If you follow me at all...you know that in just about any given moment, you can find me involved in one conversation or another on Twitter. Usually more than one...And the day that this conversation occurred is no different.
See, I was talking with Tamara Dorris about lead generation. We were talking about the fundamental importance of lead generation and the fact that most agents simply don't have enough leads and why I think most agents simply fail when it comes to this activity. Below is an exerpt from that conversation from Twitter (If you don't use Twitter, I am talking to Tamara here):
@tamaradorris A high percentage of agents are just lead starved. They just don't have enough leads in the first place.
@tamaradorris Most agents operate on a subsistence level and then wonder why they don't have more clients. It's because they are lead starved.
@tamaradorris Whether they use their own lead generation efforts or rely on brokers, websites, etc...Most agents simply don't have enough.
@tamaradorris Lead generation should rank within the top 3 things an agent must do DAILY. Cold calling, buying leads, sending emails or newsletters, etc.
@tamaradorris What ever the effort used, it MUST be done daily.
@tamaradorris And, those that have the leads to work, don't dedicate the time required to do it effectively...or lack the ability to do it right.
Yeah, I went there. Most agents simply fail at being able to work a "lead" into a client. More on that in a minute...
During this conversation with Tamara, a good friend of mine and fellow Twitterati, Todd Waller, sent me an email with a story that directly proves that last point. Todd's email is listed below:
"My business partner made $365K last year. He compiled a list of all of his leads, internet generated or other, and, while at the copier, was asked what the list was (by a newer agent). Instead of answering, he simply grabbed the list, handed them to the agent and said, "If I told you that you could make $365K just simply by calling these folks, would you do it?"
Know that the agent said????
"Nope. (That's) too much work."
Never mind agents having enough leads or not, they don't want to work (the ones they have)!!
This entire conversation was also witnessed by another fellow Twitterati, Vance Shutes, who stated that it "made his jaw just drop".
TOO MUCH WORK!! *That* was his answer? It's too much work??? It's too difficult to make a phone call?? It's too hard to follow up with YOUR potential customers to ensure that YOU have an income???? Good grief.
Now, many of you know that I work for an internet-based referral service. And, in my position, there is no more powerful tool than the phone. That is how we sell our product...over the phone. Roughly around 75% of my sales on any given day are to people that received a cold call from me at some point. Whether that be the same day or weeks prior, at some point I had to speak with them...usually numerous times. If I didn't speak with them, they would never know who the heck I am or what I am doing.
Also, without that initial point of contact, they would never have become my customer. And, without continued follow-up contacts from me, they never would have remembered who the heck I was or why I was calling in the first place. It was me speaking to them and developing a rapport with them and discussing their needs that lead them to the decision of working with me. And, agents are no different.
Opportunity is usually passed by because it comes knocking on your door dressed in dirty over-alls and looking like hard work. Im fairly certain Edison said something like that once.
You see, much like Mr. Too Much Work above, these activities appear to be hard and scary. Most agents fail at this activity simply because it's "too hard" or "too time consuming" or "never leads to anything for me" or any number of excuses.
I hear a lot of excuses from agents as to why they are in such dire straights. Unless you are independently wealthy and can just sit back and wait, you have to make one of these two choices. Taking the current state of the economy and the industry as a whole out of the equation, with regard to this fundamental requirement of lead generation, it boils down to laziness or fear.
Laziness usually cures itself. Either they realize that they just can't sit back and wait for business to land on them and must become proactive to seek it...Or, they go and get a "real job".
Fear, on the other hand...that's a much harder obstacle to overcome. One of the best quotes about fear I ever heard was from the movie REMO WILLIAMS: AN ADVENTURE BEGINS by a character called Chun played by Joel Grey. "Fear is nothing more than a feeling. You feel hot. You feel cold. You feel hungry. You feel afraid. Fear can never kill you."
Agents have to realize that they are in an industry where rejections occur. If you are scared of hearing the word "no", you are in the wrong business. And, if you do not overcome that fear of rejection...and the fear of hard work...you will fail. End of story.
