This Spring, Inman is obsessing over helping you to tune-up your listings business, with actionable insights, the best advice from top agents and hundreds of helpful stories from all over the world. Interested in sharing your advice and insights with us? Reach out to me at matthew@sandbox.inman.com.
Don’t forget that we’ll also be focusing on how agents and brokerages can all move Faster, Better, Together this July at Inman Connect San Francisco. Not got your ticket yet? Buy it here, and remember that Select members get a $100 discount. Thinking of bringing your team? There are special onsite perks and discounts when you buy those tickets together too. Just contact us to find out more.
Do you have the ritual of cleaning house when the seasons change? Depending on your personality, you may do this cheerfully or grudgingly. You declutter. You find treasures that you forgot you had. You may even give things away to others. And once it’s done, I am sure, like me, you feel like a burden has been lifted.
Well, it’s time to lift some of the burdens of business too!
Things that are not tended to regularly can become obsolete, stale and downright funky. If you have not cleaned your business house for a while, here are 11 lead generation questions that will help freshen up your strategies.
1. How many leads per week do you generate?
If you are new to this, set an initial goal of generating 10 new leads (with good contact information) a week. Within 12 months, you will have 520 new contacts, and if you have the right follow-up strategy, a pipeline of closings.
2. What activities are you currently doing to generate leads?
For my doctoral research where I studied some of the top 1,000 agents in the nation (yes, those making $30 million-plus seemingly in their sleep), one critical key was that they all had at least five to seven lead generation activities they did weekly.
If you are only doing one, grow your wheelhouse. By the way, cold calling expireds, FSBOs and withdrawns is considered one activity (cold calling), not three.
Just like being active on Facebook, Instagram and Snapchat is only one activity (social media), not three.
3. How much time do you spend each day on these activities?
If you can answer less than one hour most days, then that is not enough! Try to find more time; remember you want at least 10 new leads a week.
4. Which activities do you enjoy the most?
If you are a “solo-preneur,” meaning you are not part of team and don’t have an assistant, then how you spend your time is critical because it is limited.
Often, we stick with the activities we like. And guess what I found among some of the top 1,000 agents in my research? They do the lead generation activities that fit their personality.
5. Which activities do you enjoy the least?
I don’t think you got into real estate, to wake up dreading the day. Likely, you left your past career for the enjoyment and freedom factors. So this is a key question to answer honestly as we “clean house.”
6. How many leads per week do you generate from each activity?
Let’s stop the “treadmill effect” where you are busy moving but going nowhere fast. Look closely at your ROI on each activity, and allow yourself to focus on those that generate the most leads.
7. How many of your leads get to the closing table (and close!)?
Divide the number of leads that get closed by the total number of leads you get. Make a short-term goal to get this number to at least 25 percent; mid-term 50 percent and long-term 75 percent.
8. Which lead generation activities have gotten you to the closing table?
These have been your money makers, so it’s time to put them front and center.
9. Which activities are both enjoyable and have gotten you to the closing table?
These are likely your critical money moves for the next 12 months, so pay close attention.
10. What would happen if you spent more time on each activity that is both enjoyable and generates the higher quantity and quality of leads?
This will increase your efficiency but also your effectiveness and give you more time for your other interests. Get the unpleasant activities out of the way first, and focus on what you enjoy.
11. How can you giveaway (outsource or hire help for) the activities you least enjoy?
Sorry, folks. You do not get a cookie for being an “army of one,” but you may get frustrated and fatigued. You are in business so like a business owner, prepare to scale up even if that means using an intern from a local college.
Once you have answered these questions, plot your new plan with this handy tool (the “sizzle” section should be were you identify both best practices and innovative ideas to own each activity).
Lee Davenport is a licensed real estate broker, trainer and coach. Follow her on Facebook, Instagram, YouTube and Google+, or visit her website. This post comes from her book, Profit with Your Personality.
