Real Estate

How To Assess The Likelihood That Your Leads Will Convert

All leads are not created equal. Find out how to determine which leads will pay off and when by tracking their progress.

Your problem is not a lack of leads. 

You can find leads on Facebook or Instagram, by working with larger websites, by working your circle of influence, by hosting open houses, or countless other ways. And in today’s real estate market, agents have plenty of people they can call. However, many agents collect leads instead of converting them, which should be our top priority.

Our team operates from a top prospect list that identifies people who are close to buying or selling a home, those who are ready to become clients, and the people who are the hottest prospects in your CRM. Here’s how we do it and how you can too.

1. Build your top prospects list

Forecast where your next transaction will come from by organizing and targeting your top prospects.

Build a basic spreadsheet that tracks the following information:

  • Client name
  • Timeframe in which they hope to buy or sell
  • The geographic location where they are buying or selling 
  • The price point
  • Your potential commission when they close
  • The date of your last contact with the client

Our team prints a fresh list each week with a goal to speak to each customer every 7 to 10 days. This list keeps agents top of mind with their top clients, and it helps sustain a positive mindset when things don’t go as planned by reminding you of the potential in your business. 

It’s a snapshot into your business that keeps you in communication with your best clients, and it prevents you from getting lost in your crowded CRM.  

2. Prioritize your top prospects list by scoring every lead you have

Score every lead you have using a 1 to 10 scale, where 1 means they aren’t likely to convert, and 10 means they are very likely to make a real estate decision. Understand that not everyone on that list will turn into a sale, and use that information to decide which customers to invest your time and resources in.

Use this mantra to stay on track with your leads:

Some will.

Some won’t.

So what?

Who’s next?

Nurture your field of prospects well enough that when one drops out, you have countless others behind them. The more prospects you have, the more leverage you have.

3. Ask the right questions when scoring your leads

Understand the situation surrounding your prospects as you’re scoring them. A young couple that is getting married may score high because they are both currently living with their parents and they need a house of their own after the wedding. A homeowner who will only sell if he gets an insanely high selling price may score low. 

Understand how motivated your prospects are to transact, and then prioritize your activities accordingly. Asking better questions leaves you more prepared to know the best next steps for your prospect.

4. Schedule your activities according to your list

Focus your time and attention on the high-scoring prospects first. Most of your money leaks happen when you fail to follow up with your prospects, and this list will help you decide who should get your attention first. 

This doesn’t suggest that your low-scoring prospects won’t convert; only that your weekend and evening appointments should first go to the people who score highest on your list. 

This old-school technique will take you 5 to 10 minutes, and it will help you understand what your pipeline looks like, where your next sale will likely come from, and which customers need more of your attention. 

Tom Toole is the founder and team leader at Tom Toole Sales Group. Connect with him on Facebook or LinkedIn

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