You’re either a new agent, or you want to re-generate your business. You’re wondering just how to do it. You know you have to lead generate to jump-start your business. Specifically, you’re wondering how much lead generation you must do to reach those goals.
I wish I could give you a tight, proven formula. Yet, there are variables that make specific formulas difficult to pin down.
Success by the Numbers
I set the expectations for the Up and Running in 30 Days business start-up program based on my experience on the number of contacts it takes to get a lead, then a sale. But, it also depends on several variables, as explained in Up and Running:
1. Type of contact–how warm or cold is it?
How much trust has been established? The warmer the contact, the more trust is already there. So, it takes less contacts in a ‘warm’ target market (like people you know or past clients) to convert to a lead, than to a ‘cold contact’. For example, the Internet marketing companies say it takes 200 contacts to equal one sale.
2. The agent’s sales skill, competency, and tenacity.
How good are you at opening sales conversations? How good are you at finding out needs? Asking insightful questions? Listening? Guiding the conversation with focus toward a goal of moving the sales process forward? The better you are at sales skills, the easier you’ll find it to sell–and the better your lead and conversion ratios.
3. The market–buyers and sellers are more hesitant to ‘turn themselves in’ today.
Sales skills come back into play here. It’s not a market where people just fall all over themselves to buy and sell real estate. You have to have skills, tenacity, and competency.
How can you tell the numbers it takes?
Track your numbers for each target market and track your conversion rates. Now you know the specific work it takes for you to generate a lead, create an interview, work with buyers and sellers, and get sales results. Armed with those numbers, you can customize a program like Up and Running.
The problem: Most agents work way too few lead generation numbers and sources. In fact, they have so few, it’s impossible to extrapolate ratios. That’s why Up and Running and the four -week regeneration plan in the On Track to Success in 30 Days System (for seasoned agents) have such big numbers–it’s an insurance plan.
Grab your tenacity, get armed with your business generation plan, and get started. Set your goals and keep your accomplishments. Analyze them. Work your best sources of business with consistency. Polish your sales skills. Now, you’ve positioned yourself for success!