Agents like the one in Todd's email lack both the skill set required to be successful at effective lead generation and the intestinal fortitude to be able to actually get it done. Even if Todd's partner had given the list to the agent and the agent overcame his fear and called, would he be able to effectively convert those leads to clients with the attitude that it's just "too much work"? Probably not.
So, how do you make lead generation easier? Well, there is really no way to make it "easier". But, there are thousands of ways to make it more effective. One of the ways that I make my lead generation efforts easier is blogging and social networking as whole. But, not because that is the solution...because its not. I use it because it allows me to build a rapport with others so that I can effectively trip a "trigger" that will spring them into action.
What am I talking about? I am talking about the emotional triggers that every single human uses when making a decision. There are 7 of them in total and I added a quick line or two after explaining what the trigger is and how effective agents use them to help push contacts into becoming clients.***
The Friendship Trigger - Activates both trust and agreement through bonding on a social level. (SOI at its core. These are friends, family, close acquantances, etc, that you rely on as your base clientele. You want them to react to your friendship and work with you as a result.)
The Authority Trigger - Activates acceptance through expertise. (A perfect example of this is people that specialize in REO property...or specialize in luxury property. That makes them an "authority" and those that need this type of specialized help would instinctively choose them as a result.)
The Consistency Trigger - Motivates consistency with past actions and repeat contacts. (Follow up! Follow up! Follow up! Remember, it's the squeaky wheel that gets the oil. So, squeak!)
The Reciprocity Trigger - You give, you receive. (Use the services and businesses that your clients own or work at...and they will do the same for you.)
The Contrast Trigger - Side by side comparisons of options to make one more attractive than the other. (From listing presentations to financing options, we do this all the time probably without knowing it.)
The Reason Why Trigger - Emotional reasons to make decisions and actions. (Buying is an emotional thing. So, we keep coming up with emotional reasons to say yes.)
The Hope Trigger - Instills positive expectations to help persuade one side of an argument.
Whether you know it or not, you are using something to your advantage to get someone to buy from you. Regardless of which trigger you are trying to hit, you are doing one of the 7 above. Or, perhaps more truthful, you are applying pressure on more than one of these triggers. Either way, one of these 7 things above will make someone buy from you.
I'm not going to sugar coat it. Lead generation is hard work. But, without it...you are not going to survive for long. It MUST be done. And, it must be done EFFECTIVELY! If you don't know how to do it, ask someone for help. If you don't know how to do it right, ask for help! Make sure you gain the knowledge to be able to do it right before you are forced to make a choice between real estate and Burger King. Or worse yet...develop the attitude that it's just "too much work".
If you would like help with your lead generation, contact me, Clint Miller, at 800-977-7058. Or, follow www.recr.com and Clint on Twitter by going to www.twitter.com/recr.
*** For more information on the 7 triggers, go to www.seventriggers.com!
My first comment came from a recruiter that I speak with on Twitter...
JenWojcik @recr LOVED your post!!! You need to find a sales blog site and post it there too...applicable to ALL sales driven orgs. EXCELLENT!!!
Clint, this is an exceptionally well written post.
Susan -- Thank you very much. Im glad you liked it.
Very well written and I could not agree more. If a lead includes their phone number, I am to assume they want a phone call...I email and let them know I will be calling them. Works for me! Surprisingly, most are pleased to hear from me. You'd think just the opposite. If they DON'T want to hear my charming voice, NEXT...I am not in the business of bothering anyone and don't get offended. It's a numbers game!
Elizabeth, my dear! Thank you so much! You hit the nail right on the head with regard to the follow up! I love it when people agree with me...LOL! Thanks so much for the kind words!
Clint,
It amazes me that you are not an RE agent yourself. You "get" it. I can only repeat the kudos you've received on this and other posts you've written.
And I am sorry I broke in on your twitter conversation! hehehe
Todd -- Thank you very much for the kind words, my friend. I do get it. I just wish more people did. And, you can break into my convo at any time...I welcome your opinion and assistance with open ears. :-)
Great post Clint! i couldn't agree more.
Our company is almost entirely dependant on internet leads for business other than referrals, and I agree completely with everything you're saying!
Joel -- Thanks!! Much appreciated! :-)
Hey Clint,
This sounds a lot like the principles of how to find a job...
