Effective Lead Management: Turning Prospects into Profitable Transactions
Real estate is all about building new business by generating as many leads as possible. But once you get those leads, you need to ensure you’re working them efficiently and effectively. Simply put, it’s not enough to get leads in the door. You need effective lead management, which is crucial for converting prospects into profitable transactions.
If you want to manage leads efficiently, maximize conversion rates, and boost your business’s profitability, you need these best practices.
Implement Lead Scoring Systems
Not all leads are the same, and when you’re acquiring more and more prospects, you need to determine the most viable lead. How can you know who’s actually ready to make a move? By using lead scoring. Lead scoring means assigning a score to your leads based on actions they take or don’t take. In turn, a lead score indicates how ready a lead is to work with you. The higher they score, the more likely they are to be ready to enter a transaction, helping you to prioritize high-potential prospects.
Let’s say one lead comes in through a Facebook ad and never calls you back or opens up your emails. That lead would score lower than another lead that comes in from the same ad and opens your emails, responds to your texts, and engages with your social media. Lead scoring is immensely helpful in prioritizing which leads to pursue first and helps you use time more effectively.
Lead scoring can be done by tracking your leads’ activities and running calculations against your typical outreach timeline, monitoring their engagement, and keeping track of all this in your CRM. Alternatively, you can harness the power of an artificial intelligence-powered smart CRM like the one offered by BoldTrail Front Office. The platform’s CRM helps boost productivity with lead validation and built-in lead scoring, taking the guesswork and manual calculations out of which leads to focus on and when.
Keep Leads Warm with Nurture Campaigns
While lead scoring helps you focus on which leads to pursue first, you still need to keep other leads engaged and aware they can access you for your real estate expertise. After all, while they may not be ready immediately, they may want to make a move in the future. This is where nurture campaigns can help.
Nurture campaigns keep your leads engaged with your business through thoughtful, relevant emails sent on a consistent basis so they’re nurtured through every part of the sales funnel. These aren’t your run-of-the-mill marketing emails, but rather highly personalized emails that empower the lead with the information they need to work with you, no matter where they’re at in the process. These emails are typically based on actions the lead takes (or doesn’t take), making them timely and super relevant.
BoldTrail Front Office can also help here, since tracking multi-channel actions your leads take can get cumbersome or missed entirely. The platform’s Marketing Autopilot is a fully automated marketing suite. It offers dynamic, multi-channel campaigns that automatically adjust based on user behavior so you can deliver timely, relevant content. These nurture campaigns can drive up to 10x higher engagement, making it one of the most effective ways to stay top of mind and move the needle with your leads.
Consistent Follow-up Strategies
Once you get the lead in your sphere, you need to follow up with them as quickly as possible. It’s crucial you develop a consistent follow-up process to keep leads engaged. The phrase “speed to lead” is real, since every minute that passes after a lead is submitted decreases the odds they’ll partner with you. But how can you stay on top of lead follow-up when you’re managing agents, running your business, sitting in meetings, and going from client to client? By automating your follow-up.
The BoldTrail Front Office platform’s smart CRM leverages AI and rich behavioral insights from leads to send them the info they want, automatically. Let’s say they save a property as a favorite. They’ll get an email showing them similar homes, automatically. This helps save time while also ensuring no opportunity slips through the cracks, and your leads feel taken care of and engaged with timely, relevant information.
Leverage Powerful CRM Integration
With so much happening to keep your business running, how can you truly stay on top of your prospects, their activities, and everything you and your agents are doing to keep up with them? With help from a powerhouse, centralized CRM. Simply put, you need to integrate your leads with your CRM for seamless tracking and management. Lead tracking and management is key to ensuring nobody falls behind in follow-up, all the details are clear on a contact by contact basis, and you’re empowered with all the information you need at a glance.
BoldTrail’s smart CRM offers one central place to manage your leads, nurture them intelligently, and help you grow your database. It’s also designed to convert leads while also engaging your sphere of influence to help drive repeat and referral business. The best part? It’s all done from one central dashboard.
Make Data-Backed Decisions with Analytics and Reporting
In real estate, you can’t make decisions based on a best guess or gut feeling. You need clear, concise data to make smart choices and take actionable next steps. To do this, you must use analytics from your business’s proven performance to assess lead sources and optimize lead generation efforts. By measuring how well different lead sources are performing, you can better determine where to invest — and where you can pull back. Monitoring lead gen performance also helps you understand which tactics resonate most with your audience, and what techniques are getting leads in the door.
The BoldTrail Front Office platform takes the guesswork out of what’s working well and what needs to be improved. It offers full lead lifecycle reporting so you can clearly understand how your business is performing at every point of your sales pipeline. It also surfaces which contacts are engaged and which ones need more attention to help maximize results. You can also get marketing source performance to help you optimize marketing campaigns and spend. The platform shows you where your business is coming from and what sources have converted into active clients and closed transactions, so you know where to turn up the investment.
Transform Your Prospects into Real Transactions
Effective lead management comes with plenty of moving parts, but you don’t need to spin your wheels to turn prospects into profitable transactions. Instead, let the BoldTrail platform help. Click here to get a demo and see how it can elevate your real estate business.