As your real estate business grows and you start looking at, or managing, multiple properties, it becomes increasingly important to have a standardized lead management system. That lead management system could be something that you develop yourself, or it could be based on popular CRM software such as HubSpot, Salesforce CRM, or other expensive solutions.
There are many different ways to approach the problem of lead management. Customer relations management tools become essential if you are running a dedicated business with a team of sales staff. If your real estate business is currently just you working alone, then you may be able to keep track of your leads in an Excel spreadsheet. Where the data is, and what format it is in, is not important as long as you are keeping track of things.
You can also use an excellent, inexpensive solution that will fill the same needs as that more expensive software, without the cost, by using the Commando Deal Prospector to manage all of your deals.
What Do You Need to Know?
To manage your leads, you will need a good knowledge of your properties and the potential buyers you are dealing with. For each buyer, you should know their contact details, demographic information, and their budget. You should also have a list of any specific “wishlist items” they have—such as the property being near a school, having a pool, having a garage, etc. Whenever you are viewing a property yourself, review the list so you have an idea of whether your next investment will be easy to sell.
For each buyer, keep track of the date of your last contact with them and what they said. If the buyer has expressed an interest in viewing a property, set that up and then follow up with them a few days after the viewing. There is no need for high-pressure sales, but a polite follow up will give you the chance to offer them a second property if they did not like the first.
Use branded stationery, and stay in touch with prospects during important periods. You may even want to take a long-term view and re-remarket to previous buyers. For example, if a couple with young children moved into a two-bedroom house a few years ago, then it is worth staying in touch with them because they may be looking to upgrade to a three-bedroom house when the kids get older and need more space. It is easier to convert a past customer than to cold-sell to a fresh lead.
What Should Be in Your Suite
If you are serious about growing your business, then you will need an online presence. At a minimum, a website with the list of the properties you hold right now is a good idea. Beyond that, a social media presence and a robust mailing list can help you reach more prospective buyers.
Software such as Constant Contact or MailChimp is useful for managing large mailing lists. Do not try to emulate a mailing list by using your personal email account and sending bulk mail. Spend some money on a respectable custom domain name, set up email for it, and use proper mailing list software so that the emails do not get flagged as potentially being spam. You are selling investments that could cost hundreds of thousands of dollars (or more than a million dollars) so ten dollars for a domain and a small monthly fee for a mailing list is worth the investment.