Leads – Your First, and Primary Job

Real Estate Business Modeling - adapted from The Millionaire Real Estate Agent) - Part II

Ya know, we're pretty much all in Sales and most people would give the "Duh!!" answer when the subject of Lead Generation comes up.  It's almost like they're implying, "Obviously, leads is important to being successful."  And those folks are absolutely right.  But Leads, as described in The Millionaire Real Estate Agent, is much more than just knowing that Leads is important.  In our industry, having not just enough leads, but MORE than enough leads is critical.

The discipline of obtaining Leads is more than just the old, "Who do you know..." question.  The Leads concept begins with the general premise that we are professionals in the sales industry and that, as professionals, we must have a solid Lead Generation system.  "System" is the word here I want to hone in on.  If we are to really be in business, we must utilize systems in everything we do.

The emphasis in Lead Generation is two-fold; it is on Prospecting and Marketing.  What's the difference, you may ask.  Prospecting is that part where you address the question, "Who do I need to get to know?"  It is the "get out there and meet people" part of the equation.  Marketing is the "to the masses" advertising.  You can do both at the same time.  For example, if you are a Realtor®, you may conduct First-time Home Buyer seminars.  You are providing a service and you are also marketing AND prospecting simultaneously.  Marketing is also marketing in the old fashioned sense.  It may include yard signs, newspaper/magazine advertising, just-listed/just-sold post cards, internet marketing, etc.  The real difference between Prospecting and Marketing is that Prospecting is more one-to-one and marketing is like throwing out a net and hoping you bring in some fish.

One of the most overlooked aspects of Lead Generation is in maintaining a formal system for follow-up.  Think about it this way.  How many people you have come across in the past month who may have indicated a need for the services you provide.  (Not necessarily right now, but just indicated a need at some point.)  Did you make note of each of those people?  Have you followed up with every one of them?  Do they all know, without any doubt, that YOU could serve their need?  Final analysis:  How many slipped through the cracks; how many are you following up with currently, and for the ones you are not working with currently, do you have them placed in a system whereby you can market to them and incubate them for a period of time longer than three months.

That's where most of us miss the bus in our business.  We see that "hot prospect" and we go all out because that's going to put a check in our pocket in the near future.  The fact is, most of the people who may have communicated a need for our services are quite possibly between six and twelve months away from actually being in a position to take advantage of our services.  And if we are not building a pipeline with those prospects in mind, we are potentially missing out on a huge leap in our own business.

With that in mind, a central part of your business should be in scheduling and then protecting your Lead Generation focus time.  It should be a core discipline that, no matter how busy you are, you are taking time regularly to tend to the continual pursuit of Lead Generation.

The final part of Lead Generation is in discovering what works and what doesn't.  Now, let me go real slow here - In my experience, most people will try something for a few months and, if it isn't working, will drop it and move to the next Lead Generation idea du-jour.  This is NOT good business.  Statistically, it may take twelve months or more for an idea to take root.  Beware of the trap of reinventing your business so often that after five years of experience, all you really have is three months of experience twenty times over.  While being patient with yourself is important, it is equally important that you determine what works for you and what does not.  Take time to track your results. 

Ask questions: "How did you hear about me?" is a great one.  By understanding from where, exactly, your leads are coming, you can begin to hone in on those Prospecting and Marketing activities that provide the best bang for the buck.  Additionally, you will keep yourself from getting spread too thin, becoming the "jack of all trades, master of none."  Also, taking time to be honest with yourself about what activities you are comfortable with and which just aren't you will also help you let go of the ones that just simply don't motivate you to go out and seek new business.

Finally, Lead Generation is the number one job of a Sales Professional.  It is not a light switch; you don't turn it on or off based upon the present level of business you have.  It is a water faucet; always running, but one that you can turn the spigot higher or lower as your production mandates.

Leads is the first essential discipline of The Millionaire Real Estate Agent.  This does not only apply to Real Estate agents, but to anyone who wishes to be successful in Sales.

Greg Polashock is a Real Estate Home Mortgage Loan Consultant and Certified Mortgage Planning Specialist with Cherry Creek Mortgage and resides in Castle Rock, Colorado.  He can be reached via email at Greg@GregIsFinancingSolutions.com, by phone at 303-887-0672 or on the web at http://www.gregisfinancingsolutions.com/.