Both buying and selling property involve large amounts of money and evoke emotions in many people. Because of this, it is unrealistic to think people will close a deal – be it buying a property or signing an agent agreement – with a real estate agent after just one meeting. This is why it is essential to be prepared for several follow-ups and have a follow-up strategy in place.
Conversely, many agents let good leads slip through their fingers simply because they do not follow up with their leads. In this article, we’ll take a deeper look into real estate follow-up so that you can create your own follow-up strategies for each lead.
Segmenting Your Leads
A great way to begin following up is to divide your leads into A leads, B leads and C leads. A leads are the leads that are highly qualified and are seemingly looking to do something within the next few months. A client who says, I just got a 5-year extension on my contract, don’t want to pay rent anymore and am looking to move within the next 3 months is an A lead. You want to be a follow-up master with this client.
B leads, on the other hand, are the leads that are interested in a property transaction in the near future. They are at the initial stage of their property journey, and this transaction (buying or selling property) could take place maybe 3 to 9 months down the road. A client who says, “I’ve been living in Tiara residences for three years and have nine months left on my tenancy contract but am interested in buying” is a B lead.
C leads are the leads who have shown little to no interest in buying or selling property. An email lead from someone who downloaded an e-book from your company’s website is an example of a C lead. This client may sound like this, “my wife and I are interested in buying in a few years when we are more settled is a C lead.
Typically, your B leads tend to outnumber your A leads. The conversion rate of B leads is lower, and their timeframe is slower, but the sheer volume creates value. Why? Let’s put it in numbers:
You generate 1000 leads.
100 are A leads, or Hot Leads
700 leads are B leads
200 are not worth the time
If you convert 5% of the A leads, you have five customers.
If you convert 2% of the B leads, you have 14 customers.
Therefore, B leads offer an excellent opportunity for real estate agents that can understand the value of fostering an ongoing relationship with these prospects.
Each type of lead needs to be followed up with. However, the pace and message will differ according to the type.
Why is Follow-Up So Important?
- Relationship building: Relationships with your clients are key to your business’ success. An ongoing relationship with your clients is beneficial to closing a deal, and can also help you increase your chances of getting referrals. A leads you will nurture daily or weekly (according to needs). B leads you may nurture monthly or a few times a quarter. C leads you might follow up with every 3-4 months. (Note there is not one size fits all strategy).
- Long-term business growth: As we saw in the earlier example, even converting 2% of your B leads translates into more business in the long run. Keeping in touch with B and C leads ensures you have a quality sales funnel.
- Lead Conversion: You have a higher chance of converting your B and C leads when you have a strong and ongoing relationship with them. As we say in our Help I’m New To Sales session at Bayut Academy, people buy from those they trust, and they trust people they like and know; building this relationship can lead to future business.
Tips To Effectively Following Up
You want to have a different follow-up strategy for your A leads and B leads. With A leads, your goal with following up is to educate the client, build a relationship and move the client each step of the way. Note, you will need to provide value in order to ensure the client works with you and only you.; with B leads, your goal behind following up is to build a relationship for a potential conversion and to stay top of mind. You could even get a referral from a B lead this way.
Do keep in mind that the better you know your client, the more you know how often you should follow up. For example, with first-time home buyers who want to be guided through their property journey, you would ideally contact them weekly with updates about the prices of properties in the areas they are interested in buying.
Now, let’s look at how you can effectively follow up with each of these leads:
Following up with your A leads (or Hot Leads)
With Hot Leads, or A leads, you should follow up with them in a way that makes them comfortable and moves them through the sales process. Since they’ve already shown interest in making a transaction, reach out to them every other day with listings, arrange for viewings and keep the ball rolling.
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For example, if you have an A lead buying an off-plan property – you can follow up with your client after they’ve signed the Sales and Purchase Agreement to plan the Oqood registration. After this, your follow-up would include sharing updates about the property’s construction and any changes in the price of the property.
Following up with B leads
B leads are the leads that have shown interest in working with you later. These leads will not buy property immediately, but some may in the future. So, follow up to develop a relationship and educate them and provide them with market updates in order to stay top of mind. You want them to contact YOU when they are ready to buy property and prevent other agents from pulling them away from you.
With B leads, spend your time getting to know them, understand their needs and concerns and understand their concerns and their potential timeline. Once you have an idea of what their needs are, you can share insights about the real estate market (such as real estate property transaction data) or walk them through the mortgage process. The goal is to keep in touch with your B leads and send them personalised messages to make them feel comfortable working with you in the future.
Providing value while following up with your B leads is key. One great way to give value and showcase your expertise is to share valuable insights about the real estate market with the client. Sharing resources like Area Guides can also be great at this stage, as it can nudge your client’s interest and lead to a transaction.
Following up with B leads is your opportunity to get yourself back in the game. Use a CRM or an Excel spreadsheet to track all your contacts and plan your follow-up accordingly – it could be contacting these individuals half-yearly or yearly via email, WhatsApp to check on them, or a monthly call.
Here are examples of follow-up emails you could send to a B lead buyer and seller:
(Buyer)
Hello (client name)
This is Max from (agency name). It’s been a while since we connected, but I want to let you know there are a lot of new listings coming on the market d and they are moving quickly.
Are you ready to start looking at homes again? I have some time this weekend to show, so give me a ring if you want to get the ball rolling. You can reach me at 055 55 555 5555.
Regards.
(Seller)
Hello (name),
This is Max with (agency name). It’s been a while since we connected, but there are a lot of buyers out there looking for a home like yours. If you are closer to selling or have any questions, give me a ring and we’ll discuss how to get a better offer on your home. Give me a ring back at 055 555 5555.
Regards
However, remember that part of lead follow-up is understanding when to let go of a lead. Some leads do not have the potential to work out, and that’s okay. If your lead shows you some level of intent, interest or motivation, create a robust follow-up plan to stay in touch as they may wish to interact with you in the future. If not, let them go.
Cold Leads And Past Clients
You can add your cold leads to your email list and send them your monthly emails or newsletters – this could be updates about new property launches, prices or market updates.
We recommend maintaining a relationship with your past clients, as they could potentially refer you to a future client. Following up with past clients could look like sending them a housewarming gift after they’ve moved to their new home, or sending them birthday and anniversary gifts (which could be as simple as a gift card).
To summarise, here are some quick do’s and don’ts to keep in mind when creating your follow-up plan:
| Do’s | Don’ts |
| Respond quickly | Allow another agent to get your lead by delaying your first follow-up |
| Be persistent | Become pushy |
| Add value at every follow-up | Reach out to the lead with nothing to offer |
| Make several attempts to understand all requirements | Give up immediately after the second conversation |
| Have a follow-up schedule | Forget to track your leads using a CRM |
| Ask about their communication preferences | Spam your lead after they’ve shown disinterest |
If you’re looking to dive deep into the complete journey of a lead, from lead generation and nurturing to closing a deal, join us for our All About Leads sessions at Bayut Academy. You can also check out our guide to maximising your Bayut leads, a great resource to get the most out of your Bayut listings