to clear an item to get a better preapproval or somesuch I'll wait a month, but otherwise it's on me to check in and main tain a relationship with any buyer that seems close to ready.  I prefer electronic followup, but you need to use the method that they prefer - if they exclusively text I text to checkin, if they're good over email I email.

Joel Owens · Answer

It's about relationship,follow up,and referrals.

Only a small amount of leads convert right away.

If you put buyers on a drip MLS and do not follow up but every so many weeks or months then it's not a surprise they go elsewhere.

Patrick Britton · Answer

@Stephen Kiser  are these leads you're getting from the internet?  if so that's quite a great conversion rate.  20 leads into 5 - 10 conversations, then 3 - 5 pre-approved and then 1 - 3 close?  At a min that a 5% total conversion rate, which for internet leads is pretty good.

This may sound harsh, but it doesn't sound like you offer a personalized touch or personal relationship.  there doesnt seem to be any value add you offer.  keep in mind, it's very easy for people to say "no" to an email, and much easier to say "yes" to a face to face.  it also doesn't sound like you're getting to know these people very well.

And as for auto emails, i think they have their place...for tire kickers only!  with people you want to convert into clients and relationships i say stop sending auto emails. tell them you only send a handful of vetted properties, that way they know you are quality, not quantity.

Also, get a better deal with your lenders.  they should be praising you to the people you refer them.  it's a "pat my back i'll pat yours." the lenders should be giving you feedback and having you follow up with them to get documents, confirm timelines, etc..  if fact it may help to consider your lender as a member of your time.  and would you tolerate a member of your time letting a customer go somewhere else?  after all, you're referring 3 - 5 people a month to lenders...how many are they referring back to you?

Michael Noto · Answer

Are you even sure that these leads that you are losing are even converting into actual sales for whatever realtor they are leaving you to go work with?

As an agent a big part of what I do is deciding who the time wasters are as opposed to the people who are actually serious about buying.

Identifying the tire kickers early on is key and also people looking for unicorns are tough to work with as well because they haven't even taken their time to get educated on the market. Do you really want to work with those people anyway?

David Hunter · Answer

There's your problem... you're using email.  Kind of hard to create rapport with email.

Get their number and call them!  By the time you're done talking with them they shouldn't want to see any houses with any other agent but YOU.

Plus, always-Always-ALWAYS try to setup an appointment with them with your first initial contact.  Tell them you can get them into any houses they'd like to see.  They don't need to be calling all the listing agents because the listing agents are looking out for their sellers.

And, yes, if you're bad at following up then you're in a lot of trouble.

David Dachtera · Answer

I'll add my vote to those saying to get personal and follow-up yourself.

Drip lists are fine, but they're no substitute for you.

David J Dachtera

"Success is not a destination. Failure is not an event. Success is a process, failure is a choice."- DJ Benedict

Brad Freeman · Answer

This is a NOW Society, and especially with Internet Leads...you cannot lag.  Few people read their email through... 4 seconds is all you have.  The PHONE works the best as long as you can add value.  DO NOT try to sell over the phone.  Get the appointment to meet them at the property.  If you don't know how to get the appointment, or you don't know what to say when you get there, I suggest reading the first 3 or so chapters of a book called Socratic Selling.  This is very credible information...I have been breaking sales records for 20 years or so in more than one industry in high ticket sales.

Dawn Brenengen · Answer

@Stephen Kiser You're missing the personal connection and the follow up.  You can't just set up automatic emails and expect them to contact you when they see something they like.  You should do a combination of calling and emailing people to follow up.  You should also manage expectations at the beginning.  One problem I'm finding in my HOT market is that I set up searches for people, but nothing comes up that meets their criteria.  New listings have been SLOW to appear, so I think my leads think I've forgotten about them or are ignoring them.  I find it helpful to touch base every once in a while to let them know I'm still working on my end to find them something.  I also let them know in the beginning that contact will be somewhat infrequent just because there are so few things to show them.

Anyway, long story short, call them regularly. Email them when you see a new listing that looks like something they would like.

Wes Brand · Answer

I was coming in to say exactly what @Maggie Lalor said already. If I contact a real estate agent and they ask me a few basic questions and then setup an MLS feed, I'm out. They aren't someone I want to work with.

It's when they spend some serious time talking to me about my goals, where I want to invest, what types of properties I'm looking for, how much work I'm willing to put in, and so on that I start to take them seriously. Another big plus is if they show that they know the area extremely well (you want to stay north of this street, but south of that other one, and no, don't even consider that over there based on your goals...). Anyone, even a non-agent, can setup a few MLS drips, that's not really adding any value to the process and gives me no reason to think you'll be better than the next guy.

Stephen Kiser · Answer

@Michael Noto how do you go about identifying the tire kickers?

How to keep leads from working with other agents?

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