Do you need help with lead follow-up skills? We’re going to discuss how to set up an effective lead follow-up schedule, and effectively follow up with leads to convert them into customers.
Systems accountability is all about lead follow up. What's going on with my lead follow up? I have included quite a few coaching calls for you right here that are focused mainly on the eighteen real, limitless lead follow-up rules.
Lead follow up is the most ignored, misunderstood, and mismanaged skill. It is also the most obvious and the most profitable part of your business. It's easy to ignore lead follow up, especially when you might talk to a lead once and you didn't get an appointment so you put them in your drip system. Or you know what's going on with them, but it is hard to remember who they are, what they're doing, and all of these types of things. At least fifty percent of your appointments should come from lead follow up. If you don't have leads to follow up on or you have very few leads, then you need to spend some time in our prospecting section that is in our marketing section. Maybe you need to address some call reluctance. If you have no leads to follow up on, that's a different story. You can find help for all of that on our main website.
Let's assume that you have leads to follow up on, maybe they're not very organized, maybe some rumor and top producer in there written in your notebook and some are in your smartphone, and some are on your laptop, maybe there are a few sticky notes in your car floating around. That's pretty common but we're here to coach you into lead follow up efficiency. Remember that fifty percent of your appointments should come from lead follow up. Don't ignore it. Don't set it aside. Make it so that you are the best in your marketplace at following up quickly, efficiently, and professionally. That means that you will end up getting paid as a result of helping a maximum number of people that have asked you to help them.
What are the philosophical differences between what we coach and what others don't coach? One of the main things that makes us different is that we coach you to have a mindset of relentless lead follow up with intent to set appointments. What's the difference between us and how the normal agent thinks? Most of you can tell by how people leave messages. Again, we have several coaching calls for you to listen to, including Eighteen Relentless Lead Follow Up Rules with three coaching calls that go with that. I posted those links right here for you to follow. We also have a tracking device for you called, Your Vital Signs, this helps you know how to track your leads and how you discriminate between A, B, and C leads and how do you do weekly reporting to yourself, tracking who is going to be next work? We're converting them from suspects to prospects to leads to clients. Who's going to be your next deal that results from your lead follow up? Who will be the next to give you an appointment? We are giving you some tracking measures for that as well.
It is your job to follow up. It is not the job of the buyer or seller prospect to track you down. That is not their job. Your number one job in real estate is to communicate, to follow up, and to give people what they've asked for. If you're somebody that runs into a lot of buyers and your system has been to put them in your buy or drip system and they'll call you when they're ready, you to erase that thought. It's your job to find a house for them. That assumes that you've done a great job pre-qualifying and you know what they're looking for. You go find the property and take it to them. How do you know that your alleged buyers have any clue what the right house is for them? Remember if you're not in real estate you've probably seen your parents' house, wherever you're living now, a couple of your best friends' homes, maybe even a few other houses from parties. That's about it. That is a total of ten houses. How would they be able to put it through the filter? Furthermore, if they're relying on online resources, probably what they're asking you to show them is already pending. Right now as we speak, your job is to bring property to buyers and to bring market data. Your sellers are expecting you to lead them on this real estate journey and they are hopefully hiring you to lead. You must follow up relentlessly with the intent to set appointments. That means every time you call, you are calling with something of value. This is followed by a call to action. A call to action is asking them to do something. We've given you some scripts, and follow up conversation starters is a coaching call that I have posted right here, it's called Follow Up Lead Follow Up Conversation Starters. A typical voicemail for example, a lightweight message or call is something like, “Hey how's it going? I was just thinking about you. Call me when you're ready.” That's a typical message, if agents leave follow up at all. When that's what is said, its no wonder nobody calls them back. They're not really taking that seriously as opposed to giving something of value and issuing a call to action. Instead, say something like, “This is Julie Harris with ABC Realty and I met you a couple of weeks ago at my open house over on Elm Street. You and I had a great conversation and you said you're after a three bedroom, three bath, in that very neighborhood with a killer backyard and some great views. I've got that for you today and I'm ready to show it to you just as soon as you can see it. I’m available tonight at six or Saturday morning at 10am. Let's go see this together before someone else buys it. Here's my phone number. I think this might be the one.” There is a very clear difference those two potential voicemails. That was a buyer call. I am setting the appointment virtually. If they're not into it, they're going to let me know. I have lots of energy and enthusiasm in my voice and I'm bringing them something. I'm working a lot of reciprocity. Hopefully you can see the difference.