I don't know about people being pissed that you wrote it ;) I though it was pretty spot-on myself.
(Also, the captcha says "Goatnut"... Am I the only one who laughs at these things?)
Clint, what a great post, and so timely! You make some excellent points. I'll be sharing this with other agents in my office. Thank you!
Claire -- Yes, actually it does. I recruiter friend of mine said I should write book on sales..LOL! Thanks for commenting for me!!! And for following along in TWitter!!! (Otherwise, you wouldnt have mentioned the pissed off thing...lol)
And, yes...I giggle histarically at the security words...LOL
Sherry -- Thank you so much! Please share away!! Print it out...reblog it...whatever you gotta do to get the word out. :-)
Clint - I wanted to write a comment, but it just seemed like "too much work."
Clint: Great post. If one can't do lead generation.. they may miss the boat.
Yo Clint- I was JUST having a conversation a few minutes ago with a client whose trying to motivate his Buyers Specialists..this is fantastic and motivating..rock on!
Great article and it is so true. I like to be proactive in my lead generation. I found that the phone does not ring by itself, you have to make it ring!
Roland -- Thank you! And yes....you are correct!
Laura -- Yo, Laura! Thank you so much for the kind words...I hope this helps your client!! :-)
SparkerRealtor -- Thank you so much! Proactive is the only way to survive...If you are being reactive, you will sink.
Matt -- OMG!!! LMAO!!
Hey Clint, This post is spot on message. I've done my fair share of lead generation and figured out quickly I needed to hire folks that knew what they were doing. All activities that are simply wait-and-see are too passive to amount to anything. Business isn't gonna simply jump in your lap. Develop a plan and make it happen... or not.
And LOL @rerockstar
Craig -- Thank you so much! Im glad you think so. And yes...hiring someone that can do it effectively for you is a huge bonus. That is where companies like mine can help so much. Tamara Dorris and I agree on this point also. :-)
I love this (LOL). It's nice when people call a spade a spade without being afraid they are going to stub their toe on one. :-)
Featured @ Club Chaos
Carolyn -- Im glad you like it. :-) And, thanks for the feature!!! Much appreciated!!
Good work! It's true, as you know, that lead generation and converstion are the two things that stand between agent that rock and roll and agents who go hungry.
Tamara Dorris
Tamara -- Thank you! Im glad you liked the post since you pretty much inspired it...LOL!
I had never seen a list of the 7 triggers before, excellent information! Thank you.
Lauren -- You are very welcome. You can find way more info on them at www.seventriggers.com.
We love it when you meantion the hard working agents in Michigan. Yahoo for Vance for getting a shoutout. Glad to see your stuff on twitter to lead me here.
Karen -- Well, I love it when these guys chime in and inspire blogs. :-) Todd has done it to me a couple times now...And Im glad you are following along! Thanks!
Clint...
Quite a turnaround, congrats on a fine post and a gold star for the awards wall!
Richard -- Thank you!! Much appreciated!!
I'm not going to sugar coat it. Lead generation is hard work. But, without it...you are not going to survive for long. It MUST be done. And, it must be done EFFECTIVELY!
Hi Clint,
That's definitely a jaw-dropping story about the agent who said it was "too much work" to earn $365K!!!
Bruce -- No joke! When Todd and Vance were telling me that story, my heart nearly stopped. In an industry where your activity equals your paycheck, you would think people would want to work harder, smarter, better and not LESS!
Oh my gosh, Clint! Your posts are getting gooder and gooder. Seriously, this was excellent and quite worthy of the little yellow gold yellow gold? star!
I admit that I used to be afraid of being turned down. I got over it. The more people I contact about using a Virtual Assistant, the better my odds of picking up new clients. You can't wait for them to call you. You have to get out there yourself!
~Renae
Renae -- Well, thank you so much! I keep working on my gooder skills..lol. And, yes, you are correct. If you dont ask for the sale, your chances of not getting one are 100%!!
