Effective Lead Sources?

[Matt Mulvihill]

Hi BP!

I recently became an agent in NC and I am very excited to get the ball rolling. I have been researching ways agents generate leads and I see that it looks like zillow and Facebook/google ads are pretty common ways. I was wondering if anyone here has had any experience with any of these sources, or if someone has another path that has worked well for them?

Thanks! 

Matt 

[Nathan Gesner]

Paying for leads is a terrible idea. Agents think it's an easy way to attract leads but everyone I've seen try it ends up with a lot of loser leads that just waste their time.

Read "Millionaire Real Estate Agent" by Gary Keller. He has a great system that works if you work it.

CLICK THIS and scroll down for a graphic

The simplest, most trust-worthy process I've read about is generating leads from people that already know you. The basic premise is this:

• Make a list of 80 people that know, like, and trust you
• Contact all of them at least once a month, preferably in person. If not in person, use the phone. As a last resort, email.
• Your first three contacts should be building the relationship, period. Make it all about them and nothing about you, unless they turn the conversation that direction. This is just to strengthen your relationship.
• On visit four, end the conversation by asking them if they know anyone buying or selling and that you would appreciate any referrals.
• Keep doing this for the entire year. Most will send you one person. Some will send two or more. If anyone on your list sends you zero referrals, drop them at the end of the year and replace them with new people.
• Do the same with businesses where you drop in and give them a little gift, build a relationship, and start referring people to them. Always call in advance and let them know you are sending a referral over because the client may forget to mention you. Always follow up to see if they were able to help the referral. After a while, start asking for referrals in return.

There is a national coach that teaches this program. He has a packet you can get for free that explains it in detail and includes tracking sheets. I can't remember his name and don't have time to dig it up but it shouldn't be hard to find.

[Matt Mulvihill]

Originally posted by @Nathan Gesner:

Paying for leads is a terrible idea. Agents think it's an easy way to attract leads but everyone I've seen try it ends up with a lot of loser leads that just waste their time.

Read "Millionaire Real Estate Agent" by Gary Keller. He has a great system that works if you work it.

CLICK THIS and scroll down for a graphic

The simplest, most trust-worthy process I've read about is generating leads from people that already know you. The basic premise is this:

• Make a list of 80 people that know, like, and trust you
• Contact all of them at least once a month, preferably in person. If not in person, use the phone. As a last resort, email.
• Your first three contacts should be building the relationship, period. Make it all about them and nothing about you, unless they turn the conversation that direction. This is just to strengthen your relationship.
• On visit four, end the conversation by asking them if they know anyone buying or selling and that you would appreciate any referrals.
• Keep doing this for the entire year. Most will send you one person. Some will send two or more. If anyone on your list sends you zero referrals, drop them at the end of the year and replace them with new people.
• Do the same with businesses where you drop in and give them a little gift, build a relationship, and start referring people to them. Always call in advance and let them know you are sending a referral over because the client may forget to mention you. Always follow up to see if they were able to help the referral. After a while, start asking for referrals in return.

There is a national coach that teaches this program. He has a packet you can get for free that explains it in detail and includes tracking sheets. I can't remember his name and don't have time to dig it up but it shouldn't be hard to find.

Thanks Nathan! That is great information and I appreciate you taking the time to share that with me! It makes a lot of sense to get started with people you know and building a base from there. It sounds like maybe a slower start, but ultimately will produce higher quality leads.  

[Taylor Hudgins]

I totally agree with Nathan here!  I'm a newbie myself, but I've also had a lot of luck by being active in BiggerPockets Forums.  If you're open to working with other investors, this is a great place to find them!

[Matt Mulvihill]

Originally posted by @Taylor Hudgins:

I totally agree with Nathan here!  I'm a newbie myself, but I've also had a lot of luck by being active in BiggerPockets Forums.  If you're open to working with other investors, this is a great place to find them!

Thanks Taylor! This is a great resource and I know that it is always info I can trust. Best of luck with your new career! 

[Marian Huish]

Great advice @Nathan Gesner!  We've all paid for leads and often find that our direct 'sphere' i.e., people who already know and trust us are the best source of business!  Make sure everyone you know now knows you're 'in the biz'.. ensure your social media profiles are up-to-date... be active in the community, etc.  Zillow is very expensive and, while does produce results, it can quickly drain your account. I'd also talk to your Broker & agents from your local community as different lead gen. efforts can be more/less effective depending on where you are.  Best of luck @Matt Mulvihill!

[Matt Mulvihill]

Thank you @Marian Huish! It sounds like having a strong social media is going to be beneficial and that is something I've been working on. I can't believe how expensive zillow leads can be so I appreciate all of these alternative options! 

[Rob Massopust]

Originally posted by @Nathan Gesner:

Paying for leads is a terrible idea. Agents think it's an easy way to attract leads but everyone I've seen try it ends up with a lot of loser leads that just waste their time.

Read "Millionaire Real Estate Agent" by Gary Keller. He has a great system that works if you work it.

CLICK THIS and scroll down for a graphic

The simplest, most trust-worthy process I've read about is generating leads from people that already know you. The basic premise is this:

• Make a list of 80 people that know, like, and trust you
• Contact all of them at least once a month, preferably in person. If not in person, use the phone. As a last resort, email.
• Your first three contacts should be building the relationship, period. Make it all about them and nothing about you, unless they turn the conversation that direction. This is just to strengthen your relationship.
• On visit four, end the conversation by asking them if they know anyone buying or selling and that you would appreciate any referrals.
• Keep doing this for the entire year. Most will send you one person. Some will send two or more. If anyone on your list sends you zero referrals, drop them at the end of the year and replace them with new people.
• Do the same with businesses where you drop in and give them a little gift, build a relationship, and start referring people to them. Always call in advance and let them know you are sending a referral over because the client may forget to mention you. Always follow up to see if they were able to help the referral. After a while, start asking for referrals in return.

There is a national coach that teaches this program. He has a packet you can get for free that explains it in detail and includes tracking sheets. I can't remember his name and don't have time to dig it up but it shouldn't be hard to find.

It is good in principal but it feels so salesmany and swarmy. Like you are trying to sell them, manipulate them to join a MLM. This is one reason I get turned off by KW. But it must work because they are pretty big, at least the last 15 years. I think if you can add value, build trust and see how you can serve others you will do well. The public is and especially the younger generations are tuning that stuff out. They are turning to social media and the like to find property and agents. Ibuyers and the like are showing that there is a huge set of the seller population that does not want that swarmy manipulative tactics. Also when interviewed most sellers [67% are unhappy or would not recommend thier agent. Guess its about managing expectations and being realistic. IF anyone finds the winning combo please let us know.

[Matt Mulvihill]

@Rob Massopust I have a theory that I think is in line with what you are saying, so hear me out lol. I believe being on the sell side and even the buy side, in many industries not just real estate, is going to go through some major changes in the near future. For example, carvana is really shaking up the car buying process by eliminating the need to deal with pushy car sales people and we all know what knock and open door are doing to the industry. I think the best way to position yourself in the future is too be more of a resource than a sales person. This might require some extra work, but ultimately people feel more independent now with all the information out on the internet. In my previous sales positions, which was mostly finance, id create value by explaining you can learn some info on the internet, but there is a reason why people spend time and money getting these licenses and its so you don’t have too! There isn’t enough time in the day to learn something someone else is an expert in and usually its a small price to pay to have someone professionally assist you