Do you currently have a list of warm or hot prospects in your real estate business that you’re trying to persuade into becoming your clients? Do you find that even with your stellar real estate web design, you’re still not able to close deals? Well, If you have this laundry list of prospects that you’re sending your regular follow-ups to and you’re just being ghosted, it can get frustrating.
If you’re looking for a tactic to get those people on the fence, up and over to work with you using a very simple tactic called scarcity.
Discussing this topic is essential as there are a lot of real estate agents that do have some leads that they are nurturing or trying to nurture but for some reason, are still unable to close them and make them take action.
Without a proper strategy in place to get them unstuck, you’ll end up going down an endless cycle of follow-ups to the internet ether and instead of getting a solid yes or no answer from our leads.
Pro tip: If you’re following up and they’re not responding, don’t give up easily. If you don’t get a solid no out of them, then there is still an opportunity. All you have to figure out is how to unlock it.
Before you start learning how to unlock this problem and help your leads get unstuck, you have to understand one thing; you are limited by your capacity. The truth of the matter is if 10 clients or 100 clients came crashing through your door by the end of the week, sure it would be great, but your business would likely break.
Think about how much time you need to allocate per client to make sure that you provide the best quality of service. Is it 5 hours a week? 10 hours? 20 if it’s a super high touch client?
Let’s say that you have a 40-hour workweek and each existing client takes up 10 hours of your time. This includes commuting, phone calls, and all other tasks. So if you’re juggling 2 clients per week, that immediately takes up 20 hours of your week.
On top of that, you would also have to include the amount of time you spend marketing yourself. From content creation to interaction with these posts, that can easily take up to 5 hours of your week.
From there, you would have to account for other miscellaneous activities as well such as attending meetings, training, and other operational tasks to keep your business running. That can be an additional 5 more hours. Consider that along with prospecting new clients, in total, this will place you at 40 hours already.
Although these are only estimates, the point still remains that you’re at capacity.
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Now that we were able to break down your time allocation, let’s look at your business.
At the moment, if you were to add 1 more client, that will take up 10 more hours of your week. Since you’re already at 40 hours, adding just 1 more client will automatically have you working late hours which is not ideal.
That being said, the question now becomes “How can I create the capacity to bring on another client?”
At the rate that you’re going, you can’t make up a new time, you can only trade it for another activity. But there is one caveat and that is systems. If you build a scalable system and install it into your business, then you can add capacity without giving up time.
The New Perspective
Now with all this being said, let’s use this capacity issue as an actual benefit as a tool in your tool belt to move the needle with some of those prospects in your pipeline that are stuck.
You see, if your capacity is limited, you’ve created a supply and demand issue.
You’ve inevitably created social proof showing that what you’re doing is valuable. That’s why you are limited by your capacity to help any and everyone. It’s called scarcity and we’re going to use this to your advantage.
Let’s say, if you can only help 2 people at a time, then limit your capacity to 2 people. You’re not forfeiting your quality and value and you’re not misleading your prospects.
The truth of the matter is, ‘you can only work with X clients to maintain your quality of service’. So that tactic here is to let your sphere know exactly just that. Send out a marketing message advising them when a new spot is about to open up.
Tell them that you have a very high standard for the quality that you provide your clients and that is why you only take on 2 at a time. This inevitably ensures that all of the clients you work with are extremely happy with the results.
This will give you the perfect opportunity to tease them and place them in a position wherein they would have no other choice but to take action. Because if they don’t your slots will be full.
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At Square 1 Group, we know this because, for the longest time, we capped our new client acquisition to only once a week because we knew that if we increased our capacity without a solid system in place, then our quality of service would diminish.
Since then, we’ve increased it slightly but we still limit the number of people that we bring on because we want to make sure everyone has an amazing experience.
This same logic should apply to your business.
If you have the opportunity to take on 5 new clients at a time bears itself but you know you can only handle 2, then be honest with yourself and those clients. Create that pent-up demand. Because, if you go beyond your capacity, that’s just being greedy and you’ll end up with 5 unhappy clients instead of 2 very happy ones.
That said, if you want more awesome strategies and tactics like this one, then please join our free Facebook Group. However, if you think you’re ready to start executing marketing strategies that will help your business grow consistently, then schedule a strategy session with us today.