As CEO of Your Coach, an international coaching and training company, Tom Ferry has been helping real estate professionals grow a prosperous business for more than 25 years. In the most recent Secrets of Top Selling Agents webinar, “The Rich and The Rest…The Distinctions of High Performance Selling,” Ferry shared some of his “tried and true” lead generation methods that can separate the rich from the rest.
In real estate, 87% of the industry turns over every five years, and Ferry blames that high number on agents not doing what the best people do. With just a few adjustments to a business strategy, anyone can dominate the marketplace. “The very best aren’t looking for that shiny penny; the very best keep it simple,” Ferry says.
Here are three strong lead generation strategies that Ferry discussed in his webinar.
- Geographic farming
Geographic farming involves focusing on one market in which you solicit the majority of the business. By doing this, you establish brand identity in this area and develop relationships with those in the community. However, before you begin farming, it’s important to find the right location. Map your previous sold properties so you have an idea of where you’ve worked before. If you’ve worked with people in the area, you can use it as leverage since you already have an “in” with the rest of the members of the neighborhood. If they know you’ve already successfully sold a property in their area, they’ll have more confidence in you. In addition to this, Ferry reminds agents not to “fish where there are no fish.” Select a territory where the annual turnover is more than 6%.
Once you’ve selected your area and are ready to begin farming, consider how many properties you can handle. Do you have enough time to visit with potential clients or market listings effectively? Once you’ve found your ideal number, begin thinking about your marketing strategy. Consistent marketing is key. Be present in the community and make a commitment to it. Brand yourself in your farm so the residents recognize you as the local expert.
- Mega open houses
Instead of just hosting an open house, try having a “mega open house.” Rather than immediately posting your new listing in the MLS, wait a few extra days. In that time, invite the neighbors for a private preview of the home before you open it to the general public. In doing so, you’ll be able to establish relationships with other homeowners in the neighborhood.
If you have difficulty prospecting, hosting a mega open house creates a situation where people can come to you for information. Ferry notes that, while attending this mega open house, neighbors will be curious to find out how much their own home is worth. Create cards with messages like “how much is your home worth” or “knowledge is power” and distribute them to guests to direct the communication toward selling opportunities. Hosting a mega open house is a great way brand yourself as the local expert. Think of it as bringing in potential sellers in a more proactive way.
- Direct mail
According to Ferry, direct mail is on the rise because of the industry’s dependence on technology. People are more likely to notice a well-tailored direct mail piece than a standard email. As a part of this, Ferry suggests creating marketing pieces that interest your client. Good marketing speaks directly to what’s on the mind of the consumer. The key thing they are interested in is determining the value of their home. Create pieces that push clients to ask you about their home’s value. In the webinar, Ferry offers more ideas showing the types of advertising and branding an agent can create to effectively market themselves.
For the full list of Ferry’s tried and true lead generation strategies, watch “The Rich and The Rest…The Distinctions of High Performance Selling.” Find more free real estate educational videos, including best practices, by visiting Secrets of Top Selling Agents. Be sure to sign up for the upcoming webinar, “Never Lose a Listing Again!” featuring Garry Wise and Chris Scott, on Wednesday, June 24th 1:00 PM/ET.