5 Lead Generation Mistakes to Avoid in Real Estate
Generate more business (and save a few headaches) by avoiding these common lead generation mistakes!
Whatever your lead generation strategies are, you’ve likely fallen into a few of these common traps. Fear not! Trial and error is part of what makes any business thrive. We’ve put together a list of the Top 5 mistakes we see clients make when it comes to lead generation. If you can avoid these missteps – you’ll save yourself a lot of wasted energy!
1 Mistake #1: Making too many changes to your digital ad campaigns
🎵 “Ch-Ch-Ch-Ch-Changes” 🎵
Digital advertising for online leads is a tricky beast that can be tough to wrangle. But with a solid strategy, online leads can be a lucrative addition to your business. Remember, it only takes a few good deals to create positive ROI. But what’s the #1 mistake with digital advertising? Lack of consistency. Real estate professionals often pause advertising campaigns or cut their budget for 3 reasons: 1) they lose patience, 2) the cost-per-lead has increased, or 3) demand has decreased.
It’s important to keep in mind that Google rewards consistency. A campaign has to build momentum to perform well. This also varies across markets, so there is no one-size-fits-all answer to how long it will take to generate quality leads and see ROI from a digital ad campaign. (This is where patience comes in!) Along the same lines, cost-per-lead shifts as supply and demand changes. More homebuyers and less competition means lower cost-per-lead. Our advice: don’t be so quick to cut your budget or pause a campaign when the price goes up or demand decreases. That’s the time to continue your spend, and strengthen your campaign through building consistency with Google.
Learn More About Paid Advertising Watch these videos from the BoomTown Library.
2 Mistake #2: Not sharing compelling content
🎵 “Tell me something good…” 🎵
The debate over content continues, but we hold firm that content is crucial. Advertising and listings are important, but with too much focus on digital ads, you can miss out on some of the best engagement. Real connections through helpful and compelling content tend to lead to the highest quality leads.
A few tips for creating content:
- Be authentic. Your perspective is what makes your brand unique.
- Don’t create content just to “make noise.” Make sure your content has a purpose, and it’s relevant to your audience.
- Stay up to date on the trends in your market.
- Be visual! Utilize video and images if you can. (The modern reader has very limited attention span!)
3 Mistake #3: Using only one marketing strategy
🎵 “Well shake it up baby now. Shake it up baby!” 🎵
Variety is the spice of life, right?? Well, this holds true for real estate marketing as well. (I know, I know, we just talked about consistency in your digital advertising. Bear with me.) I’m sure you’ve read all of the books that claim to have a foolproof recipe for success, right? The problem is, success looks different to every real estate professional across different markets. To find your sweet spot, you’re going to have to test out different strategies.
Consider adding some variety in the following ways:
- Test out some tactics you may not have tried before or that you consider “dated,” like direct mail or door-knocking.
- Boost word-of-mouth and brand recognition through community outreach efforts. Maybe sponsor a local sports team, partner with a non-profit, or donate to a good cause.
- Be an educator. Some of the best marketing comes from a softer sales pitch. Share educational content across all of your social channels.
- Branch out from just phone calls and emails and include texting or even video messages.
4 Mistake #4: Giving up on leads too quickly
🎵 “Don’t stop, believin’… Hold on to that feeling!” 🎵
In real estate, we hear a lot about “trash leads,” or “dead-end leads.” First, let’s clarify a few things. A “trash” lead is a truly unviable lead with inaccurate contact information. In this case, it’s a lead quality problem, and not a follow-up/agent problem. (Learn more about how BoomTown verifies leads!)
However, one of the most common mistakes in real estate lead generation, is when agents assume that a lead is “trash” simply because they’re not quite ready to talk, or not quite ready to buy. If you don’t work a lead properly (consistent follow-up), someone else will. And it’s not a question of if they’re going to be ready to buy, it’s a question of when.
Improve your long-term lead nurture in 4 steps
- 1. Create a lead management plan.
- 2. Strategically route your leads for fast follow-up.
- 3. Maintain your database (stay organized).
- 4. Automate your marketing.
5 Mistake #5: Going it alone without the right technology
🎵 “I get by with a little help from my friends…” 🎵
Avoiding technology is nearly impossible in today’s real estate world. Even if it is possible to get by, it’s not smart. Be strategic about the tools that you’re using, by (A) choosing the right ones for your business, (B) utilizing them to their fullest potential, and (C) measuring ROI. Are you using different lead generation tools? Diversifying and testing will help you find the most useful tools for your business.
Consider using a transaction management tool, like dotloop or BrokerMint. Another great tool is BombBomb, a video marketing tool that embeds personalized videos into your emails. MojoDialer is another favorite of ours. It is an automated dialer that allows you to call up to 300 leads per hour.