Animal, Vegetable or Mineral?: Broker Dynamix Defining a Real Estate “Lead.”
In business, a “lead” means many different things: the next source of information, the perfect sales tip, the next business prospect or transaction. What about real estate? Where does the term lead fit into the ever changing world of buyer’s markets, seller’s markets, foreclosures etc.?
A Lead is a Potential Business Prospect, Typically A Person
Definition 1 takes the idea of a lead from the traditional business approach. As a salesperson, you receive leads or tips on the next prospect, the next big “thing” (client, market, product, or service ) will bring in profit.
What Do Leads Do? Where Do They Come From?
A handful of real estate professionals definea lead as the potential buyer, a fish in the water who will eventually net profit by buying property in an agent’s particular geographic area. Other professionals try to place leads in different categories so specifically that a lead is only a prospect (typically a buyer) supplied by a third-party that has a for-sure interest in purchasing real estate.
By defining lead in such terms, real estate professionals run into a potential problem, you limit the definitions to extremely narrow margins.
The Problem with Defining Thinking, “Lead = Buyer” or “Leads Come To Me”
The idea of a lead as solely a buyer tempts a person into thinking: “Ok, my leads are buyers, with cash in hand, ready to make a purchase.” If leads are buyers, then you might say the best leads are the ones who are ready to buy and will bring you, the agent, instant profit.
In addition, adopting the idea of a lead as a prospect, an agent or professional may be tempted to think, “Leads come to me, so there’s nothing more I can do.”
These Definitions Will Keep You From Being Proactive, Making You Lose Potential Business
By narrowing your “lead” search to the cash in hand buyer or the quick profit prospect, you may lose the opprotunity to build future business. It’s tempting to take more time and follow up with leads or individuals who are absolutley ready to jump into the real estate ocean. Why waste your time and their time, right?
However, by limiting your leads (only to buyers, only to results generated by others, or only to the informed consumer, etc.) will hurt your customer service and ultimately, hurt your business in the long run. You may find yourself spending so much time with Informed Buyer A that you lose Clueless Seller B’s business. ISeller B may leave feeling ignored and not only will you lose business, but your reputation will suffer. Even in the Information Age, word of mouth does matter.
Besides, a third-party service can help generate or bring you leads, but as a professional you need to be proactive! Following up with leads goes beyond calling Buyer A, selling them a home, and then moving on. As an individual, you need to be proactive in building relationships and optimizing those relationships. Your long-term connection with Buyer A has the potential to bring you referrals. Viewing a seller as a lead increases your chances of potential business, your reptuation, and your customer service skills by taking time to help empower your customer. After all a little bit a patience with a potential, albiet clueless customer could pay off dividends in the future.
Broker Dynamix sees a Real Estate “Lead” as:
Interested in Real Estate (No matter how clueless!)
A Buyer or Seller
Who Comes to You On Their Own OR Through Another Connection
A VIP who You Must Empower, Whether they are ready to do Business Now or In the Future