Generating seller leads is crucial for real estate agents aiming to expand their business. To effectively attract and convert seller leads, it’s essential to understand key concepts and strategies. Here’s what you need to know:
Do you find yourself always wanting to get more real estate seller leads? Are you wondering why your real estate web design doesn’t seem to attract seller leads? Wanting to work more with seller leads than buyer leads is a common desire in the real estate industry because you know that if you represent the seller you have all the power in the deal.
However, capturing leads where you represent the seller is one of the hardest leads to try to generate. Therefore, if you’re just getting started as a real estate agent, it is completely understandable how appetizing these leads can be.
The key to successfully getting more seller leads is to deploy a solid strategy.
Seller lead is a hot topic in real estate. In fact, this is one of the most common goals for most Realtors. But why is that? It’s simply because, in the eyes of most Realtors, these are the best types of deals to have. The thing is, these are also the hardest types of leads to capture, nurture, and convert.
The good news is, with a solid and focused strategy in place, you’ll be able to direct your energy and time into effectively generating the leads that you want more efficiently.
But in order for you to successfully execute this strategy, you must first understand the foundation work as to why your current strategies aren’t working and a peek under the hood at the customer lifecycle of a homeowner.
According to Homelight, there are over 2 million licensed real estate agents and 1.3 million of them are Realtors. That said, we can gather 2 important pieces of insight from that data.
The first one is that the level of competition is high and that the market is highly saturated. The second insight from this is that chances are, your friends, your family, and homeowners already have at least one person within their own sphere that is a licensed real estate agent.
Now, historically, if you’re looking for the right way to grow your business, typically you start with representing buyers first. And if you did a good job representing the buyer in their transaction, when it comes time to sell, you can continue to represent them on the sales side of the transaction as well.
Ideally, as you’re starting your real estate business, the bulk of your transactions are really going to be buyer-focused. The idea here is that you need to compound the buyers in the initial transaction, and then, over time, you will transition to representing them as sellers.
There is actually a term for this – it’s called the customer lifetime value.
You see, as you gain a new client, you have to have the expectation set in your mind that this new client does not simply represent one transaction for you. Instead, this new client represents multiple transactions over the lifetime of this customer.
According to FiveThirtyEight, the average person moves about 11 times in their lifetime. This essentially equates to 11 unique transactions per client.
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Another concept that you must understand is the concept of ‘cost per acquisition’. Typically, it is thought of as a monetary value but it can also be interpreted as a level of effort.
You see, with each new transaction, there is a level of effort or sacrifice that you need to exert in order to get what you want. This means that if you want to get more seller transactions, then you need to put in the time and effort initially to obtain the client and get them to their goal. This is all the while providing an excellent experience for them so that you can eventually represent that client as a seller.
Now there is another way to immediately get seller clients that will allow you to bypass the basic strategy mentioned above and that strategy is based on expertise.
In the book, The Challenger Sales, in a survey of thousands of salespeople, authors explain that when the currency of the transaction is the same, then it becomes very hard to differentiate yourself as the right choice.
However, if you position yourself to educate your clients on a strategy or result that other Realtors may not have been able to uncover before, you effectively position yourself as the winner of the transaction against your competition.
You can do this by presenting yourself as an expert in a particular solution. The idea here is that you need to go 1 inch wide and 1 mile deep on a particular problem or pain point of a seller. From there, you proceed to educate that seller on a new way of thinking which will effectively position you as an expert.
You have to remember that for high ticket transactions, the average person would prefer to work with an expert than a generalist. This is simply because the customer is likely looking for the best value for their particular transaction. This simply means that it is within that point of enlightenment through your education, that you can win the prospect.
Let’s break down a few various seller transactions.
One can be someone facing foreclosure, another can be a growing family and another can be someone who’s recently divorced and is looking to move.
Now, if you’re just a generalist agent, you may have some experience in these transactions but it will be very hard for you to break through the competition because the majority of you would be offering the exact same thing.
However, if you position yourself as the expert problem solver for people facing foreclosure or growing families or dealing with a split amicably because you have unique insight into a particular transaction that most other generalist agents don’t have, then you can provide additional value that other agents can’t.
And through that process, you’ll be able to effectively win more seller leads. In order to position yourself as an expert problem solver, you’re going to need to create a whole campaign around you, the “seller problem solver”.
This solution is going to need to include a branded website, the content providing value, and a marketing campaign to build awareness. If you want to learn a bit more about this strategy, then I highly recommend that you join our free Facebook Group. We talk about all things digital marketing strategy for realtors. I’m leaving the link to the group below. That said, if you want to dig in a little bit more on this strategy specifically for your own real estate business, then schedule a strategy session with us today.
Emmanuel here and my goal is to empower 1 billion realtors with tools to generate business online. Think you can be one of them?
Emmanuel is the CEO of Square 1 Group, a boutique agency that helps real estate entrepreneurs build a unique brand online. He has been in the real estate digital marketing industry for over a decade and has helped hundreds of real estate entrepreneurs grow their business. He ensure that Square 1 Group is able to design, build, and manage custom-built lead-generating websites.
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