How to generate leads as a real estate agent?

Question

Hey BP friends - I am a brand new real estate agent - this is a 2nd career. I am really passionate about real estate and understand the game well as I am also a local investor. However, I am having a hard time finding leads - I have been going to meet up events, got social media page going, etc.  Are companies like Boldleads, Zillow premium version worth the money to get leads? Any advice on how to get to the next level?

Charlie Cameron · Answer

Read the Millionaire Real Estate Agent!

Joseph Cacciapaglia · Answer

Does your brokerage provide an IDX agent website for you? I have pretty good success running my own FB ads that goes to an IDX squeeze page. The key is providing some sort of useful additional information or value. Depending on my target audience, it costs between $2 and $5 per lead. I only working with investors, but I think you could generate them for even less if you are willing to work with with non-investors too. The real key is continuing to follow up, because online leads take longer to cultivate than many other sources. Once you get a few investors, and do a great job for them, you will get a lot of repeat business and referrals. Then this job gets fun, because you're just working with friends.

Jonathan Greene · Answer

Read The Seven Levels of Communication by Michael Maher. It will tell you how to use your own sphere to generate leads for free instead of pounding the phones and wasting your time calling people who get 50 calls a day from people doing the same thing. True success in real estate comes from building relationships, not spending 6 hours a day on the phone with strangers.

Patrick J. · Answer

@Darshil Parikh

Watch Ricky Carruths videos and prospect 6 hours a day. Stop paying coaches and stop going to events. Events are a waste of time.

The time you spent going to events could've been time used for revenue generating activities.

David Masciangelo · Answer

Don't just look for any leads.  That is costly, and to be quite honest a waste of your time and theirs.  Identify, define and understand your ideal target market and what segment of that target market you want as a client or prospective client.  This takes a little time but most people skip right over this step trying to monetize their offering before their ready... Get a few deals done and then dry up and fall limp and think it's the market responding bad to your offering.  It's the other way around, you need to offer your solution, customized to your ideal target.  Only 3% of any given target market is ready to buy (or sell in this case) immediately.  They've already done their research and ready to… CALL THAT REALTOR.   SELL THEIR PROPERTY.   SIGN INTO AMAZON TO BUY SOMETHING.   BUY THAT NEW I PHONE.  UPGRADE THEIR BIGGER POCKETS ACCOUNT.   WALK INTO THAT FOOD STORE.   ENTER THAT RESTAURANT... and part with their hard-earned money!           Three Percent!

YOU (and I) left the other 97% out there to decide for themselves and they skipped right over our "WE CAN DO THIS" advertisement and moved on to research their need and who can solve it.  Sucks, right?

Here's what most entrepreneurs don't know, or don't do, but it's the most important thing to know. You'll be 10 steps ahead of your competitors if you understand this and plan accordingly.

Out of 100% of prospective clients (sellers in this case), only 3% are in BUYER mode (ready to sell or must sell)! They’ve done their research and know what they want. This 3% is where EVERY company is THROWING their big marketer bucks! That’s a lot of competition! 17% are in INFORMATION GATHERING mode. 20% are in PROBLEM AWARE mode. And 60% are in NOT AWARE of problem mode.

So, if you're confident in your product or service, it's time to focus on a very untouched 97% of your target market by ripping potential leads eyes away from their scrolling or researching into reading how you have the solution to their need!

Good luck!

Marcus Auerbach · Answer

Many of these approaches are outdated. We live in an on demand society, movies, food, transportation - we order it when we need it. Clients dont have time to talk to you until they have a need to talk to you. So you have to intersept them at that point. 5% of the population move every year, one out of 20 families. I have left a team that believed in phone calls and working the sphere and my buisness is growing to the point where I need to hire an EA; sometimes you can learn more from failure than from success.

Rob Massopust · Answer

Yeah that is what alot of agents do not realize. SOI is not scalable and its too salesmany.

What do you mean you left a team that believed in phone calls.... etc - meaning you stopped doing that and employed other methods and you are so busy you have had to hire a executive assistant?

What have you been doing to get business?. Is your EA virtual?

Greg Powers · Answer

@Darshil Parikh, all these answers are right.  As they say, “Everything works; doing nothing doesn’t.”  The key is to talk to as many people as you can, let them know you’re an agent, and listen.

You can talk to people you know (your sphere), people you meet (have lunch at a bar and strike up a conversation), people who meet you (set up at a home show or host another agent’s open house), virtual people (Instagram and Facebook) and people you never meet (cold call).  Learn what to say, learn which questions to ask, and learn how to provide value to people.

You’ll discover methods that you’re comfortable with and that work well for you.  All those categories of people can eventually become part of your sphere, and most top producing agents consider there sphere to be in their top three sources of leads.

The more action you take, the faster all that happens.

Hang out with successful agents.

And yes, read The Millionaire Real Estate Agent.  There’s no better systematic road map available.

Patrick J. · Answer

@Jonathan Greene

Yeah, one should spend 40 hours a week for 52 weeks on their sphere in total of 2,000 hours.

They should also pay you money to go to your coaching events and read 500 more books before taking any revenue generating action.

David Masciangelo · Answer

There is no wrong.  Maybe we learn something to not do again but no wrong.  Keep it up!

How to generate leads as a real estate agent?

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