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Lead Gen Isn’t Enough. You Need Conversions

A lead gen is a phone call, text or email. A conversion turns that lead into an exclusive client relationship that leads to a closed transaction.

NEW YORK – According to real estate broker Nick Schlekeway, agents need to understand lead conversion if they’re to succeed.

The goal of lead conversion “is to solidify someone as a client working with you exclusively and ultimately to convert that relationship to a closed transaction that pays you and allows you to continue in the business of selling real estate,” as well as “to solidify that individual as a referral source and raving fan for years into the future,” Schlekeway says.

The first and often hardest lead-conversion step is setting up face-to-face appointments to build rapport. The second step, sometimes the hardest, is for agents to prove themselves to potential clients.

“Some buyers may need you to prove your stuff – via showings, analysis, knowledge of market, maybe an offer – before they agree to work with you, and any seller is likely to take multiple meetings and several conversations before they sign a representation agreement,” Schlekeway notes.

The next step is getting clients into a contract with another party, then going through what can sometimes be an arduous escrow process.

“Lead conversion is a skill, whereas lead generation is more about willpower and the willingness to put yourself out there for rejection on a consistent basis – and simply do work that is not ‘fun,’” Schlekeway writes.

He blames “lack of practice” as the primary reason why many agents never become adept at lead conversion.

Source: Inman (09/11/23) Schlekeway, Nick

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