On Tuesday, May 12th, real estate coaching icon Bob Corcoran held a webinar on how to take action with top seller prospects. Below, we recap Bob’s top takeaways, but you can also watch the webinar in full or get Bob’s notes to get up-to-speed.
TAKING ACTION WITH YOUR TOP SELLER PROSPECTS
Step one: Know your sources
Bob’s buyer and seller information sheet include a lead source, so you can easily gauge and track the ROI of your leads. As Bob says, it’s important to track both the time you’re spending, and the money. You can always make money back but you cannot make time back.
Remember to be specific when entering leads in. Don’t cite just the marketing system that brought the lead in (e.g., SmartZip). Cite the exact marketing tool -- a mailer, email or property valuation.
Step two: Segment your leads by timing
Bob knows a team that is currently sifting through 16,000 leads. Whether you have 16,000 leads or 15, it’s important to systematize your follow-up by categorizing your leads into A, B or C leads:
A lead: wants to act in the next 30 days
B lead: wants to act in 30-90 days
C lead: wants to act in more than 90 days
Step three: Set up a follow-up calendar by week
In order to list and sell the most homes, it’s important to have a regimented schedule for following up to your top leads and sphere of influence. Here’s Bob’s recommendation for follow-up to A, B, C leads, as well as past clients and sphere of influence:
Week of the 1st: Contact your B leads
Week of the 8th: Contact your past clients and sphere of influence
Week of the 15th: Contact your B leads again (twice a month follow-up)
Week of the 22nd: Contact your C leads (once a month follow-up)
Step four: Follow your script
Bob doesn’t believe in cold-calling, but he does believe in following a script when contacting leads who have already indicated interest. Bob’s script for an online valuation is available in full on his notes page, but here are some basic tips:
Recognize that not everyone getting an online valuation is looking to sell. It’s important to follow a conversational script that is not related to listing their home.
Start with a basic intro, and listen to their response when you ask how they are doing. Respond personally so that the lead knows you are present and listening intently.
Thank the prospect for requesting a valuation, and then ask what they think of the calculated value.
Have a scripted follow-up if they think the valuation is too high, too low, or just right. But remember that no matter what the prospect thinks, it shouldn’t affect your future ability to list their home.
Step five: Know the structure of the call (LMPAPA)
Never go into a call without knowing the structure of the conversation in advance. Bob suggests following the LMPAPA structure for seller leads, which is broken out quickly below:
Location:“What is the address of the home you wish to sell?”
Motivation:“Why are you interested in selling?”
Price:“Out of curiosity, how much do you think your home is worth?”
Agent:“Are you talking to any other agents?” (Segment into A, B or C after this question)
If A lead, continue with Pay off:“How much do you owe on your home?”
Appointment:Schedule an appointment.
If, after “Agent,” you determine they are a B lead, follow up twice per month as noted above. If they are a C lead, follow up once per month.
Step six: Score your leads and track ROI
Set up a seller media summary that tracks your total ROI from different marketing and lead gen systems, including different tools that are from each marketing system. Score your leads based on the type of lead (buyer/seller), as well as their readiness to act (A, B, or C) to determine the systems and tools that drive the most revenue.
By analyzing your leads each month, even at this high level, you can determine which lead management strategy is paying off over the long-term and short-term.