Any successful real estate agent will tell you that their best source of leads exists within their own database. This was discussed during RISMedia’s Real Estate’s Rocking in the New Year virtual session, “New Leads vs. Database: How to Focus on Your Best Sources,” held earlier this month.
Buffini & Company’s Vice President of Coaching and Membership, Dave McGhee, moderated a panel of top agents that included Greg Chaplain of The Real Estate Group; Greg Lukina of David Lyng Real Estate; and Dawn Pfaff of My State MLS, all of whom dove deep into strategies for tapping into databases to generate new and lucrative business opportunities.
McGhee kicked things off by explaining the importance of starting the year’s business off quickly with lead generation, noting studies suggest that 40% of the average agent’s business is generated during the first quarter of the year.
With that in mind, he asked the panel: “What are your top three sources of lead generation?”
“Our team is founded on—number one—working on referrals,” said Chaplain. “Second, we have a robust business-to-business platform, which is basically the same thing as working by referrals, but working with other business owners. Third, I would say…social media and traditional marketing that’s connected to our listing business.”
“I’m going to start off with open listings, and that’s a trick that New York City brokers have used forever,” said Pfaff. “Second, a strong marketing and public relations strategy. Our third way is to really think outside the box on where there are places to get listings without just buying leads.”
“Realistically, my top lead generation source is my database,” said Lukina. “I work mainly off of repeat-referral clients. Second is business-to-business relationships; I’m currently in two business networking groups and they’re great sources of leads for me. Third is strategic partnerships. I work with a company that provides down payment assistance to teachers in our community, and so I get leads through that partnership.”
When it comes to mining your database for new listings and referrals, the panelists noted there are a variety of approaches real estate professionals can take.
“We work with clean-out companies; people who clean out houses of people who want to move but have too much stuff,” said Pfaff. “If you work with clean-out companies, then you can do a lot to get new listings and referrals.”
There are a lot of other companies, Pfaff notes, that real estate professionals can work with to garner new referrals. However, the difficulty with thinking outside the box is just that—there’s no clear-cut strategy for coming up with clever ways to get those leads. Real estate professionals are going to have to put in the effort and hours to get those contacts, especially in the current market.
“Advertising is important, but what’s more important is marketing and having a solid marketing plan in place. You need to stay in front of people,” added Pfaff.
Traditional marketing and online marketing are still trusted ways for real estate professionals to get new referrals. However, when reaching out to former clients, it’s imperative to remain consistent and authentic to your company’s voice and brand.
“When it comes to referrals, make sure that you’re being deliberate and staying consistent. If you’re doing mailers, make sure you’re getting them out on time, every time,” Lukina concluded.
Even today, when new listings seem hard to come by, agents and brokers can mine their databases for leads and develop sustainable business.
Missed the event? Replays, including every panel and expert interview, are available here.