The digital revolution has affected countless industrial sectors with the booming real estate sector being no exception. The internet has revolutionized the way prospective property buyers and sellers in the real estate industry trade in property. It has been established that close to 90% of prospective property buyers use the internet to search for desirable property at some point in the buying processes. Real estate agents should, therefore, utilize a steady flow of effective lead generations to realize a significant amount of property sells and stay ahead of the competition in the highly competitive real estate industry.
A real estate lead generation is a marketing strategy with a primary aim of developing a sales pipeline by stimulating interest in a product or service. Lead generation is not only a vital component of the selling/buying process but also an important aspect in propelling a real estate agency to long-term success through a continual steady flow of potential clients. Real estate lead generation can typically come from anywhere ranging from a combination of referrals, advertising, direct mailings, property exhibitions, and other marketing strategies.
A prospective client showing interest in a certain product is referred to as a lead. A lead interaction with a real estate agent can be established by a number of strategies including exchanging contacts with the agency’s representative, meeting an agent in a conference or exhibition to commenting on a social media post. A successful lead generation campaign should be to establish a lead, turn a lead into a prospect, then a client, and finally a closed client. The success rate of a lead generation campaign can be calculated based on the following calculations.
• Impression Rate- Refers to the number of times an advertisement is viewed by a lead.
• CPM (Cost-per-thousand impressions)- It is the total cost of the lead generation campaign in relation to the total impression. Calculated by dividing Campaign Cost by Total Impressions/1000
• CPC (Cost per click)-It’s also a measure of impression and calculated by dividing Campaign Cost by Click Received.
• CTR (Click-through rate)- Calculated by dividing Clicks Received by Total Impressions
• CPL (Cost per lead): Refers to the average cost to acquire a lead. It is calculated by dividing total spending by Total Leads gathered in the campaign
•CAC (Customer acquisition cost): Refers to the average cost of acquiring a customer. It is calculated by dividing Marketing Spend by Customers Acquired.
Effective Strategies for an Effective Real Estate Generation Campaign
1. Rely upon consistent mailings to past clients either bi-monthly or quarterly via their provided email address. The emails should contain valuable information relating to the real estates market such as emerging real estate sector news, real estate tips or an upcoming sale or occasion. This will ensure consistent contacts with your clients
2. Always have your business card with you and give it to potential clients you may meet in exhibitions or conferences. Also, network with fellow real estate agents in other cities or communities with an aim of getting client referrals.
3. Approach a website developer to come up with a high-end real estate blog or website containing questionnaires that are essential in generating leads.
4. Establish relationships with paralegals, attorneys, lenders, insurance agents or any persons offering support services to the real estate industry. By establishing a solid relationship, you will, in turn, be generating a substantial number of leads directly or through referrals.
Real estate lead generation as a huge potential in ensuring the success of a real estate agency. In today’s digital world, lead generation should be more centered in employing the social media as its one of the most powerful tools in generating a greater number of leads at a more cheaper cost and in turn converting the leads into clients.