You want to close more deals. You want to out-grow your competitors.
You want to own one of the most successful real estate businesses (whether agent or investor) in your market.
But… how are you going to do it?
Well, there are a lot of things you could do. Sending paid ad traffic to a high-converting website (like we offer at Carrot), optimizing your ad campaigns for a better click-through rate, and creating sales scripts can all make a massive difference in how many leads you generate and how many deals you close per month.
For many top real estate pros, though, follow-up is one of the biggest determiners of success.
If an agent or investor has a rigorous and consistent follow-up system in place, they are far more likely to be successful than those that assume a lead is dead if they don’t get a signed contract after the first phone call.
But you don’t have to take our word for it…
Is Follow-Up Really Worth Your Time?
We’ve mentioned this in other blog posts before, but the data is pretty clear about whether follow-up is worth your time or not…
Think about that for a second…
80% of sales are made between the fifth and twelfth contact.
Let’s pretend that that is true for your business, but that you’re currently only following up once with each lead.
That would mean that you’re giving more than 80% of your potential deals to your competitors — just outright handing em’ over.
Because those leads aren’t just sitting at home waiting for you to pursue them, they’re calling other investors and agents in the area and they’re examining all of their options.
If you stop contacting them, they’ll forget all about you and they’ll work with someone else.
Well, even if that percentage is 50% for your business, isn’t that too much?
Even 10% is too much!
Especially in real estate, an industry where one transaction often amounts to tens of thousands of dollars in profit.
Look — you know that there’s money in the follow-up, but you still have some limiting beliefs about actually building a follow-up system for your business.
So let me walk you through 3 of the most common myths of follow up in real estate.
Three Follow-Up Myths
Myth #1: “I need to have a complex CRM before building my follow up system.”
Yes. Having a super fancy CRM will help you organize your lead-flow, assign tasks to different team members, and ensure that you follow-up with every lead, with the exact same messages, a pre-determined number of times.
CRMs allow you to organize and automate your follow-up system, making the entire process a whole lot simpler.
But CRMs aren’t always cheap.
And they also aren’t always easy to use (some are better than others).
If you think that your lack of a CRM or your hatred of technology is an excuse to not follow up with your leads, think again…
Remember, some sort of follow-up strategy is better than no follow-up strategy.
Myth #2: “The majority of deals come from first-contact, not from follow-up.“
Whether you’re an agent or investor, it’s easy to assume that the bulk of your deals come from first-contact.
A motivated buyer or seller calls you on the phone, they’re ready to take action now (they might even already know who you are and trust you), and that call effortlessly turns into a closed deal.
That’s how many of your transactions happen now.
But we have to ask the question… do most of your currently closed deals happen like that because if someone isn’t motivated from the get-go, then they won’t be motivated down the road?
Or because you’re not following up and thus not capturing leads which might require a little more time and effort?
The answer is clear.
After all, no matter how motivated someone is to buy or sell their home, a reasonable person likely won’t just decide to work with you right off the bat — they’ll need to process, think about it, examine other options, and speak with you some more.
And if you’re following up during that decision-making process, they very well might work with you down the road.
Myth #3: “I don’t want to follow up too much or I’ll annoy my prospects.“
This “myth” isn’t totally false.
Some real estate follow-up sequences are downright annoying to prospects.
If you’re sending the same thing every time — “Hey! I want to buy your house right now!” — then that’ll get old quickly.
But this belief is a myth in that the follow-up sequence you create doesn’t need to be dull and drab — it can be interesting, engaging, and trust-building.
Well, we think that one of the best ways to build trust and engage prospects with your follow-up sequence is by providing free value.
Send them a link to an article on your website which might help them solve a current problem. Give them a piece of advice specific to their situation. Or even offer to get on the phone and discuss their options.
The better the relationship you build with them, the more dividends that relationship will pay you down the road.
What Is The Goal Of Follow-Up?
Sometimes, the goal of follow-up will be to get your lead to take the next step for conversion — getting on the phone with you, receiving their cash offer, or going to an open house.
Sometimes, though, the goal will be to get them to accept a cash offer that you already made or simply to stay in contact with them in case they do become ready to use your services.
Each business is different and each prospect is different.
What your follow up system should look like depends on when you’re following up with prospects (what stage they’re at) and what action you need them to take.
Typically, though, the goal of following up is to get the prospect on the phone again so you can work your sales magic — a phone call can serve all purposes.
