Cold Calling, Inbound marketing, & social media. What really works?

Often, I’m posed with the question, “What’s the best way to generate leads?” Some express concerns about their chosen methods not yielding results. The truth about lead generation is simple: hard work pays off. All methods are effective if you invest time and effort. However, it’s essential to discern whether a particular approach suits you. What works for one agent might not work for another.

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So, how should you approach lead generation? Reflect on the following questions:

• Who do you know?
• Who is your target audience?
• Do you maintain a list of friends, family, and co-workers?

Understanding your potential lead sources streamlines the process.

When I got my real estate license in 2001, my main goal was flexibility for my kids – park visits, pool days, and school pickups. My vision wasn’t about dominating the real estate market; it was about earning a decent living. Remember, it’s possible to strike a balance between a comfortable living and high aspirations if you’re willing to put in the effort.

Now, let’s delve into the efficacy of various lead generation strategies:

1. Cold Calling –The success of cold calling varies based on:
   • Quality of the List: A well-researched list of potential clients increases the chances of a favorable response.
   • The Market: A bustling market might mean homeowners are keen on selling, whereas a sluggish market might require more calls.
   • Your Script: An impactful introduction and adept objection handling can significantly influence your conversion rate.
   • Experience and Skill: Experienced agents proficient at rapport-building typically have higher success rates.
   • The Product or Service: Unique properties or invaluable services can boost response rates.
   • Local Factors: The cultural, economic, and societal environment of your target area matters.

Industry averages suggest cold calling conversion rates hover between 1% to 3%. Hence, to secure one lead a day, you may need to make anywhere from 30 to 100 calls monthly.

2. Inbound Marketing –Inbound marketing involves generating content to entice clients to approach you. It offers advantages like:
   • Aligning with modern consumer behavior.
   • Facilitating interactive engagement.
   • Building stronger, personalized connections with potential leads.
3. Social Media Marketing –Benefits include:
   • Cost-efficiency.
   • Building a loyal following.
   • Educating the audience.
   • Establishing credibility.
   • Trust-building.
   • Expanding reach.
   • Directing traffic to lead capture forms.
4. Direct Mail – mail to your target market and your sphere each month.
   • According to Pew Research, potential listings can still originate from traditional mail.
   • Leverage data in your marketing &
   • Add a lead capture form to your marketing
5. Email Marketing – email to your network each month and add a landing page to your direct mail and social media to build a database of potential clients.
6. Networking – continue networking. Attend networking events and meet new people. The more people you know the more leads you can generate.

Do I have a forecast for the real estate market? Indeed. Some agents might consider alternative professions or put their licenses on hold. There have been times when securing a decent income was challenging. I recall waiting two years for a single deal closure. Today, the hope for a listing dominates the landscape. Consistency is key. The agents who remain steadfast in their efforts will be the ones receiving those coveted calls.

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