How to Win Business from Leads You Never Wanted

Before dividing leads into categories like first-time buyer or empty-nest seller, many real estate agents separate their leads into "real" and "fake." How you make the distinction can be the difference between getting by and getting paid. If you're just getting by, it could be because you're writing off too many leads. For many agents, a "real" lead has to have real contact information, meet a certain price point (anything under $100,000 is often considered fake), and not be a renter.

While I agree that real contact information is critical, leads looking for rentals and lower value inquiries shouldn't just be written off. Lower value inquiries may end up purchasing a more valuable home or may have multiple transactions over the next few years. Similarly, renters may not understand the value of buying or may be only a year or two from entering the market.

Find top tips for converting any lead here!

If you start building a relationship with them now, your chance of becoming their agent when the time comes will improve. Here are three ways you can build a relationship with your leads and expand the top of your sales pipeline.

1. Educate

There are a ton of reasons someone should buy instead of rent: building your own wealth, having a place of your own, getting more space for less money, etc. I'm sure you're familiar with the reasons. Now educate your rental leads. Many young people just don't understand the benefits of owning their own home. Leads who inquired about lower price points may also opt for a more expensive option once you share the long-term savings and benefits of owning a higher-quality house or one that's in better condition. And after you go through all the reasons to buy a quality home, explain why now is the time to buy. Interest rates and home prices are rising, after all. They should lock in their interest rate and home price as soon as possible.

2. Qualify

Once your lead understands the benefits of owning a home, ask a few qualifying questions to determine whether buying is the right decision for them and to get a better idea of their homeownership timeline. Are they planning to move out of the city or state in the next few years? Can they afford at least a 4 percent down payment for the quality home they want? Do they qualify for a VA or FHA loan?

3. Touch Base

Your questions should allow you and your lead to come up with a timeline. They could be ready to buy a home in a few months or it may take a few years. Once you know approximately when they'll be ready, you can make a plan to stay top of mind during the wait. And one more thing: even if they are a few years away from becoming homeowners, by keeping in touch, you'll be building future income and lead stability.

To view the original article, visit the Homes.com blog.