The 3 Mediums Of Your Follow-Up Strategy: Text, Email, and Phone Calls
How you follow up with your prospects — whether through text, email or phone calls (or even better, all three) — will partly be determined by your target market and how they like to communicate.
More than one investor, for example, has gotten on the phone with an elderly person looking to sell their home fast, only to find out that they have no idea how to work email.
So adjust with your market’s tendencies.
If you know they don’t look at their emails and texts, then call them. If they don’t answer the phone, then send text messages and emails.
The more that you adapt your follow-up strategy to the communication style of each prospect, the better.
(But remember, progress not perfection)
Oh! And here’s the best time to email…
And the best time of day to email…
In other words…
Free Follow-Up Timeline Calendar
Following up is, of course, easier said than done.
Not only do you need to figure out what to say and how to say it (covered in the next part of this article), but you need to determine when you’re going to follow up.
So to help with the decision-making process, we’ve put together this free follow-up timeline calendar that you can steal if you like.
Give it a try, see how it goes, and adjust it as necessary.
When we put it together, we’d tried to put logical spacing between each text, call, and email so that you’ll sometimes need to use free-value based follow-ups…
“Hey! I found something you might be interested in”
and sometimes you’ll just be checking in…
“Hey! Just calling to see if you’re still interested in my services”.
Hope it helps!
Note: This calendar is one month’s worth of follow-up for a given prospect that opted-in to your website on Sunday the 1st. You can follow up more or less than the calendar suggests, but this is a good starting point.
Free Follow-Up Scripts
To make your follow-up strategy even easier to implement, we’re going to provide you with 3 follow-up scripts whether you’re an agent or investor.
These scripts are written as if for an automated email campaign, but they can be adapted to fit any medium (including text and phone calls).
One of the primary ways that we recommend reaching out to your prospects is by offering value rather than just asking for the sale each time (which can get annoying fast).
How can you provide value?
Well, if you have a blog on your website (check out our Content Pro and Advanced Marketer plans and we’ll provide you with expert-written blog content every month) then you can simply send over links to helpful articles that you’ve recently published, making you look like the expert that you are and keeping you top of mind.
For agents and investors, here are 3 follow up scripts that you’re welcome to steal. :-)
- Hard Ask — Use When Trying To Close The Deal
- Soft Ask — Use When Trying To Get Prospect To Take Next Step
- Free Value — Use When Trying To Simply Stay Connected With Prospect
6 Free Follow-Up Scripts For Agents (3 For Buyers & 3 For Sellers)
This depends a bit on what you’re trying to do with the buyer. Here, I’m assuming that you want them to choose to work with you rather than another competitor.
Great chat the other day.
I’ve spent some time thinking about your situation and I know that I can help you find the perfect home. If you’re okay with it, let me find some listings that I think are within your budget and we can go take a look.
What do you say?
I hope you’re doing well.
I know you mentioned that you’re interested in finding the perfect home for [purpose]. I’d love to help you with that. Do you have time to swing by my office this week?
Free Value — Use When Trying To Simply Stay Connected With Prospect
I just published this article on my website and it’s all about [topic] — super relevant to what you’re going through.
Anyways, I thought you might find it helpful!
Hope you’re well. :-)
I was just doing some research on your home and I’m confident we can sell it for [$XXX,XXX] — want me to get started listing it?
I’d love to help you get top-dollar for your precious home so you can get moving with your big plans. How can I help you?
I just published this article on my website that talks about [topic] — I thought it’d be super relevant to your situation and you might get some value out of it.
Hope you’re well!
3 Free Follow-Up Scripts For Investors
Are you ready to sell your house fast for cash? I’m prepared to give you cash for what I offered you the other day.
Money in your pocket and stress off your shoulders…
Let me know!
I would really like to buy your house for cash. Want to hear my offer?
I just published this article on my website about [topic] and I thought it might help with your difficult situation. Give it a look.
And call me if you think I can help you out. :-)
Maybe some of those scripts aren’t your style.
Maybe the calendar template we provided for you feels like too much… or too little.
This might not be the perfect system (perfect doesn’t exist, anyway), but it’s a good start. Some follow up is better than none. And this is going to get you moving in the right direction.
Create a follow-up system that works for you, your business, and your prospects. Then, you’ll reap the benefits of being a business that consistently follows up with its leads.