With sellers, it's more dependent on their situation and what they've told you what they need. Maybe they've given you the, “I want to wait till after the holidays, or until after school gets out/school goes back, etc.” You have to get past the excuses, so you need to leave something of value. For example, we were talking about staging and changing the carpet. “I've got a great carpet company that can get in there this week and switch your carpet out if you're ready to schedule that.” Or, “I have my stager ready to come by this weekend. So call me back to confirm. I'm prioritizing you and I really want to help you get what you need in the time you need it. So call me back today so I can pop by.” This is sort of thing you must do. It is not just doing the lead follow up, it's how you do your lead follow up. Are you thinking before every call, “Oh dear God I have to do my lead follow up because my mean coach is making me do it and because maybe there's something there and maybe I had somebody on the right day.” Or are you thinking, this call and the next call and the next that could very well be my next commission check for thirty/sixty/ ninety days out? Are they going to give me an appointment? What is the value that I'm bringing to my lead follow-up call?
Again, I posted Eighteen Lead Follow-Up Rules and there's a lot to that. That's why there are three separate coaching calls so that you can take it a little bit at a time. We have also given you a call about Vital Signs. What is a vital sign? Remember when you've seen it on TV or maybe even experienced it yourself, you're checking into an emergency room or you are there with a relative. What is it that the nurses do first? They take your vital signs. They want to know your oxygen level and your blood pressure. They take your temperature and all of your basic vital signs to be able to know if the patient is doing well or are they in danger of flat lining. Your real estate practice also has vital signs. What are the vital signs of your estate practice? One leading indicator of the health of your business is the number and quality of leads that you've got. Another is your appointments this week. Do you have any and are they pre-qualified? Also, there is your year to date closed and pending. That's like the equivalent to your medical history - your real estate history is your today closing pending. How many contracts are you negotiating, how many active listings you have, how many buyers who actually have their financing or can prove they're all cash and are giving you a deal once are you working with these are your vital statistics. This is something you want to be tracking and keeping yourself on pace with every single week. On the bottom of the vital signs, we've given you a coaching call as well as a document for you to use and make plenty of copies of it. You can modify it a little bit if you have particular needs, but it's basically ready-made so you can be sure that you're tracking your leads.
Your vital signs come down to your pipeline of leads; many of you just track how many deals you've done, which is important for knowing where you are, but really everything starts with your leads. How many do you have and what quality are they? So we talk in that coaching call about a B and C quality and how to track them. How many leads you have to have at all times. You know in the previous real estate boom where there wasn't much regulation, you didn't really need to be as vigilant about your leads. Everybody was qualified for everything all the time. All someone had to say was, “ I want to buy a house.” and probably they could. Things were moving very quickly during those times. You could have five leads and probably do four or five transactions because it was easier to do deals. We didn't have as much regulation as we have now and we didn't have the recession; that hadn't happened yet. After that, we went to the land of short selling. Everything became more difficult and for some of you, that's the only experience you have. With this in mind, we realize we are talking to a wide variety of you who have asked for this information about lead follow up regarding what we have found in our current times. We would love for you to want to do five deals next month. All you need is five leads and if you hit the jackpot and all five are highly motivated and highly qualified, it still may be possible. However, it's more likely that you're going to need closer to ten leads that you're working with so you can count on five. Then the timing will work out for your own personal cash flow needs. You always want to have more leads than you think you need, at least in our current reality. That's why we have you track your leads. I have found that for most agents who are not, shall we say “semi-retired kind of hobbyist types,” for most of you who are actually making a living on your income and your household is at least half dependent on you, if not fully dependent on you, you need to have fifteen active leads at all times. (Active means that you are talking to them and they're talking to you.) They have specific motivation and everything's logical. You want good quality leads with most of them being A or B quality. If you have fifteen at all times there’s pretty much guaranteed to hit your goals and even exceed them.
You always ask us to simplify and just tell you what to do. Go get fifteen active leads at all times and track them with your vital signs. Use the relentless follow up rules. If you don't have those leads, track and follow up with our prospecting and marketing coaching. You asked, “What do I do about lead follow up plans, scripts and systems, and how do I handle my lead follow up?” There are about four or five coaching calls about this. Of course there is the vital signs coaching call and the document for your use. If you have any other questions after you've listened to all these coaching calls and downloaded the vital signs started using it, bring them to my weekly call. Remember on the weekly call we do a coaching call in the beginning and a Q & A at the end. Meanwhile it's time to take action.