Real estate agents are constantly collecting leads from
referrals and from several other top sources like the
Real Estate Database (RED) or
Lamudi Uganda and
Realtor Uganda. These leads are the lifeblood of their business, and every agent dreams of converting these leads into successful transactions.
However, there's a significant challenge that plagues the real estate agency business, its the "lead follow-up problem". Despite gathering a multitude of leads throughout the year, a substantial number of these leads fall through the cracks, and many go unattended to.
Let's take a look at the numbers.
A real estate agent receives an average of about three new leads a day. That amounts to approximately 90 leads every month, culminating in a staggering 1,080 leads in a year. Yet, if you were to ask an agent how many leads they are actively following up at the moment, they'll likely provide a list of not more than 30 leads, most of which were generated within the last two months. So, where do the remaining 1,050+ leads collected throughout the year disappear to?
What does my research show?
My research shows that many agents follow up on a lead for only two or three weeks, and at most, one month. When asked why they aren't following up leads from the previous year, they often claim that the leads are not responsive or that they are unserious. But when you make follow-up calls to the same leads, you may discover that they have already made a purchase. In other words, the leads were indeed serious, but they simply weren't followed up effectively.
How to hundle non responsive leads.
While it's true that some prospects may become unresponsive after weeks of intense follow-up, it's essential to understand that this doesn't necessarily indicate a lack of interest. More often than not, these potential buyers are still active in the market, but they are overwhelmed by the relentless pressure from the agent.
To combat this issue, a possible solution is to employ an alternative follow-up tactic: regularly sending such leads more properties that align with their initial inquiries. This approach keeps the lead informed about the latest listings within their budget and maintains their interest.
For instance, each time you upload a new property to the RED platform, it's advisable to utilize the "share" feature at the end of the upload process. Share these new listings with the unresponsive prospects who had previously inquired about similar property types, irrespective of the location or price range.
This proactive sharing can potentially rekindle the interest of dormant leads, prompting them to make fresh inquiries about the recently shared properties. Additionally, they may choose to share these listings within their social circles, thereby generating more leads for you.
Causes of lead followup problems.The follow-up problem in the real estate industry is a multifaceted issue with several underlying causes:
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Laziness and Capacity:
Some agents lack the motivation and organizational skills needed for consistent follow-up. This can be due to underestimating the effort required in real estate. Solutions include hiring an assistant or using efficient CRM systems.
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Overloaded Workload:
Agents often juggle multiple clients and properties, leading to burnout and an inability to provide proper follow-up. Agents must prioritize tasks and manage their time effectively to address this issue.
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Lack of Organization:
Keeping track of client interactions and important data is challenging without proper organization. Implementing a CRM system can help agents stay on top of client details and follow-up tasks.
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Inconsistent Communication:
Agents with busy schedules may struggle with regular follow-up. Automation tools and CRM systems can assist by scheduling and automating follow-up communications.
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Time-Consuming Administrative Tasks:
Administrative duties, such as paperwork and negotiations, can consume agents' time, leaving less for follow-up. Delegating or using digital tools can free up time for client engagement.
The best Client Relationship Manager (CRM) for agents.
To address the follow-up problem, the RED has developed a free and user-friendly Client Relationship Manager (CRM) at
www.TaskDatabase.com. This CRM ensures that no leads fall through the cracks, keeping them in the system until the deal is sealed or the lead explicitly expresses disinterest. A robust CRM like this facilitates continuous follow-up and can make the difference between success and stagnation in the real estate business.
Qualified Leads can speed up the follow up process.Additionally, the RED assists real estate agents by providing them with
Qualified Leads. These are potential clients who have shown a genuine interest in purchasing a property and meet specific criteria indicating a higher likelihood of conversion into a transaction. By offering qualified leads, the RED helps agents save time and resources by eliminating the need for follow-ups that may not yield fruitful results.
In conclusion.
In the competitive world of real estate, effective follow-up is the key to turning leads into clients. The follow-up problem may persist, but with the right tools and strategies, real estate agents can tackle this challenge head-on and turn it into an opportunity for growth and success in the industry.
Kind Regards
Julius Czar
Author: Julius Czar
Company: Zillion Technologies Ltd
Mobile: +256705162000 / +256788162000
Email: Julius@RealEstateDatabase.net
Website: www.RealEstateDatabase.net
App: Install the RED Android App
Follow me on: Twitter, LinkedIn, Facebook.