When it comes to generating real estate leads for new agents, you’re probably aware that there are a variety of ways to build your database. While it’s nice to have options, it’s also normal to feel overwhelmed by all the different strategies you hear about online or from more experienced agents.
You might have questions at this point like:
- Is social media a must to be a successful REALTOR®?
- What is the best lead generation for real estate?
- How can I get free real estate leads?
The truth is, each of these questions has a few different answers that depend on where you are in your real estate practice right now, and how far you want to go.
At the same time, there are more options than ever to generate real estate leads for new agents these days. You’ll also find that the more consistent you are with any of the following tips, the more successful you’ll be overall.
Real Estate Lead Generation Tip #1: Show Up Consistently Online
If you’re interested in getting free real estate leads online, social media is a must.
For some, “showing up consistently” online means jumping on social media every day to post, like, follow, and share with their network.
Without a doubt, this is a great way to build a following — but remember, you have other daily responsibilities as a real estate agent, too, so don’t feel pressured to spend too much of your time online.
The keys to showing up consistently online without wasting your time are:
- Pinpointing when and where your “dream clients” are hanging out online and focusing your efforts there (for instance, if you work with mature luxury real estate clients who are interested in buying a second home or investing, you may want to spend more time and effort on LinkedIn than on Facebook or Instagram Live);
- Batching your content ahead of time and using a social media scheduling tool to post for you;
- Paying attention to the types of content that earn you the most engagement or leads so you can focus more on that type of content. For example, you may find video walk-throughs result in emails and callbacks with requests for more information versus simply posting a photo of a listing.
Keep in mind that as you grow, you’ll likely be able to outsource these tasks to a social media manager or freelancer so you can spend more time in the field or networking in person.
Also, it’s worth asking your broker or brokerage if they use any social media tools or templates, or if you can get any discounts on similar resources.
Real Estate Lead Generation Tip #2: Prospect Expired Listings
Expired listings are one of the best ways to generate real estate leads for new agents.
If you’re not familiar with what an “expired listing” is, it’s one that did not sell in the amount of time agreed on in their listing contract — whether that time frame was 30 days or 180 days.
Why Do Listings Expire?
Typically, listings expire when they’re priced incorrectly, or when there are still major opportunities for clean up or to improve curb appeal. Anyone with access to the MLS can see expired listings, making them easy prospects for lead generation.
At first, it may feel intimidating to cold call or knock on someone’s door who likely already has other agents trying to win their business, too.
Plus, these sellers might feel frustrated, or even a little disappointed that their home didn’t sell.
Better yet, think of it this way: many of these sellers are still actively wanting to sell their home, and if the right agent comes along with a viable plan, they’re likely to take them up on the offer.
How to Approach Expired Listings
One tip for winning expired listings? Don’t come in asking for their business. Approach them with some empathy around their frustrations, and help them understand why the home may not have sold.
At this point, they may be warmed up enough to hear how you’d do things differently. And, be ready to present some proof that either you or your brokerage has success selling in their neighborhood
In fact, if you do this right, it’s easy to generate real estate leads for new agents. Whether they decide to do business with you now or later, you’ve still added a new lead to your database.
Real Estate Lead Generation Tip #3: Ask For Referrals
This may seem obvious, but asking for referrals is one of the best ways to generate real estate leads at any stage of your career, but especially when the goal is to generate real estate leads for new agents.
You’ve already done the work to acquire the client you’re currently working with, so why not ask them to introduce you to anyone else they might know who wants to buy or sell their home in the area?
Surprisingly, it’s a strategy that isn’t leveraged often enough, or it’s used incorrectly.
In most cases, agents either get too busy trying to find brand new leads to add to their network, or they don’t ask for referrals in the right way, or soon enough after a transaction.
The fact is, 82% of all real estate transactions come from repeat and referral business. So, even if it feels a little uncomfortable to ask for a referral after you do great work, the odds are in your favor. Plus, most people love to give referrals, especially if you’ve done a great job.
For the best results, it’s smart to follow up with clients shortly after a transaction rather than waiting until you need more business.
When you do ask for the referral, make sure to be specific. Rather than asking, “Do you have any referrals?” or, “Do you know anyone who needs a real estate agent?” Ask them to make a specific introduction to someone you might want to know in their circle, or ask them a more direct question like, “Do you know anyone interested in buying a second home in this area?”
If you’re confident enough to use this strategy regularly, you’ll have a thriving real estate practice in no time.
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