We get it — lead conversion can be tough: 41% of new agents told us they struggled with this when we surveyed them for our #ThrivePastFive industry initiative. It’s not the only hurdle new agents face, so we partnered up with real-life, tenured agents for free coaching to help fresh real estate pros last long past the 5-year mark.
We’re going to cover the most common rookie errors when it comes to lead conversion in real estate. It’s not to wag our finger and offer a “tsk-tsk,” it’s to show you the other side of the ropes.
Think of it this way: with our coaches, we unlocked the cheat codes to lead conversion for you.
Let’s see what they are.
No more rookie mistakes: the top 6 lead conversion errors in real estate
Generating, nurturing, and converting leads is the bread and butter of your real estate business. Successful lead conversion takes plenty of time and strategic planning; it’s no surprise converting leads is tricky in any industry.
But just because lead conversion takes a little more planning (and a whole lot of patience), it doesn’t mean you need to repeat the most common errors out there.
Here are 6 misses you can easily avoid by planning how to get ahead of them before they even have the chance to happen.
Rookie mistake #1: Being inconsistent with follow-up
Across the board, all of our #ThrivePastFive coaches agreed: inconsistent follow-up is the kiss of death for your lead conversion efforts. You go through a lot to generate leads and get them in the door, so it’s crucial you don’t drop the ball once you have them in your line of sight.
Creating a pre-planned number of touches for following up with your leads is key, along with the places you’ll reach out, such as phone call, email, and text. It’s also important you don’t reach out a random handful of times, but have a targeted, consistent drumbeat of outreach in your follow-up plan.
| A #ThrivePastFive coach’s take on inconsistent follow-up: “Agents need a good follow-up process, CRM, and patience. Sure, you will receive leads that are in the Ready stage, but most likely that is because someone else dropped the ball. Other than job changes, relocation, or other life events, we just don’t wake up one day and say we are going to buy a house.” — Stephen Votino, CEO, CENTURY 21 Triangle Group |
Rookie mistake #2: Not following up at all
Believe it or not, some real estate agents don’t even follow up with their leads. You can’t just hold them in your database forever; the leads you’ve generated have indicated some degree of interest — now, you need to act on it.
This mistake goes hand in hand with #1: you absolutely need to ensure you follow up and follow up regularly. Calling or texting once isn’t enough; your lead must know you’re available, active, and here for them.
| What one coach wishes new agents knew about the importance of following up with leads: “The biggest mistake? Not calling, texting, or emailing the lead when they receive it at least 7-14 times after they receive it or until they reach the lead. [Also], not staying in front of the lead, and not meeting them in person after that initial phone conversation. During the initial contact with the lead, get an appointment set up to meet them face-to-face or virtually. Set them up in a drip campaign — let your CRM help you set it and forget it. Just follow up!” — Jennie Gardner, Coldwell Banker Howard Perry and Walston Corporate Accounts/Affinity Manager and Dir of Ecommerce |
Rookie mistake #3: Lacking personalization
Not all leads are built the same, and while your approach to communicating with your leads should be consistent, it will not always be one-size-fits-all. It’s crucial to tailor your outreach and follow-up to the unique needs of each lead, which will allow you to transition seamlessly into their own buying or selling journey.
It’s a great idea to have templates and scripts on-hand to save you precious time and effort, but top agents are always sure to leave room to go “off-script” and customize the experience they provide to each and every lead.
| This #ThrivePastFive coach shares the importance of customizing your approach to each lead: “Treating leads as transactions instead of individuals can be detrimental to lead conversion. Avoid generic, one-size-fits-all approaches. Instead, personalize your interactions by addressing clients by their names, referencing specific details they’ve shared, and demonstrating genuine interest in their unique needs. Building a personal connection and nurturing relationships can significantly increase the likelihood of conversion.” — Lindsey DellaSala, Owner of DJ & Lindsey Real Estate |
Rookie mistake #4: Having an inefficient nurture strategy
Going hand-in-hand with your follow-up plan and personalization is ensuring you have an efficient nurture strategy.
Your nurture strategy is where you create the sweet spot of educating your lead, letting them know you’re present every step of the way, and offer them a glimpse into what makes you great and sets you apart from other agents.
Sporadic outreach, canned responses, and a patchy email or text nurture flow can tank the efforts and investments you’ve made for your lead generation. Use your CRM to work for you, rather than against you, and add in plenty of manual phone call and text touchpoints so each part of your nurture flow’s experience is consistent and supports one another.
| This coach stresses the importance of effective nurturing: “We say ‘speed to lead’ is critical! You should follow up at least 8 times over the span of 30 days via phone, text and email. Putting a client on an MLS drip is NOT an active touch point. Try to find parts of a property to share with a client that they can’t find themselves on the internet.” — Allie Thomas, VP Relocation & Business Development, ERA Live Moore Real Estate |
Rookie mistake #5: Letting rejection stand in the way of success
If you’re selling anything, regardless of industry, rejection is inevitable. It’s a human, knee-jerk reaction to say “no” more often than not. But the best real estate agents don’t look at rejection as the end-all, be-all; instead, they view it as an opportunity to dig deeper, challenge the rejection, and reach a solution to benefit their client.
Reframe rejection as a positive thing, and while you’re at it, get comfortable with the uncomfortable. Our blog on the most common objections in real estate can help, along with our download guide with 4 actionable scripts to help you tackle them.
| Hear what this coach thinks about rejection: “‘No’ is not always ‘NO’! We have to understand that our natural defense to an unexpected call from an agent is to put up our guard with an objection. It is the way that we gain control of the conversation. Agents need to realize that this is an opportunity and not a reason to hang up. Once we have them on the phone, we need to get past the objection and pivot the conversation. Especially if the customer filled out a form to receive information. Keep in mind: we are providing value. Have a series of questions with you to help guide you through the conversation.” — Stephen Votino, CEO, CENTURY 21 Triangle Group |
Rookie mistake #6: Not trusting the process
Look, we totally get it — it can be super tempting to try to rush to the finish line and get the dang lead converted, as quickly as possible. But rather than try to push a boulder up the steepest hill in town, take a bit more of a zen approach to lead conversion.
We’re not saying to rest on your laurels, but rather to simply trust the process. Lead conversion takes time: you’re building a relationship, growing rapport, and establishing a baseline of trust.
Save coming in hot for when the lead has indicated they’re ready and primed for you to blow them away, like when you find the perfect listing for their budget or introduce negotiations that get them exactly what they want.
| This coach stresses the importance of playing the long game: “‘The top mistake [new agents] make is not viewing leads as a long-term play. The expectation is they will receive a lead and go straight to showing homes or to a listing appointment. I teach agents to treat a lead as an 18-month process because we do not know if we are capturing the lead when they are in the Dream, Exploratory, or Ready phase. Agents tend to focus on the leads that are ready to transact and do not realize there is gold in the pipeline — and, if nurtured properly, leads to a robust business..” — Stephen Votino, CEO, CENTURY 21 Triangle Group |
Go forth and convert
With unmatched insight from our top-performing, tenure-backed #ThrivePastFive coaches, you have the ultimate playbook of what not to do when it comes to lead conversion.
The common thread to get you to successful lead conversion? Consistency, flexibility, and sticking with it — no matter what odds you’re up against. To get even more intel and inspiration from our #ThrivePastFive coaches, visit our dedicated Resource Center here.