Clint...extremely well written! As much as people hate to admit it...Real Estate is a "sales" job, and unless you try to sell yourself, your skills, your knowledge, your expertise...you're not going to make it. It takes someone who's willing to get outside of their comfort zone...do a little calling, door knocking, networking, etc...and prospect. And it has to be consistent...every day...just as you mentioned. Those who do it will be reaping the rewards, and those who won't are quickly finding themselves working at McDonalds.
Awesome post!
Clint - Even though its a lot of work to type this out - Congratulations on your feature! Whew, I'm tired now.
Chris -- Thanks, man! You are correct in your assessment of the situation...I cant add anything else other than that.
Matt -- Nice..LOL!
Clint - "too much work" - what real estate is a walk in the park? -shaking head- Making calls is one the the keys for us. Brian is amazing on the phone! And keeps bread on the table. ~Rita
Rita -- Exactly!! Making calls is one of the keys for everyone. Its amazing to me how many agents I talk to over the course of a day that just dont do it. Seems self-defeating to me not to...
Clint, fantastic post! You're 100% right! One of my colleagues calls lead generation "sowing the seeds". If you don't do that, the flowers will never grow! Thanks for sharing your great insight. P.S. I love Remo Williams! Most people have never heard of that movie. :-)
Kristen -- Thank you so much. And, your colleague is exactly right! And, Ive seen Remo so many times, I can dang near quote the entire movie...LOL
Clint, whenever we trip over something in my family, we say, "...and crumsy." ;-)
Kristen -- My favorite one is, " YOU DRIVE LIKE A MONKEY IN HEAT!!"
What a great post, Clint! You are SO right.
For my clients generating internet leads, I always recommend they call the ones with phone numbers... and as soon as possible. Most systems allow for email alerts or text messages. The longer you wait, the less likely you are to convert the lead or even reach them.
Thanks so much for all of your wonderful posts! Keep 'em comin'!
Erin -- Thank you so much! And, you are dead right!! Especially internet leads. My research says that an internet lead de-generates by 50% for every 24 hours it sits without a callback. That means, after 2 days of sitting, the lead is only worth 12% of what it was originally. So, CALL THEM BACK!!!! :-)
Thanks again!!! And feel free to share this as evidence of what you are preaching to your clients...because its gospel! Preach on Sistah!
I wrote a post and similiar on Agent Genius, the essense was Traffic is not the problem. I didn't call them lazy but I did say that most agents call one time and then forget about it. Ridiculous. As your post pointed out, I guess like the Twit it is too much work.
I needed to see those triggers in writing.
Thanks,
www.coreydavenport.com
Missy -- And, its amazing how many of my clients I talk with on a regular basis that never recieved a follow up phone call from thier agent. Just makes me question what these people are doing...lol Thanks!
Corey -- It helps, doesnt it.
My broker asked me to speak at a recent meeting with some of our agents and what he wanted me to highlight was how I have remained busy while so many others have been barely able to get out of bed. He knows that me and my team work every day on trying to keep up with past clients, current clients, and future clients. We do this in a variety of ways but the main point is that we do it consistently. While standing in front of my colleagues, my broker asked me, "how many hours do you work each week?" My reply was 60 or so hours on average. We work year round and don't believe in allowing cycles of activity to affect our working schedule. It might impact when we take vacations, but that's it. When I worked in a corporate setting the seasons didn't impact how we had our schedules and I don't see any reason why it should here. Working hard in the slower times is what gives us a bigger push when the good times come and we expect this current slowdown in the overall economy to be a great building period for us.
Good for you to keep promoting the positive things that people can do to keep growing their business, or at least to make it through today's environment.
When I talk to a new, prospective client, I always assume that they will work with me. "We will do this..." "I will do that..." Until they tell me they don't want to work with me (which has never happened) or tune out the communication (which HAS) I'm giving it my all to convert them. Although I'd love to spend my days waiting for deals to fall into my lap, I'm partial to good food.
Our broker consistently reminds us that we're in the lead generation business. And without a system to convert them, they mean nothing.
I think most agents start off afraid of hearing the word "no." You get over it really quickly once you realize that some of them say "yes" or "maybe." Those are the ones that make up for all of the "no" responses you get. And the "yes" responses make it so worthwhile, doesn't it?!
