Great service... great tip... the prequel!

This is a continuation of my last article where I compared a good experience at a restaurant to what we do in the real estate industry.

Now, let's take my restaurant analogy and compare it to lead gen in our industry.

Here is how I usually go about finding new restaurant to try:

·??????I see something new open in my neighborhood and always want to support local eateries;

·??????I see an ad online and think I might want to go there;

·??????I get some sort of offer that makes me want to try a new place;

·??????I like eating outdoors so always like when that is an option;

·??????Most restaurants in my neighborhood have awesome happy hours which makes it an inexpensive way to try a new place; and, always, I mean always,

·??????I ask people what restaurants they like or if they have been to one of the new places I want to try.

As I discussed last time, a restaurant has to do a lot of things right to deliver an amazing experience. That, of course, helps generate leads in and of itself.

In real estate, getting leads is as important to the agent and brokerage as a new client is for a restaurant. The difference is that if you like that restaurant, you will probably go back on a regular basis.

Let's compare this to what might be going through a consumer's head when they are considering buying or selling a home and need to find an agent.

As you know, most consumers don’t buy homes very often so, while you should always work on strategies for repeat business, you really need to nail down how you are going to generate other types of leads.

Spending money to drive leads, either organically through SEO/SEM or by purchasing from a third party, is a route chosen by many agents and brokerages.

If this is what you are doing, there are a few things to keep in mind:

·??????Generating and/or buying leads is not cheap. You must understand what the acquisition cost is in order to determine the ROI to see if it is worth that spend;

·??????Rapid response is CRITICAL. If you are not engaging the consumer in some meaningful way, within minutes (preferably seconds), your chances of converting drop significantly; and,

·??????Internet leads require much nurturing both online and offline. According to NAR, buyers searched on their own for three weeks before calling an agent and on average, buyers spent 10 weeks searching for a home. In other words, the lead coming in is just the beginning of a long process with no guaranty they will choose you. You must be patient, attentive, and be able to provide insights and intelligence they are not getting from your competitors.

What value are you creating for a consumer during that period of time when they are researching but still have not fully engaged you? How is it better than others? Why should they choose you?

Some of you may know a lot of people and/or are great networkers and would prefer not to buy leads.

If you work your sphere, you can also have a lot of success. Just start talking and don’t be afraid to ask for the order whether that be a seller, buyer, or referral. We are salespeople after all!

I know an agent in my neighborhood that works his sphere masterfully. I watch him sitting in restaurants, bars, coffee shops, etc. connecting with people all the time. Everyone at each of these establishments knows what he does for a living and I often see them approaching him to ask questions about the market or their personal situation.

It’s awesome to watch. Maybe not for every personality type, but if you are anything like him, it doesn’t even seem like work.

If you take this approach, what kind of insights can you share based on your knowledge of the market and access to data that would make you indispensible?

Regardless of your approach, never forget the following about today’s consumers:

·??????They expect you to share insights and provide a high-touch experience;

·??????They are more data driven in their expectations of how to arrive at a price;

·??????They want to be more involved in the transaction; and,

·??????They expect a better educated and tech-savvy agents.

If you focus your lead gen efforts keeping these four things in mind, you will immediately distinguish yourself as somone the consumer should talk to when they are ready.

When they engage you, they will know you did your homework, are armed with insights and market intelligence, and that you care enough to give them the type of high-touch experience they demand from anything they are going to spend money on... not the least of which is their home!

Next time you try a new restaurant, think about what got you to try it and why you would go back time and time again.