In the first post on making the most of internet leads, we covered how quickly you should respond to a new lead. Now it’s time to consider which leads to go after.
Capturing property owner contact information online is the quickest way to get leads. Instead of networking in person, which is time consuming, using an online form simplifies the process. However, this also means you’ll get more leads. Your head is probably spinning if you’re the type to wear multiple hats in your business, since time is a precious commodity in property management. But remember that the more time you spend contacting and nurturing leads, the quicker and more likely you are to grow your business.
And so the approach is simple: pursue every lead. As Jeff Erdman, owner of Lakeshore Corp. in Kirkland, WA, points out, “each lead is viewed as an investment.” Think long term about the referrals you may get from each lead, as well as the additional properties they may acquire in the future. Every lead has tremendous potential, but you have to be willing to exert some extra effort to follow up on each and every one of them.
By going after every lead, you create more opportunities to reach potential customers. According to a study by Gleanster Research, 50% of leads are qualified but not ready to buy. Even when you discover that a lead is working with another property management company, that information alone is important. You’ll gauge and develop a deeper understanding of the industry landscape.
Strive to “evaluate their needs and how [to] meet or exceed those needs,” says Joe Wright, owner of WrightDavis Property Management in Tampa, FL. And use 80% as your benchmark contact rate, says Jordan Muela, CEO of LeadSimple. That means you should be getting in touch, and hearing back from, four out of every five leads, regardless of whether they end up giving you their business.
How can you reach that benchmark? Be persistent. Some say to stay in touch with the lead for 60 days, though others, like LeadSimple, recommend 20 days. LeadSimple dives a bit deeperand suggests a 20-day, 10-touch model, meaning that over the course of 20 days, you should reach out via phone and email 10 different times.
Check out the infographic below to see get a sense of the schedule.
Ultimately, you should do what is reasonable for your company and within your comfort zone, bearing in mind that each lead is like an investment that could pay off in the end.
Next in our series: Why You Should Distribute Your Sales Leads
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