What to do when a lead goes cold?

What to do when a lead goes cold?

Getting leads is hard enough, but watching leads go cold is arguably the most frustrating part of being a real estate agent. And yet, it’s just a part of the job that even the most skilled agents have to deal with. In fact, how you deal with cold leads is one of the most important parts of your overall sales strategy. Here are a few things about the process to keep in mind.

First of all, how do you define a “lead”?
This is a key question that every real estate agent should be able to answer but an alarmingly large number cannot. No matter where you are in your career, it’s worth it to ponder what leads you to qualify a person as a potential get.

When it comes to online marketing, for instance, Matthew Bushery of Placester suggests a number of behaviors that characterize somebody as a lead: They have checked out your site “at least a few times,” they have signed up to receive emails from you or they have asked questions about your services.

Ranking leads
Of course, not all leads are created equal. A lead who responded to an email six months ago with a couple questions is not the same as somebody who called you and spoke to you at length about house-hunting. You should keep an ongoing list of leads and divide them up into two or three groups based on the level of interest they exhibited in your services.

Remember: They haven’t necessarily ditched you
A lead that goes cold is not necessarily a lead that you should consider gone for good. There is a good chance that they made the conscious decision to not do business with you, but there is also a solid chance that there are other reasons they didn’t call you.

They may have shelved their plans to enter the housing market, and may be ready to re-engage in a few months. They could’ve decided to do some more searching on their own –– or they may have even convinced themselves that they could do everything themselves and may soon be ready to reconsider that decision. Finally, they may have gotten sidetracked by other things going on in life and need a reminder to get back in the saddle!

Think about why they most likely went cold
In many cases, you’ll have a hunch about why a lead went cold. Through your past conversations with them, they very likely hinted at reasons they were reluctant to engage further with you.

Offer them a pitch aimed directly at their most likely issue
If you have a sense of the problem that might have turned them cold, you should be prepared with information aimed at addressing the problem when you contact them. Perhaps you have the latest market analysis that shows they are more likely to get a favorable price for their home. Or you have information on a new condo development that you think they’d like.

Just the fact that you have remembered the specifics of their concerns can go a long way in showing them that you’re the person they want when they do finally decide to enter the market.

Don’t get frustrated
Remember: No customer owes you anything. It is your job to convince them of the value of your services. It’s natural to get frustrated when somebody disappears after taking a lot of your time but you will never be doing yourself any favors by voicing your frustration to the customer.

Instead, remain patient and try to keep the customer in the loop, sending them regular updates and pitches, letting them know you are there when they need you.

What are your strategies for dealing with cold leads? Share some of your thoughts with us in the comments section below or drop us a line on Facebook or Twitter!

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