Buying property is a big decision: it is expensive, emotional and stressful (especially if taking out a 25-year mortgage). As such, clients take their time finding the right property and the right agent. Building trust and engaging in a relationship are essential to working with clients. As is lead nurturing.
This is where Lead Nurturing comes in. Lead nurturing is the process of building and maintaining relationships at every step in their journey from their first contact. This means building a relationship with a prospect right from when they contact you through your Bayut listing (top of the funnel) so that you can earn the business when they are ready to buy (bottom of the funnel).
Lead nurturing takes patience, communication and consistency – and, most importantly, the ability to add value and be helpful to your potential client. The goal of lead nurturing is to be on top of a client’s mind (to literally nurture them through the process) when they are ready to buy property.
Let’s take a look at how you can master the art of real estate lead nurturing and reach a close table.
Become A Master Of Nurturing Leads
Every lead has different needs and buying timelines, so you should plan your lead nurturing strategy by first segmenting your leads.
Segment your leads based on their timelines and intent as A leads (Hot Leads), B Leads (Warm Leads), and C Leads (Cold Leads). Let’s take a look at each of these leads, and how to effectively nurture them:
Hot leads or A Leads
These are the leads that plan on purchasing property soon, let’s say, within the next 60 days.
Nurturing these leads would mean prioritising them and contacting them often – ideally, even twice a week.
Nurturing an A lead involves following up after each step the client takes, and requires you to have the next appointment or step scheduled to move the lead along the sales process.
Get the latest tips for Real Estate Success
Warm Leads or B Leads
These are the leads that plan on purchasing property within the next 60 to 120 days. B leads offer an excellent opportunity for real estate agents who understand the value of fostering an ongoing relationship with these prospects and engage in a meaningful way.
Our goal should be maintaining meaningful contact such as market updates, new listings on the market, understanding concerns, etc.
Cold Leads (C Leads)
These are the leads that could purchase property but are not looking to do anything right away but have the means and probably intent to buy. Think, “I’ve just signed a tenancy contract; however, I am curious how much it would cost to buy in this building.”
We recommend sending these leads market updates or newsletters via email/Whatsapp every quarter and checking in from time to time for lead nurturing. With each interaction, determine when you can move this lead from cold to warm. However, your interaction must be meaningful, not “Are you ready to buy now?”
Here’s an example of a lead nurturing strategy after segmenting leads:
| Lead | How often you should contact them | Activity |
| Wants to buy right now (A lead) | Daily | Text, call or email – make sure they are aware of the purchase and mortgage process, next steps, and be aware of emotions that may present. |
| Actively thinking about buying (A lead) | Twice a week | Text, call or email |
| Passively thinking about buying (B Lead) | It depends on person and your strategy, but once or twice a month, | Email newsletters, quarterly market updates, resources on buying property for new homebuyers, new listings, how to get a mortgage etc. |
| Unsure (C leads) | Once a quarter | Email newsletters, quarterly market updates, and resources on buying property for new homebuyers |
Tips For Effective Lead Nurturing
Now that you know how to plan your lead nurturing strategy, here are some things you can do to be the agent on top of a client’s mind while you maintain your relationship with them:
- Email marketing: An effective lead nurturing strategy is to share emails with data, testimonials, or new properties that meet a client’s needs. Ensure you use professional, engaging language and provide value with each email you send (if you can’t answer WIIFM from the client’s perspective, it may have little value)
- Personalised messages: Personalisation adds a human touch to your text messages. Using the lead’s name, asking them how they’re doing and customising your messages based on their needs can go a long way. This helps to improve customer retention and shows that you are willing to invest your time and efforts in assisting them. Things like personalised emails, text messages, and letters can make a difference. For example, a message to celebrate a birthday or an anniversary.
- Face-to-face meetings: In-person meetings can help establish credibility and foster a strong relationship. During the first meeting, ensure you are prepared with all relevant market data, CMAs, etc. A solid first meeting can set the tone and differentiate your professionalism and expertise. It can be as simple as ensuring the potential buyer/seller understands the entire purchase/selling process.
- Social Media: Creating and sharing valuable content on social media shows that you take your job seriously. Social media gives you the opportunity to build your brand, gain a following and communicate directly with your audience in an effective manner. While creating your content, get creative and think outside the box (if every other agent is doing it, do something different) – it’ll make people want to open, read, and follow your calls to action.
- Use a CRM: Use a CRM (customer relationship management) software to note down your lead’s details – what type of lead they are, birthdays, areas of interest – anything that you can use to personalise your messages to them. You can also set reminders on the CRM for your next follow-up message.
The idea of nurturing every contact in your database might feel overwhelming. However, once you’ve effectively segmented your leads and identified their needs, planning your lead nurturing strategy can be a lot easier. Take your time to really understand your leads, and build a relationship with them that could turn into a future referral!
Find out more about working with your leads through their property journey at our ‘All About Leads’ workshop at Bayut Academy, where we take you through an in-depth understanding of lead nurturing. You can also check out our resources on the Content Corner.
Do you have lead nurturing strategies that have worked for you? Share them with us at academy@bayut.com for a chance to be featured on our blog!