In today’s real estate market there is a limitless supply of leads. Despite this incomprehensible quantity of leads, what many agents struggle with is converting those leads into valuable prospects. With this 7 step process, you can spend less time worrying about how to start the conversion process and spend more time actually turning those leads into conversions.
The 7-Step Process:
1. Building Rapport
One of the most crucial steps to building rapport, and by extension, closing and converting a lead is understanding the psychology of your prospect. Many agents recognize this but aren’t sure how to carry it out. The best ways to do this are by mirroring their body language and learning more about them through questions. However, you have to listen to the answers so that you can learn more about your prospects. Be sure to ask questions that tailor to their wants and needs, as these will help you find common ground and empathize with them. It’s not enough to be an agent; your goal is to be a trusted advisor.
2. Building Value
To convert a lead, you don’t want to only communicate the value of the property; you want your prospects to understand your value as an agent. After discovering your prospect’s needs and pain through questioning, ask yourself why they would want to do business with you. Use this reflection to determine how you are best equipped to solve their problems, and why you are worth their investment.
3. Creating Urgency
After clearly establishing your value to a prospect, it’s time to determine the urgency of your client. If you sense there is no urgency, you must create some. Use market data on whether this is a great time to buy, or if it will be better or worse to buy in the future. Share with them experiences of your past clients in a similar situation to further establish yourself as a knowledgeable and trustworthy advisor. However, if there isn’t an urgency and you determine they are not ready for the next steps in the process, provide ways to keep in touch with them and make sure to follow up at a later date. Encourage them to act but don’t tarnish your value in the process.
4. Trial Close
No transactions can happen until you get an appointment, which is why it’s essential to execute a trial close. The trial close works by putting the idea of closure into the person’s mind and seeing how they react. Their response will tell you their motivations and whether they are ready to move forward to the next step. One way to go about this is by asking them when you can meet and talk about buying (or selling) their home. Even if they are not ready to move to the next stage, the trial close is essential for setting up future interactions. Regardless if you don’t close the sale in that instance, it is crucial to overcome objections and at the very least, get an appointment.
5. Overcoming Objections
While you’re likely to receive some pushback from prospects when trying to move to the next step, a good agent knows the conversation doesn’t end there. Being ready to overcome their objections is essential, so it is best to be prepared with multiple closes to handle different objections. Regardless of your approach, your focus should be on securing an appointment, or future follow-up date, and communicating the value you can bring to the processes. Whether a brief meeting is necessary to reach their goals or explain the time and money they can save, the most critical aspect for converting prospects is scheduling a time to follow up.
6. Follow up
Maybe you can’t land a specific time to meet. Perhaps, “right now is not a good time,” and they won’t be available for weeks or months from now. Whatever the case, stay with it, and track everything. Activate your follow-up system on every lead, whether automated or personal. If you don’t follow up and keep in touch, you will just be wasting money. Eventually, they will be interested, and if you haven’t been staying in touch, your competition will poach all of your prospects. Following up is crucial to converting leads of all types. When they are ready, you need to be there.
7. Tracking metrics
After speaking with your prospects and gathering information on your next meeting, be sure to track your metrics. Record your interactions, monitor your follow-up dates, and trace their objections and motivations. After you’ve collected this data be sure to block time for follow-up calls, maintain a positive mindset, and record your conversions. All this information will not only keep you organized but motivated by visualizing your progress. To turn those prospecting efforts into valuable conversions, you must understand your actions, your motivation, and achievements at all times.
While you may no longer be struggling to bring in leads, getting them to convert can still be challenging. With this 7 step process, you can spend less time worrying about how to approach cold leads and spend more time guiding those leads towards converting. Converting leads isn’t up to the client, it’s up to you. By mastering these 7 steps, you can drive more conversions and take control of your earnings.
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