Lead generation and working in a low inventory market for real estate agents.

1. Generating Leads and Working in a
Low Inventory Market
Maura Neill
ABR, CRS, CDPE, e-PRO, MRP, REALTOR®
about.me/mauraneill

2. What is a lead?

3. A person in
need of a
solution or
information.

4. A person

5. LEAD GENERATION

6. Lead Generation by Name
 Prospecting
 Farming
 Networking

7. Considerations…
 Identify your
ideal client

8. Lead Generation Musts
• Make it a priority
• Establish relationships
• Give it time
• Ask open-ended questions
– Go 3 deep
• Capture as much information as possible

10. Considerations…
 What is your
ideal day?

11. Create Your Ideal Day

12. Lead Generation Musts
• Enter leads into a database
• Categorize your leads
– Hot
– Warm
– Cold
• Develop systems
• Create top-of-mind awareness
• Be consistent

14. LEAD (RE)SOURCES

15. Online Review Portals
 Agent reviews and
ratings at sites like
Yelp.
 Portals are now
incorporating
reviews and
recommendations.

16. Let others tell your story
- Ask every client with whom you interact to write you a
testimonial
- Decide where you want your reviews:
where does your business come from?
where do you want it to come from?
- Be creative with the ask

17. STAND
OUT
How Can You

18. Where do you want
your story?

19. “If We Sell You Well, Tell Others.
If Not, Tell Us.”

20. Your most unhappy customers are your
greatest source of learning.
~ Bill Gates

21. Video
 Video is a
powerful
medium
for
marketing
= face-to-
face
redefined

22. Offline Resources
 Open houses
 Yard signs
 Direct mail
 Community and
civic involvement

24. Offline Resources
 Schools
 Alumni association
 Seminars/courses
 Conferences
 Business to business
 Client events

25. Current Clients
 They are thinking and talking
real estate 24/7 w/friends,
family, and coworkers.

26. Past Clients
88% of buyers said they would hire their
agent again.
Only 12% do.

27. WHY?

28. “I invest my marketing
dollars in client appreciation
events to treat my sphere
like gold.”
Shay Hata
BHHS KoenigRubloff

29. “We take most of the money that we could have
spent on paid advertising and instead put it back
into the customer experience. Then we let the
customers be our marketing.”
~ Tony Hsieh,
CEO, Zappos.com

30. NURTURE YOUR LEADS

31. Nurturing Leads
 Not enough to
fill a database
with leads.
 It takes time
and attention
to keep those
leads warm.

32. Lead Incubation Systems
 SYSTEMS keep
lead incubation
from seeming
overwhelming.

33. What Sets You Apart?
 Show what
makes you
different.

34. What Sets You Apart?
• What makes you
YOU?
• Why should
consumers want to
work with you?
• What is important to
the consumer (and
what is not)?

35. Core Values

37. LEAD CONVERSION

38. Lead Conversion
1. Be responsive.
2. Add value.
3. Make a connection.
4. Start the conversation.
5. Set the appointment.

40. TRACKING LEADS

41. What to Track?
 How many leads generated
appointments?
 How many appointments became
clients?
 What is the “leads to closed
business” ratio?

42. What to Track?
 Which activities yielded the best return?
 Which ones didn’t?
 Which methods are most successfully
reaching
target audiences?

43. Low Inventory Markets

44. Low Inventory?
Supply is lower than
demand
Buyer confidence is
high
Creates strong
Seller’s Market

47. Lead Generation is Key
• Prospecting
• Farming
• Networking

48. Who Should You Target?
• Past Clients
• Homeowners with equity
• Investors
• Builders

49. What is Valuable?
• What are they seeking?
• What is valuable to them?
• How can you provide that?

50. Many consumers may not be aware
that they can sell now, especially if
they were ever previously underwater.

51. Know Your Data:
Absorption Rate
• Let’s say there have been 144 homes sold
in your area in the last 6 months…
– 144 divided by 6 months = 24 homes sold per
month
• Now, let’s say there are 84 homes
currently for sale in your area…
– Divide 84 by 24 (# sold in past 6 months) and
you have 3.5 months of inventory

52. How Does the Public
Consume Information?

53. Absorption Rate

54. Multiple Offers!

57. Buyer Strategy
• Always conduct a Buyer Consultation prior
to showing
• Educate the buyer on the market
• Discuss your recent experience with
multiple offers – with past buyers and
sellers
• Discuss Absorption Rate and market data

58. Buyer Strategy:
Your Homework
• Pull comps before showings
• Have data, such as Absorption Rate,
number of days on market, etc. up-to-date
and ready to share
• Confirm status of properties before
showing
• Get buyer agreement signed before
showing

59. Buyer Strategy:
Your Homework
• Talk to the listing agents - find out:
– What is important to the seller?
– Are there any special terms to be aware of?
– Has the seller authorized the listing agent to
share anything with potential buyers?
• Prepare the buyer for possible
disappointment

60. Buyer Strategy:
Your Homework
• Talk to the listing agents - find out:
– What is important to the seller?
– Are there any special terms to be aware of?
– Has the seller authorized the listing agent to
share anything with potential buyers?
• Prepare the buyer for possible
disappointment

62. Make Your Buyer’s Offer
Stand Out
• Creative closing date
• Escalation clause
• Fewer/shorter
contingencies
• Fewer concessions
• Shorter timelines
• What else is attractive to a seller?
Think like the seller:

63. Seller shall choose closing date that is convenient
for Seller to be any weekday date between 00/00/00
and 00/00/00, not including any state, federal or
bank holidays. Seller shall name desired closing
date in writing no later than [SPECIFY deadline for
seller to name date]. If Seller does not name
desired date in writing by deadline specified, Buyer
shall name Buyer’s preferred date within two days
of deadline specified.

64. Purchase price shall be $X,XXX over the next
highest offer price up to $XXX,XXX. In the event
of multiple offers, if this offer is chosen, seller
agrees to share next highest offer with Buyer
prior to this contract becoming binding OR with
the signing/binding of this offer.

65. ESCALATION WITH CLOSING COSTS:
NET TO SELLER (purchase price less any seller
contribution to closing costs) shall be $X,XXX over
the next highest NET PRICE up to $XXX,XXX. In
the event of multiple offers, if this offer is chosen,
seller agrees to share next highest offer with Buyer
prior to this contract becoming binding OR with the
signing/binding of this offer.

66. OPTION MONEY:

67. • Due diligence / inspection contingencies
• Financing
• Appraisal
• Contingent on sale / closing of current home
• Others?
CONSIDERING CONTINGENCIES:

68. • Seller-paid closing costs
• Termite bond
• Home warranty
• What other concessions can your buyer give
up?

69. Seller Strategy
• Discuss multiple offer strategy in your
Listing Consultation
• Educate the seller on the market
• Discuss your recent experience with
multiple offers – with past buyers and
sellers
• Discuss Absorption Rate and market data
in detail…and explain it

70. Seller Strategy
• Include multiple
offer forms in
listing package
• Agree to a
strategy before
listing and get
seller buy-in

71. Prepare Your Listing for
Multiple Offers
Think like the buyer’s agent:
• Give as much instruction as
possible/your seller will
allow
• Provide guidance on:
– Closing attorney/title co.
– Closing date
– Other terms important to
your seller

72. Connect: about.me/MauraNeill