Kathy
Clint-What a wonderful blog and thanks for the boost of enthusiasm. That is going to be one of my New Year's Resolutions. Start a notebook and call everyone in it until they tell me to get lost. LOL. Seriously, I do plan on starting the notebook. Great reminder. Thanks for sharing this with us. See you on Twitter......
Clint - This appears to be an awesome post, and a well-deserved feature. However, it is also an opus, so I am bookmarking it for when I'm not as tired so that I can soak it in. Nicely done!
Great post. Specific, on point and very timely! Thanks for your work on this and sharing.
Lead generation is a simple thing. It isn't sexy, it isn't pretty or even really extremely fun.
But, it is such a neccesary evil. I love the concept of Gary Keller - We are not real estate agents, we are lead generators. Just as every othre business owner is!
It took me nearly two years to learn this lesson - and the hard way - but I'm now a devoted lead geek.
I hadn't heard of the 7 triggers before, but it makes sense. Lead generation and follow up is difficult, but absolutely necessary.
How about the WHATS IN IT FOR THEM TRIGGER (meaning whats in it for your clients)? I just used this one this past week to get one of my loan officers at least 3 new refinances because of how low the rates are...
Reba -- Awesome! Not sure if I can come up with another word for it, actually. You "get it". And, Im so happy that you do. Your broker knows it and that is quite a testiment to your efforts. Keep up the good work!!
Lisa -- One of the keys to sales is assuming the sale. I have to teach that to all of my people practically weekly. I just assume that if they are going to talk with me more than 7 minutes, they must be interested. If you dont ask for the sale, you will never get one. Assuming the sale is a psycological way of saying to your client, "Hey, youre working with me."
John -- Indeed! That you are. And yes, you are correct. A lead is nothing if you are not able to convert it into a client.
Kathy -- I would tend to agree. Seasoned vets know there is some "seperating the wheat from the chaff". But, even they rely on the "old ways" and miss opportunities to convert leads.
Laura, my dear! So happy to see you on one of my blogs again. :-) I think that is an awesome reslolution. Although, I would recommend an XL table or investing in a CRM like ACT or GOLDMINE...heck, even TopProducer. Way better than a notebook. :-)
Jason!! Thank you for stopping by and commenting! Much appreciated. Im glad you liked the post...I hope you like it as much when you are awake. :-)
Pat -- Thank you as well. I appreciate the kind words.
Toby -- I respectfully disagree with you about it being easy...some say its the hardest part of thier job. But, yes...its definitly "dirty" work and definitly not fun. You are correct about it being neccessary...thats the truth. Im a big fan of Gary's philosophies and the way he approaches lead generation. I wish more people would pay attention to what he says. Lead geeks of the world unite!
Christine -- The 7 triggers are what you apply to your clients to get them to make decisions. People use them in place of rational thought. So, using them to your advantage means more people to wrok with and more people reacting the way you want them to react. (ie -- buying a house..lol)
Michael -- That would technically fall under a combination of the CONTRAST, REASONS WHY, and HOPE triggers. "Whats in it for me" automatically implies there is a downside. Thus, CONTRAST. If you used any evidence to back up your claims, you are using REASONS WHY. And, if you projected anything about the future, you used HOPE. And, might I add, you did it correctly. Nice work.
Clint - very nicely put, I like your list of triggers, I know that I need to grow my leads to meet my goals for next year.
Mike -- Thank you very much, my friend. That list of triggers is something I read one time...always remembered them and had to reference the website at the end...obviously. Most agents need to grow thier leads to do just that. Wishing you all the best in the coming year!! If I can help, dont hesitate to ask!
Clint - this was excellent. I was following the thread on Twitter...the 7 emotional triggers really hit home. Off to check out the site. Happy Holidays.
Jeff
Jeff -- Thank you so much. Im glad you were following along! I LOVE TWITTER!! :-) And, I hope that site helps a bit...
Great post! If you want a great Spring business you should have started on it YESTERDAY! Leads are stock piled in todays market. Someone you contact now could be months or even years down the road. We have sold a home to a client we contacted 4 years ago!
Frank & Jodi -- Thank you very much! And, its good to hear from so many people that do understand this part of lead generation! You guys sound like you are awesome at cultivating your leads. Nice work on keeping that pipeline full!!
