Key Takeaways
- The best real estate lead generation strategies are those that have been systemized to maximize efficiency and make success habitual.
- No lead generation strategy is perfect; there’s always an opportunity to make it better and more productive.
- A proper marketing funnel should generate leads from a number of strategies.
Real estate lead generation resides in the upper echelon of investor priorities, and for good reason: Without a constant flow of inbound leads, even the best investors will find that their business has to struggle just to stay above water. There’s no doubt about it, real estate lead generation is one of the most important aspects of your business. It’s worth noting, however, that generating leads doesn’t need to be as hard as many new investors are so eager to make it out to be. With the right systems in place, generating leads can become easier and more efficient over time. Here’s how:
Real Estate Lead Generation
Real estate lead generation is an important part of every marketing funnel. In fact, you could argue that it is the entire marketing funnel. That said, your marketing efforts will take you farther if your process for each strategy is systemized. Here’s how to systemize a few of your most important real estate lead generation strategies.
Referral Network
As an investor looking to systemize your real estate lead generation strategies, nothing will go further in making your own marketing efforts more efficient and dependable than growing a referral network. For what it’s worth, the real estate investing industry is — at its core — a people business. The unique convergence of talent you find yourself surrounded by on a daily bases is the foundation on which your career will thrive, or even fail. Therefore, the more you can exercise a synergistic approach to real estate investing, the better. Remember, it’s those that work well with others that will find their efforts reciprocated by their peers.
The better you are to work with, the more people will want to work with you — it’s as simple as that. It’s worth noting, however, that great referral networks are the epitome of a systemized lead generation campaign; not only that, but they are passive, too. Provided you put in the ground work ahead of time, it’s entirely possible to generate leads passively without investing any more of your time. Better yet, the system takes care of itself if you simply do your job well enough to generate good will in others.
I maintain that a great referral network is one of the best ways to generate leads. If you can build trust in others, there is no reason for them not to recommend your services to others in need of them. Therein lies the best part: if you are able to generate enough good will, the system will systemize itself. If you do your job right, you will start seeing leads come in without spending anymore time gathering them. People will simply start calling based off of others’ recommendations.
Direct Mail
Few real estate lead generation campaigns can be systemized faster and easier than a proper direct mail campaign — the script practically writes itself. You see, a savvy investor can approach their own direct mail campaign with two strategies in mind: they can either do it themselves or they can hire someone to do it for them. Either way, there is an efficient way to systemize your direct mail marketing efforts. But first: it’s important to recognize that direct mail is still a viable lead generation strategy — print is not dead. Far too many homeowners appreciate the personal touch a properly executed direct mail campaign can bring to the table.
Once you are convinced your real estate lead generation efforts could use the boost from a properly run direct mail campaign (trust me, they can), you need to commit. The key to a successful direct mail marketing campaign is consistency; you need to commit to sending several letters to each recipient, as the first few will most likely not “stick.” And that’s where the systemization comes in.
In running a direct mail campaign, you need to commit to sending at least four to five letters to every single homeowner. The first few most likely won’t even be read, but that’s ok; they are just meant to generate a familiarity with your brand. By the time the third and fourth letters are delivered, the homeowner will most likely feel a little more comfortable with your approach.
If you want to systemize your direct mail campaign, it should look something like this:
- Step 1: Determine your budget and plan
- Step 2: Identify your target market and obtain your lists
- Step 3: Create your drip marketing campaign
- Step 4: Set up your inbound system
- Step 5: Fulfill your campaigns
- Step 6: Track your mailings and stay organized
Again, consistency is of the utmost importance. Once you have effectively implemented your campaigns, it’s important that you stay consistent with your drip campaigns and start to track the effectiveness of each campaign.
Bandit Signs
Not unlike direct mail, bandit signs can’t be ignored, no matter how irrelevant they seem. Though people are quick to write off the old-school marketing strategy for newer, fancier strategies, bandit signs are still an important cog that is real estate marketing. Fortunately, like direct mail, bandit signs can be systemized to maximize efficiency and productivity, which is important because they are still one of the best ways for investors to find both sellers and buyers.
Investors should implement a bandit sign campaign from the onset of their business for two simple reasons: low costs and great return on investment. You see, bandit signs — while rudimentary — can serve as a great source of deals for everyone from novices to veterans. What’s more, when systemized correctly, bandit signs can bring in leads almost entirely passively. Let’s take a look at how to get the ball rolling:
- Step 1: Identify your target areas
- Step 2: Create a route map
- Step 3: Create a timetable
- Step 4: Hire a sign worker/driver
- Step 5: Monitor signs
- Step 6: Measure sign effectiveness and adjust placement accordingly
- Step 7: Rinse and repeat
Not only does this system show you how to identify your target markets, but it also walks you through the process of hiring someone to outsource the job so you don’t have to be the technician working in your business. Once you hire someone to outsource the job, the system showcases effective ways to monitor you signs as well as measure the effectiveness of your campaigns.
Following Up
Each of the three marketing strategies I outlined above have proven — time and time again — that they are more than capable of delivering quality leads. It’s worth noting, however, that leads are in no way representative of deals. Leads, as their names suggest, are nothing more than opportunities; investors still need to work hard to capitalize on them. If for nothing else, a lead could very easily end up “cold” if left unattended, but I digress; we aren’t going to let that happen. Instead of wasting the leads these campaigns bring in, be sure to set up an inbound lead system to capture everyone’s information.
Whether your marketing materials are sending leads to an internet squeeze page or an automated Google Voice phone number, be sure that you have the means in place to collect the necessary information. The last thing you want is a “hot” lead to call and have nobody to talk to or no answering machine to collect their information. Instead, have the inbound system set up before you even start a campaign. And once you have the information, be sure to follow up immediately. You’d be surprised at how far a little punctuality can take your marketing efforts.
Wrap Up
Systems are the process of making everyday tasks more efficient and predictable; they are, more or less, the best way I know how to guarantee a predictable outcome. That said, systems should be used everywhere in your business, from ordering office supplies to securing funding, and marketing is certainly no exception. With the right systems in place, there’s no reason to think you can’t simultaneously ramp up marketing will cutting back on the time you invest in them. What more could you ask for?
Have you had any luck with your latest real estate lead generation efforts? Was there a system you noticed working well? Let us know your thoughts on the matter in the comments below.
