You've got them. Leads. You couldn't be happier, and your ready to hit the phone, send out that email or text your potential real estate client. But what happens when you get stuck trying to convert a lead?
We asked a number of successful agents across the country what their MO is when it comes to overcoming lead conversions in real estate. One real estate professional in particular stood out with his answer.
Meet Jim Esposito of Intercoastal Realty in Fort Lauderdale, Florida. For him, "Converting leads is always a numbers game, and the first thing you have to do is figure out which leads are serious."
It seems so simple. Instead of focusing on so much on converting leads after they have happened, Jim takes a proactive approach. Here, he explains what he means, why and how it can help you.
"My website is one of the highest ranked in the search engines in my market, so I get 20-30 email leads per month, and probably another 10-12 phone calls. From all over the country, from all over the world.
"Fort Lauderdale is a unique market, and my first challenge is to figure out which potential customers have brains enough to understand how our dance is done. We have an extremely active, appreciation-driven market where fortunes are made, but many time-honored real estate cliches simply do not fly. Fix and flip doesn't really work here unless you are in construction, and returns on income property sound low unless you factor potential resale into the equation.
"Prime property in South Florida is not cheap. We have some reasonably priced homes; however, they are not going to be on the water or by the beach. In addition, low-balling falls on deaf ears.
"The average discount off Listing Price in Broward County is 6 percent. Sellers typically do not even counter offers which are 10 percent or more under Listing Price.
"As a result, when I try to qualify leads I'm looking for people with realistic expectations who have the brains and sophistication to make intelligent business decisions based on the realities of our market.
"People who think they can fix and flip, people who think they can get 10 percent return on multi-family, people who think they can get a house by the ocean for $100,000-something are simply not worth much of my time. Better to concentrate on leads from people who have the business intelligence to really do a deal."