THANK YOU to all of you that commented...read...or clicked through this post....
And a special THANK YOU to those that subscribed to my blog!!! Very much appreciated!!!
Merry Christmas!
I have over 500 contacts in my database..... I call the database everyday..... it DOES pay off!!
It is great when someone says to me,"No-one else has called me back...THANK YOU.... You are now my agent!!"
=-)
My goodness, you had a lot to say on this subject. LOL
I can't believe that an agent would have that type of response. In order to be a good Realtor, you must be able to make the contact. You don't have to be a sleezy salesman, which some agents feel is 'cold calling'. But you do have to be approachable and be able to approach others. Thats crazy that someone would have that type of response.
Alexander -- (Awesome name, BTW. Thats the name of my first born son!) Yes, it does pay off!! And, the bigger you make that pipeline, the better it is for in the long run as long as you keep in contact. Excellent!
John -- Yeah, I get a little wordy sometimes...LOL! Yeah, when Todd sent me that email, I knew it was destined to be in this blog.
We are quite simply a lead generating business. If we dont get them generated and work them effectively why are we even doing real estate.
Laura -- THANK YOU!!! Im in need of a good Lexington area agent...We should talk!
Great post. One other point is that you must call the lead within 15 to 30 minutes. Internet leads are not generally loyal, but your chances of closing one are higher the faster you respond.Have a Happy New Year!
Annie and Eddie -- YOU GOT IT!!! 86% of all people that buy a home do so from the FIRST PERSON they speak with...You respond fast, you increase your chances dramatically! You guys get it...Nice!
This is really funny about the agent that didn't want to make the calls...that's right you sit back with you feet up big guy...those of us in that 20% will make those calls for you, you just won't benefit from it!!! People like that...heck what can I say? Thanks Clint, this is a great post...good stuff!
Jackie -- Im glad you liked the post...and yes, I agree. That agent is a classic definition of the 80/20 rule.
Clint, Excellent post and I'm going to bookmark it any time I need a good swift kickstart. Loved the shout-out to my homeboys Todd & Vance! See you on the Twitterline...
Debra -- Im glad you liked the post, Debra! Gotta love those guys...they have been a wealth of info for me...and I hope to see you on Twitter soon.
Holy COW, Batman! Give me Todd's list and I'll start yesterday...phone fears and ALL! For my team, with three agents, that $365,000 would be a great start!!
Ron -- Now, THAT is the reaction I would have expected to hear...lol.
Terrific post, and it's all true - some of us are just plain lazy, or afraid to hear no. It's the simplest advice - just try it, and don't take a no personally.
Carol -- Thank you so much! And you are correct, dont take it personally.
Clint,
Second post I read of yours today. Another great piece of information. It was a good read above. I'm starting my second year here soon in the business. I'll confirm it. Lead Generation is a everyday thing.
Scott -- Thank you so much for reading! Yes...Yes it is. Daily. End of discussion. Well...almost, if you want some help, let me know. its what I do....lol
Just the other day I showed my wife a list of people that had registered with my website looking for a home. Unfortuantely, I have not done a good job of following up with them. In this market I need to take advantage of all leads available. Thanks for the timely reminder.
Calvin -- You are very welcome for the reminder! Wishing you the best of prosperity in '09!
you mean I have to actually work at this job to get leads and make money?? Finding anf getting leads is like Christmas every day I get a new, can't wait to get another website lead, sign lead, 800# lead to see who is on the other end and how I can help.
Keith -- Some people refer to that as the hunt...lol. And, its one of the reasons I do what I do as well. Its rewarding knowing that there is people out there that need your help...You just have to step up to the plate and be willing to do the work.
Clint, thanks for laying out the triggers as you have. That is comprehensible to a marketing-challenged person such as me.
This clarity helps me understand that I've focused most on the Authority Trigger. Maybe, need to find a way to work on some of the others.
Andrew -- The authority trigger is really only accepted by the masses if you are indeed a recognized true authority. Sometimes, it is easier to leverage the friendship and trust triggers and then apply the authority afterward...Hope you find a way that works for you!