It's no secret that real estate can be a lucrative market - and as a result, a competitive one too. Over 600,000 new homes have been sold - and that's just within the first 3 months of 2023!
It's safe to say sales will continue to pick up, especially as the weather warms up and more people decide to move over the summer.
The problem has always been how do you connect buyers to sellers. Real estate agents can help, but they need real estate lead generation strategies if they want to be successful.
What lead generation opportunities are available for agents in 2023?
Here are 8 strategies you can try.
1. Involve Yourself in the Local Community
Want high-quality, warm real estate leads? Go local and connect and network with local contractors and repairers in the area.
Don't stop there. Check your city's upcoming events calendar and see how you can integrate yourself into the local community. Building a local network takes time, but it offers the chance to build a referral network.
Consider joining your local chamber of commerce. Joining a chamber of commerce will increase your network, give you credibility, offer training and educational sessions, and provide you with opportunities for networking events. Yes, there's usually a (small) fee for joining, but the benefits almost always outweigh any costs.
2. Start With Existing Contacts
New to real estate and not sure where to start?
Building your network doesn't have to mean starting with strangers. Start with people you know. A referral from a friend or family member could be just what you need to jumpstart your lead generation.
From there, you can then branch out to people you don't know, such as those you meet at networking events, neighbors, or strangers.
As always, keep nurturing those relationships.
3. Look for FSBO and FRBO Properties
FSBO (for sale by owner) and FRBO (for rent by owner) properties can also serve as leads. FSBO homes often sell for less than they would if they were sold by an agent. Many homeowners may struggle to sell their property, eventually turning to a real estate agent for help.
Of course, if you're proactive, you could always reach out to the owners and sell your services (and their home).
The same applies to FRBO listings. You can always offer your services to an owner or for a softer approach, refer a potential tenant to them.
4. Social Media
A social media presence is a must if you want to generate real estate leads. For very basic use, social media platforms are often free. Setting up an account takes minutes, and most platforms are designed to be easy to use.
The important thing to remember about social media is that people go to different apps for different reasons. That's why most businesses have a presence on more than one social media platform.
As to which platform is right for your real estate business, it depends on what you want to do and how much time you have to commit to it.
YouTube requires a bit more work than other platforms, but it allows you to upload a visual representation of a property. You could do video walkthroughs this way or highlight larger properties with aerial drone footage. Or you could go in another direction and post regular updates analyzing the real estate market or giving tips and advice to buyers and sellers.
LinkedIn is also a great resource because the site is all about networking and careers. Look up local real estate groups in your area and join those. You may also want to connect with local contractors and other professionals who could aid you.
For a more targeted approach, consider investing in paid social media ads. These ads allow you to target specific demographics, allowing you to pitch your services to individuals in certain age brackets or regions.
5. Build Your Website
While social media can be an effective marketing tool, it's all too easy for something to get lost in the algorithm or for a particular social media platform to change who sees your content and when. That's why along with your social media presence, you need to build (or enhance your existing) website.
For one, not all of your potential leads will be on the same social media platforms as you. Some may only use their accounts sparingly. Other leads may not even use social media, which means they may never see your content.
Even previously popular social media platforms such as Instagram and Facebook have seen a decline in engagement.
For all of these reasons, you need a good website. Your website doesn't have to be too complicated, but it should be functional, easy to navigate, and look pretty, so consider hiring a web developer.
At a bare minimum, your website should serve as a virtual business card, so make sure your contact information is on there and is up to date. You can also highlight your previous achievements. If you have testimonials from satisfied clients, highlight those too.
You could also add a blog and use that to position yourself as a real estate expert. If you don't have the time or skills yourself, consider hiring a content writer to aid you in creating blog posts.
6. Use Direct Mail
Think direct mail is outdated and dead? Think again.
Direct mail is creative, trackable, and affordable. There are a whole host of reasons why direct mail is effective for businesses.
Direct mail allows you to cast a wide net. It's great for both urban and rural areas. It doesn't take a lot of effort, and you can choose to focus only on specific areas (such as a zip code).
Not all direct mail has to come from cold contact. Have you already met and engaged with a potential lead? A thank you card or mailer can be a great way to remind them of your presence and nurture the relationship.
Direct mail may have been around for a while, but that doesn't mean it's ineffective. It pairs well with digital marketing techniques, and it has staying power. Don't be afraid to give direct mail a chance.
7. Advertise in a Local Magazine
This may sound like a weird one, but it can work. If you live in a popular area or a touristy region, consider advertising in a local regional magazine. Your local city or community may have a small magazine they put out every month (or maybe only quarterly).
The audience who reads these magazines is tuned in to the local market, so put your real estate business in front of them with an advertisement.
Some examples of local magazines include:
- Philadelphia Magazine
- Rhode Island Monthly
- Blue Ridge Country
- Smoky Mountain Living Magazine
- Coastal Virginia Magazine
- New England Home
And many, many more!
Regional magazines may not be the first example that comes to mind when deciding how and where to advertise your business. However, these smaller, more focused magazines have a narrow, more focused demographic that's likely to either move to a new area or stay in the region and purchase another home.
8. Cold Calling
Finally, you can always try cold calling. While it's a tactic many don't like, it can be successful. That doesn't mean it will be easy. Many people find cold calling uncomfortable, and it can be low generating in terms of leads.
However, it doesn't take much to get started, and you can connect with potential clients. It doesn't have to be a huge part of your workday either, so if you don't succeed, you can always drop it in favor of a different strategy.
Not sure where to start? Try collecting contact info for expired listings and start there. Whatever happened, the property may not have sold.
You can also buy listings from a third-party or check your state's MLS (multiple listing service) for leads.
Use These Tips to Maximize Your Real Estate Lead Generation
Real estate is a fast-moving industry that is always in flux. What's popular now may quickly fade. It can be an exciting industry to be a part of, but without good real estate lead generation, your career as an agent is going to be frustrating and short-lived.
Of course, we're here to help. Hommati helps real estate clients and real estate agents find homes. We're a national website dedicated to making, finding, buying, and selling real estate easier.
Got questions? We can help! Send us a message.