That is the question. During our Open Onboarding classes we are always asked, "When do a put a lead on a drip campaign and when do I put them into NextMove PRO?" This is a fantastic question! Many times an agent gets a lead but then has no idea what to do with them or what type of follow up would be best. Luckily, we have a formula!
Hopefully you know what a drip campaign is by now. If you don't, a drip campaign is a direct marketing method used to gain clients by nurturing them as a lead. Basically, you send marketing information directly to your lead repeatedly over a long period of time until they are ready to do business with you.
The first thing you want to do when you receive a lead is to determine if they are a hot, warm, or cold lead. In real estate, it is extremely important to understand which stage your lead is in so that you do not bombard them with useless information and lose them to another agent. Below we will outline the differences between each lead stage:
A cold lead is someone who is not interested in selling, buying, or investing in real estate at this time. This is the lead you want to add to your drip campaign so that you stay in front of them as a reminder that you are available for when they are ready to buy, sell, or invest. We'll talk more about how to do this effectively in a bit.
A warm lead is someone who is interested in selling, buying, or investing in real estate in the near future. This lead stage is very particular as you need to tailor your follow-up with them to fit their personality to eventually turn them into a hot lead. You would want to add a warm lead to your sales funnel and rate them with either one or two stars so that they stay in front of you.
A hot lead is someone who has DIRECTLY expressed interest in buying, selling, or investing in real estate to you and is ready right now. If you are a NextMove PRO user, this is the lead you want to add to your sales funnel right away and rate with three stars. Your main focus with a hot lead is to set an appointment with them as soon as possible to sign an agency agreement.
Once you determine which stage your lead is in, it is time to design your follow-up campaign for them. If you have a cold lead, it is best to put them in a drip campaign you have already created. Be careful though... you do not want to bombard this lead with too many emails. If you do, they may unsubscribe from your emails and eventually will work another agent. A drip campaign is best used to be small touches every once in awhile to remind cold leads that you are an agent and that you are available to them whenever they are ready to enter the real estate market. Depending on the coolness of the lead, you may want to schedule your emails for every two weeks, month, or quarter. Any more than that then you risk the possibility of losing the lead forever.
When you have a hot lead, your focus is to set an appointment with them right away. More than likely you do not need to create a follow-up strategy for a hot lead. If you do, then this lead is probably a warm lead.
The most important lead stage is the warm stage. This is the lead you want to actively stay in front of to turn them into a hot lead but you also don't want to annoy them with your follow-up. It is your responsibly to determine what is appropriate for this particular warm lead because what works for one lead, may not work for the other. It is also very important that you deliver tremendous value to this lead. For example, if they are a warm seller lead you may want to offer them a weekly MLS report on their neighborhood so they can see what activity is going on around them. Most importantly, you want your follow-up with a warm lead to be personal. No drip campaigns here! In NextMove PRO we have already created some awesome follow-up campaign sequences for warm leads that you can use whenever you'd like or you can tailor these sequences to fit your particular style.
We hope this article is helpful to you and happy selling!