Why Lead Generation Is Not The Ultimate Goal & The Importance Of Lead Conversion
Lead generation is a crucial aspect of any business, including real estate. The more leads you generate, the more opportunities you have to grow your business. However, it’s important to recognize that lead generation is not the ultimate goal. Lead conversion is!
In a recent episode of Real Geeks Masterminds, Abe Safa and Greg Harrelson shed light on why focusing solely on lead generation is a mistake and why converting leads should be the primary focus.
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From Capture to Conversion
“(Lead) captures become so simple, but to convert them (leads) seems to be much more difficult.”
Greg Harrelson starts off the discussion by pointing out that lead generation is no longer a problem for most realtors. Thanks to the advancements in customer relationship management (CRM) systems, capturing leads has become simpler and more streamlined than ever before.
With a push of a button, real estate agents have access to all the necessary data. However, the bottleneck lies in lead conversion. Once agents have generated leads, they often struggle with converting those leads into actual buyers or sellers.
Abe and Greg attribute the challenges of lead conversion to the way agents categorize leads. Many agents make the mistake of differentiating between quality and non-quality leads, assuming that only the “quality” leads are worth nurturing. However, they argue that the issue lies not in lead quality but in lead conversion itself. This distinction is crucial to understand because it affects how agents approach lead nurturing and conversion.
It’s Not About Quality vs Non-Quality Leads
“We don’t have a lead quality issue. What we have is a lead conversion issue.”
When agents refer to “quality” leads, they typically mean buyers or sellers who are likely to commit to a transaction within a short time frame. While these leads may indeed be more inclined to convert quickly, considering them as the sole focus can be detrimental to overall conversion rates.
Not every lead who can’t commit immediately is a dead end. Some potential sellers may be hesitant to list their property, while buyers may be facing timing issues. By nurturing every lead equally, agents increase their chances of eventual conversion.
The Real Geeks CRM is a valuable tool in this regard, enabling agents to nurture leads at any stage of the conversion journey.
Don’t Junk the “Partial” Leads
Another misconception that Abe and Greg address is the classification of leads as “full” or “partial” based on the amount of information provided.
Agents often assume that partial leads, who provide incomplete contact information, are less likely to convert. However, they argue that a lead’s unwillingness to provide full information doesn’t necessarily indicate a lack of commitment. It could simply be a matter of timing or availability.
Understanding the difference between “not interested” and “not available” is crucial. Even if a lead doesn’t answer the initial call, persistence can pay off, as many prospects appreciate the effort.
The key takeaway from this discussion is that every lead is an opportunity for conversion, regardless of whether they are full or partial leads. The conversion timeline may vary, but every lead should be treated with equal importance. Real estate agents have the power to determine how long the conversion process takes. By utilizing The Real Geeks CRM and leveraging their skills as realtors, agents can maximize their conversion potential.
“Every Lead Is an Opportunity”
In conclusion, while lead generation is essential, it’s important to shift the focus towards lead conversion. Agents should avoid categorizing leads as quality or non-quality, as every lead has the potential to convert. By nurturing leads consistently and utilizing the right tools like the Real Geeks CRM, agents can increase their conversion rates and achieve long-term success in real estate.
- Lead Generation Websites
- CRM
- Lead Cultivation
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