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Building Real Estate Leads

Mar 12, 2008
Whether you're just starting out, or you've been in the real estate business for years, there's simply no more important task than lead generation if you want to be successful.

I know this is contentious to many of my peers; many argue that real estate is about connections, about building relationships, about providing an important service. And I would agree that each of those is vital to success.

But, I think many of us don't realize how important it is to continually prospect for new leads. If you don't continually fill your sales funnel, you risk going entire months without a transaction.

Essentially, it comes down to this: without leads, you won't have anything else to do. Even if you're the best agent in the world and know the business inside and out, without leads you will be on a quick path to another career.

Fortunately, lead generation only takes a few minutes of diligent effort throughout the day. In fact, it's as simple as creating a system of asking for, and following up on, contact information for all the people you meet throughout the day.

And as easy as it might seem, do not look to lead-generation companies. They are a waste of time and money. I promise you, there are enough new contacts in your daily efforts that if you simply committed to adding one new contact a day, you'll find yourself with hundreds by the end of the year.

All that being said, I do recommend you develop a system for managing your leads. Whether you resort to file cards, or a more formal real estate contact management system like Top Producer 8i, it's vital to keep as much detail about your contacts as possible. That way, when you connect with that person you've met at the coffee shop today in 6 or 8 months, you'll be able to reference their exact preferences.

Personally, I suggest just sticking with the basics until you have developed an ongoing stream of new leads. Look at the successful agents around you, watch what they do on a regular basis to build their list of prospects and clients. Once you have developed an effective system, you can start to add new lead generation ideas, but always keep up with the ones that are proven. Finally, be sure to track your efforts and monitor the success of your efforts (whether marketing, promotions, or otherwise), and maintain the most detailed contact records possible.

In a very short period of time, you'll find yourself on the path to success as a Realtor.
About the Author
Michael Lee-Smith enjoys real estate strategy and leveraging real estate software to excel.
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