In the last of his 5-part series, broker Nick Schlekeway looks at lead conversion. What is it, and why do so few agents ever get good at it?
This is the last in a five-part series covering the four Pillars to Success in real estate. So far we have covered personal development, strategic planning and lead generation. The fourth and final pillar to success in real estate is lead conversion.
So what is lead conversion?
Definitions are important and not everyone will define lead conversion the same way, so let me take a second to define what lead generation means to me.
I am a pragmatist, so I always look at the “point” or “objective” for anything we do and wrap the definition around that objective. The objective of converting leads is to solidify someone as a client working with you exclusively and ultimately to convert that relationship to a closed transaction that pays you and allows you to continue in the business of selling real estate.
Further, an additional goal of lead conversion would be to solidify that individual as a referral source and raving fan for years into the future.
So, what is lead conversion? Someone “raises their hand” and says, “I might be interested in working with you.” It doesn’t matter if it’s a phone call, email, text or internet lead. You have posted an advertisement or sent out a marketing piece or your name was given to them by a friend.
Now, how do you get them from the point where they say, “I might be interested in working with you” to agreeing to work with you as their agent, then go under contract with another party and, eventually, continue all the way to the closing table?
That process from initial inquiry to closed transaction can be a long and bumpy road. It is rarely easy or straightforward. You tend to find out pretty quickly why real estate agents get paid handsomely when they do get a deal across the finish line. If it was easy, everyone would get rich doing it.
Step one: Setting the…