Real estate agents need to build multiple sources for lead generation. I found early in my real estate career that a single lead source or customer acquisition method was high risk for your business. I made it a focus to develop multiple buckets of business as I have built my real estate business. Diversification of lead sources and prospects is critical for realtors.
Often new realtors make the mistake of relying on a single lead source, which is often the sphere of influence. While the sphere of influence can be a great source there will be months where no one in your network is purchasing a home. Keep a steady stream of real estate customer acquisition by diversifying and using these 3 buckets:
#1 - Sphere of Influence (SOI) - Anyone that knows you, likes you, trusts you. These are people you can call and let them know you are working in real estate. This is typically where word of mouth and referral business comes from, and it's a great lead source for realtors at any level.
#2 - Marketing - As a realtor, think of yourself as a business entity. This is still true even if you are working for a large real estate company or team. Every dollar you earn isn't your personal income, it is the business income. What does that mean? Setting aside some of these earnings to invest back into the business to continue growing it. I think realtors should take 10-15% of their earnings and push back into the business for marketing or lead acquisition.
You are actively hunting and prospecting as a realtor with cold calls and open houses. Now you need tools to help you hunt so you can continue growing. That's real estate marketing. This includes everything from pay per click to flyers to text message services.
#3 - Prospecting and Hunting - After your sphere of influence and marketing tools, it's time for you to get your hands dirty. Do the work! Real estate agents trying to earn business need to knock 30 doors per day, call 100 people per day, get data, and utilize skip tracing. You can this to find people looking to sell their homes, people looking to buy homes, or maybe even you are buying homes for yourself or for a real estate investor.
Real Estate Lingo:
Skip Tracing - Getting phone numbers for addresses
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