What To Do When Your Lead Generating Sources Have Gone South

What To Do When Your Lead Generating Sources Have Dried Up

Have your lead generating sources dried up? I was talking to Marc, a friend of mine, an agent who's been in the business a couple of decades. He was commiserating that his best lead generating source, former buyers and sellers, have 'disappeared'. Many are retiring, have downsized, and are going to live there as long as they can. Or, with the tight housing market, they just aren't moving. What should he do?

Two Strategies to Get That Lead Generating Pipeline Filled Again

Based on Marc's challenge, I decided to think through how you seasoned agents can get more business and stretch your career as long as you want. Here are two strategies you can put in your business plan right now to go get that business.

1. Contact your 'old' clients and find out if their kids or their friends' kids want to buy or sell a home. Why would they want to refer you? Because they trust you! What will you say? Think it through in your head. Here's how to 'craft' any sales call:

• Think of the need (you know them, so you should be able to zero in on a specific need)
• Think of a question to open the conversation-and a benefit to them
• Think of the question you want to ask to get that lead

Before you pick up that phone:  Practice your dialogue with a colleague. Be sure it flows and it's natural.

Alternate need: Do they have any friends who want to downsize? Move to a warmer (colder) climate?

Be Ready to Appeal to the 'Kids'

Those generations with the alphabet 'handles' don't want to be 'sold'. If you've relied on your wham, bam, answer those objections and hard-close people, you're going to have to polish your sales processes. Here's what you need:

1. a social media presence and a plan
2. a method to go from 'cold communication' (via the screen) to warm communication (phone or in-person contact)
3. openness, and a willingness to share information (old-style salespeople attempt to hoard information)
4. don't rely on creating respect with all those high-fallutin initials behind your name; those generations aren't impressed; they want 'lateral' relationships
5. be sure your web presence has lots of wonderful testimonials. Check out these sites and programs. It's a huge trend for your potential clients to find you and check you out on the web!

www.realestateratingz.com

www.incredibleagents.com

www.zillow.com

www.RatedAgent.com

www.VerifiedAgent.com

If you're uncomfortable working with younger generations, find a younger agent in your office and work out some kind of partnership.

But, Gen. X and Y Don't Want to Buy

You're right, to some extent. The percent of first-time buyers has gone down recently. But, there are compelling reasons to buy instead of rent. Here's one of them:

According to a Harvard study*: Wealth of home owners is 46 times the median for renters.

*America's Rental Housing: Meeting Challenges, Building on Opportunities", The Joint Center for Housing Studies.

Yes, I know you've read the studies that, if you take the difference between your rent and a house payment, and invest it, you will end up with more wealth. But, the Harvard study shows that people just don't invest that 'extra' money. Find the compelling reasons why home ownership is preferable to renting. Find out where those gen x, y'ers, and millenniums want to live, and serve their needs.

1. Go back to those 'old' lead generating methods.

What do I mean about those 'old' lead generating methods? Open house, knocking on doors, and floor time (if you have it). Why are they still viable? Because buyers and sellers want to work with someone they trust. You know trust isn't delivered long-distance. It's delivered by making a promise and keeping it. It's delivered by going face-to-face with the client, so the client can 'read' the non-verbal cues (voice, sight, feel) that they use to judge whether you're trustworthy. According to the latest National Association of Realtors' buyer/seller survey, buyers chose an agent based on

Honesty and trustworthiness          30%

Reputation                                        20%

Friend/relative's recommendation            15%

Other traits and skills buyers appreciated were integrity and responsiveness. That's what you have to prove through your actions, not your words.

Optimizing Open Houses as a Source of Leads

Here are the 5 most important questions to answer to assure you use your time in that open house wisely:

1. Do you ask a provocative question when potential clients come in? A great one is, "Is this your first visit to the area?"
2. Do you have follow-up questions ready?
3. Do you avoid giving out those flyers?
4. Do you expand your chances by visiting at least 50 neighbors prior to the open house to invite them and get leads?
5. Do you follow up with all visitors within one day with a phone call and a note?

 The big principle for open house is

If you give something, get something in return.

The sales objective: You and I will hate to tell the seller this, but almost all the potential clients who visit an open house end up buying something else. So, what's your sales objective: Get an appointment. 

Checklists for You to Use

Buyers and sellers want a predicable sales experience. Using checklists and processes (and promoting the fact you use them) increases your trust factor. For my checklists on preparing for and holding open houses, click here.  (Editor's note:  reminder - you got my checklists when you signed up for this newsletter, so combine the two for a jam-packed, can't-miss combo.)

Armed with those two big lead generating ideas, you'll be able to regenerate your business-and your attitude toward it.

Complimentary Business Planning Webinar Coming Up

For many more ideas to incorporate into your business plan, catch my webinar onJune 28, at 2pm EDT (11 am Pacific). I'm going to help you polish your business plan so you'll be sure to reach your goals. We'll take a magnifying glass to your business, to see how you're spending your time and your money, and I'll make recommendations to save you both. I also have three best strategies to make 2012 your best year yet. For more information, click here.

Carla Cross, CRB, MA, is an international speaker, writer, and coach, specializing in real estate management. A National Realtor Educator of the Year, Carla was recently named one of the 50 most influential women in real estate. Join her newsletter community, and receive Carla's new eBook, Getting to Yes: Ten Tools to Remove Barriers to a Decision.  Contact Carla at 425-392-6914 or http://www.carlacross.com.

 And Another Free Webinar the Same Day!