500 Leads in August!
BHAG, Big Hairy (Fill in the Blank) Goals! You gotta have some BHAG in your business plan because if you shoot for the Moon and miss you may just end up in the STARS. One of my BHAG is for the month of August 2009 and it is to generate 500 home buyer leads.
Of course for the obvious reason, to close more loans, create a security blanket around my business, and because I can. For the life of me I can not remember who I heard this from so any help would be appreciated; ‘it is the person with the largest database that wins’. The more people who want to buy a home that knows me and listens to me the more business I will close.
I feel that to be truly successful as a loan officer and/or real estate agent you have to master two things and two things only, Lead Generation and Database Management. If you can generate and capture a relevant number of people who have raised their hands and told you that they are considering buying a new home in the foreseeable future and you communicate to them consistently providing worthwhile information and valuable call to actions you will have a steady stream of renewing business.
In his book; “The Millionaire Real Estate Agent’, Gary Keller goes into great depth regarding this subject, to paraphrase, he tells his audience, ‘if you don’t believe you are in the lead generation business….then today is a good day to quit’. I take some literary license in what I just quoted but that it is what I got out of it. He also talks about lead conversion ratios, for leads similar to what I am generating Mr. Keller states I should expect a 1 in 50 monthly conversion ratio. If I want to close 10 loans every month from my pool of leads I need to stay in touch with at least 500 people who will be buying a new home in the near future. These are people who contacted me, who asked for information, who asked I pre-qualify or pre-approve them for a loan, these are future home buyers who have invited me into their home buying process.
I place myself where the greatest number of potential home buyers gather, on the Internet and at the homes they are interested in. I think we have all heard that 87% of all home buyers start and maintain their search for information and to view homes on the Internet. But, did you also know that 68% of all Internet home buyers once they find a house they like on the internet will drive by that house?
I put myself on the Internet in the most used Internet sites for listings and information, Realtor.com, Craigslist.com, ActiveRain, and many of the other most used listing web sites, blog sites, and social networking sites. I also put myself at about 100 to 150 listed homes, a small but significant portion of all listed homes in my area.
Through what I refer to as a joint venture lead generation and marketing program I maintain a decent number of real estate agents and their listings to create a synergy that produces significant volumes of leads for both of us. In fact, I have a title for my program, RSVP which stands for Reciprocal Success Valued Partnership.
Using listings as bait to draw out potential home buyers I offer a call to action that drives home buyers to contact me, contact the real estate agent, call into a message center to request additional information, or go to my web site to fill out a pre-qualification questionnaire.
For every 50 listings I have within the system I average about 4.5 leads every day, convert that to a monthly number and it is 135 leads per month for every 50 listings. I also do a few other lead generation programs that produce far lesser numbers, added all together about 1.3 per day, but its having the ability to partner with a real estate agent and utilize their listings that creates the most leads.
My List of Tools
Real Estate Agents with Listings
Valued Call to Actions
Website, Landing Page, Squeeze Page
Call Capture and a call back system
Individual Listing Web Site creator
Auto Responder and Contact Management System
In upcoming blog posts I will discuss each tool, how I use them, specifics and generalizations.
500 Leads in August!
To reach 500 leads in August using the ratios mention earlier I estimate I need about 186 listings, as I write this blog I have a current inventory of 112 listings that are using my individual listing web site program. I am also recruiting several new real estate agents, agents in certain areas of town where I want a better presence and who have a large portion of their listings in the sweet spot of our home buying market, the First Time Home Buyer price range. This week alone I have interviewed 10 real estate agents and next week I have 8 interviews set up, so far.
I want to carry an inventory of 2o0 to 250 listings which if statistics hold true will easily produce 500 leads in the month of August. If I can’t hit these numbers, at least I tried to reach the moon and at worse will need to settle for being among the stars. There’s always next month.