The biggest mistake for real estate lead follow up
Real estate lead follow- up and prospecting is a lot like actual old timey gold prospecting… Have you ever read the book, Think & Grow Rich? If you haven’t, you’re missing out on one of the best success manuals ever written. But if you have, you’ll remember the story of the Darby family who traveled to Colorado during the gold rush.
Take It Up a Notch. Explore Our Real Estate Agent Tools, Resources, and Case Studies!
At Tom Ferry, our team has decades of experience helping realtors grow their businesses. Discover invaluable insights, customized strategies, and expert guidance to supercharge your lead generation, marketing, and more!
When the Darbys began digging, they quickly pulled up a vein of gold, but after the first load, the vein disappeared. They kept digging for a while until finally deciding to give up. But then men they sold their equipment to returned to the site and found that the Darbys had stopped digging just three feet from hitting a literal goldmine.
If this story sounds ridiculous, then you need to check out a new study conducted by BoomTown which shows that most real estate agents are just like the Darbys when it comes to prospecting and lead follow up – and you’re potentially leaving the vast majority of business on the table for someone else.
We're human. Real estate agent mistakes happen. In this blog, I’m going to break down what this follow up study means for you, then give you a couple practical tips for following up until you strike gold.
What is Lead Follow Up?
Lead follow up is the strategic process of consistently engaging with potential clients through effective sales follow up techniques that build trust and convert prospects into committed buyers, and when you master lead follow up and sales follow up, you set the foundation for long-term success in real estate.
Why is Sales Follow Up & Lead Follow Up Important?
Sales follow up is the cornerstone of converting prospects into clients, as a dedicated lead follow up process: rooted in persistent sales follow up techniques and strategic lead follow up practices. It ensures that every potential client receives the attention they deserve, ultimately turning every sales follow up and lead follow up opportunity into a powerful, revenue-generating moment in your real estate journey.
Without Sales Follow Up, Many Don't Earn What They Deserve
This graphic illustrates the average time most people decide to act on buying or selling a home after meeting with an agent, highlighting how essential a timely sales follow up and persistent lead follow up are. Effective sales follow up keeps clients engaged, while a thorough lead follow up ensures every potential opportunity is captured, making both sales follow up and lead follow up critical for turning inquiries into successful transactions.
The reason so many real estate agents fail is only 8% of people act in under 30 days, and 27% in two or three months. And that’s where most agents GIVE UP TRYING.
Are you getting the Darby vibes yet? Many agents are collecting the easy-to-reach gold and leaving the remaining 65% just beneath the surface after all their efforts.
Consider all the leads you've abandoned after six months of follow-up. Now picture another agent swooping in a month later and closing the deal in less than 30 days.
It feels a bit unfair, doesn't it? Let's stop letting that happen.
It's time to fully commit, and the best way to do that is to simplify the process so you don't give up. And how do you simplify something?
HAVE A SYSTEM FOR IT!
That's why I'm about to share a few guidelines for establishing a system for your real estate lead follow-up. We won't get overly technical here, because the focus is on keeping it simple.
Set Real Estate Lead Follow-Up System Rules
Track, Measure, AND PLAN
Based on my observations, many agents abandon leads without even realizing it—they simply lose track over time. This is why I emphasize that every real estate agent should be fully engaged with their CRM. Document every conversation and detail. Scoreboard real estate metrics. Ensure that all future interactions are planned and scheduled ahead of time.
Know What You’re Going to Say
Have you gotten the idea that I’m a big fan of knowing what you’re going to say before you have to say it? There are scripts that work and scripts that don’t, and my organization is passionate about testing and providing them, but for right now, I’m not even talking about making you more effective… I’m just talking about getting you to make the call.
Fear and a lack of confidence are the main reason that agents fail to make the calls they said they were going to. If you know who you’re calling and what you’re going to say when they answer (or don’t), there’s nothing to fear and just something to do.
Pick a script and get going.
Choose Your Method of Delivery
Every good lead follow-up system has a methodology for timing and a mixture of delivery channels. If you’re making calls and not getting responses, then have you tried shooting a text? You need a step-by-step process for multiple attempts to connect, because life gets busy and not everyone is going to call you back.
How about this: you send out an email, followed by a text message that says you sent them an email, and then you follow up with a call a couple days later. I’m not saying this is exactly what you need, but experiment until you find the system that works for you – because all that really matters is that you’re comfortable with doing it.
Check out this podcast episode where Jeff Mays offers some awesome tips.
Have Something to Really Offer
No one wants a generic “just checking in” call. It just doesn’t cut it in today’s competitive market. In the world of sales follow up and lead follow up, you need to deliver value right from the first conversation.
Think about it: every time you reach out, whether it’s sales follow up or lead follow up, you have the opportunity to build trust and showcase your expertise. Instead of calling just to see if someone’s changed their mind, use your sales follow up to provide a personalized market update, share a compelling article, or offer insights that truly resonate with your prospects. That's how you turn a routine lead follow up into a powerful tool for relationship building.
Remember, top agents understand that every interaction is a chance to make their sales follow up and lead follow up count. By delivering consistent, meaningful information, you not only elevate your approach but also set the stage for genuine conversations that lead to real results.
So, if you’re ready to take your sales follow up and lead follow up to the next level, start each call with purpose and a value-driven message. This is the mindset that transforms prospects into loyal clients and drives success in real estate.
Lead Follow Up Mastery
Embrace relentless lead follow up to transform your pipeline and elevate your game. When you focus on nurturing every potential real estate buyer, you not only boost your real estate agent success rate but also stand apart from the competition. Remember, many in our industry wonder what percent of real estate agents fail simply because they neglect effective follow-up strategies. Now's your time to break that mold—commit to superior lead follow up, and watch your results skyrocket.
Look back again and really think about all the leads you let slip through your fingers because you stopped following up. If you added up the dollar amount of every one of them, you’d probably in a pretty different position right now, wouldn’t you?
It’s time to get a lead follow-up system in place and commit yourself for the long run. This isn’t a sprint but a marathon.
I really hope that this has helped. Let me know in the comments what you’re going to do in your future follow-up.
Oh, and by the way, here’s the full BoomTown report if you’re interested.
We’ve helped scale the businesses of tens of thousands of real estate agents.
When you start with a free real estate coaching consultation, chances are we can help scale yours as well. Schedule yours today!
