Leads are the lifeblood of any real estate business, particularly if you’re just getting starting within the industry. If you don’t have a large contact base, however, it can be difficult knowing where to start in the lead generation process.
That's why we’ve put together this in-depth guide on how to generate qualified real estate leads for you. Whether you’re looking for additional ideas to take your business to a new level or hoping to secure your first real estate client, these lead generation ideas have got you covered.
The Importance of Qualified Real Estate Leads
Some real estate agents and brokers believe successful lead generation is gathering as many contact details as they can find. However, the key to closing more sales and boosting your revenue lies in gathering qualified leads. In other words, contacts that are ready and able to buy or sell.
To ensure you’re concentrating on quality rather than quantity when gathering real estate leads, you should focus on the following criteria:
- Location: Is the lead interested, or currently located, in a market where you can assist them?
- Motivation: How dedicated are they to the idea of buying or selling? What’s their reason for doing so?
- Budget: How much are they able to afford and how much are they willing to spend?
- Mortgage: Have they been pre-approved by a lender?
- Assistance: Are they already working with another real estate agent or broker?
- Preference: Do they have specific requirements for their new home? Are these realistic based on their location and budget?
- Urgency: How soon do they need to buy or sell? What is their proposed timeline?
- Accessibility: Can they meet with you within the next week to discuss moving forward?
When you know exactly what you’re looking for, you’ll be able to chase the right leads immediately, thus increasing your chances of success.
Steps for Generating Qualified Real Estate Leads
With the right methods in place, lead generation isn’t as difficult as you might think. Here are the five best ways to generate qualified real estate leads for your business.
1. Start With People You Know
As consumers, we’re more likely to trust someone we know or someone who has a connection with one of our friends or family members. This is no different in the real estate world, so start by reaching out to the people you know and asking them whether they require your services or can refer you to someone who does.
Even if you don’t have much luck in the beginning, you’re on their radar when the opportunity arises in the coming months.
2. Utilize Social Media
With billions of active users, social media is another great place to gather leads. You can use each platform in different ways to maximize your success.
Facebook, for example, is great for joining city-specific community groups or real estate pages, while Instagram is ideal for researching relevant hashtags to uncover potential leads. On Quora, you can answer real estate queries related to your location, thus establishing yourself as an expert in the industry. While on LinkedIn, Slack, or Clubhouse, you can join citywide business groups for networking.
3. Host an Open House
Open houses are a tried-and-tested method that real estate agents have been using for decades. Once you have a client looking to sell or rent their property, host an open house and collect the details of everyone who comes through the door. Chances are they’re either interested in buying or selling, and they're there to do some research.
4. Reach Out to FSBO’s
FSBO (For Sale By Owner) homes are ones that owners are trying to sell without the assistance of an agent and are often advertised online or in the local newspaper. Not only can sellers become frustrated with the time-consuming nature of selling their own property, but statistics also reveal that FSBO homes typically sell for less than agent-sold homes.
With a polite phone call, you can explain to the seller how you can help them get a better deal so you can convert their FSBO to a listing.
5. Invest in Lead Generation Software
Real estate lead generation software can provide you with the up-to-date data you need to gather qualified leads and make better-informed decisions.
For instance, PropStream allows you to instantly generate targeted leads and marketing lists using any combination of 120-plus property search filters and statuses. The List Automator feature will automatically add new leads that match your search criteria, while also removing leads that no longer do. Plus, the built-in skip tracing feature provides homeowner phone numbers and emails for quick and easy lead contacts.
These are just some of the features that make PropStream the most trusted all-in-one solution for real estate agents and brokers. Try PropStream for free for seven days to see how it can help you to generate more qualified real estate leads.