Leads play an important part in every business organization including Real Estate Lead Management.
To buy and sell the properties, the company needs organic customers.
Having organic customers on the website or portal is not an easy task. Therefore, in marketing systems, there is a complete system to have organic customers.
This system is known as the lead generation process. In marketing terms, the customer is known as the lead when he first appears on the website for the visit.
To maximize the sales conversion it is important to implement an effective lead generation process in the system. You can easily know the lead generation process when you know what it is.
For your help, in this article, we will discuss what is a lead management system and if you are having one then how do you know it is effective.
We will also discuss how to create an effective lead management system.
So without wasting a single moment, let’s get started.
What Is a Lead Management System?
A lead management system is a process of acquiring and organizing leads. It involves managing lead information and interactions with them.
The lead management system capture leads from different sources, quality leads, and distributes them according to their interest level.
Furthermore, it interacts with customers through both online and offline methods.
These interaction methods include emails, website visits, face-to-face meetings, phone calls, and ad clicks.
The lead management system provides all these services. So that companies can understand the requirements and pain points of customers.
By knowing customers’ requirements, the companies can make a better solution and serve clients with the best services.
Also, it is noticed that most people love to buy from a seller who knows their needs. Do you want to know how the lead management system works?
If you do want to know then review the following 5 steps that are involved in the lead management process.
1. Capturing Leads:
The first step of the lead management process is capturing the leads. In the process, the company runs sales and marketing campaigns to attract leads.
Capturing leads is the one thing. Collecting and pursuing them is the next thing.
The lead management process binds the efforts of lead generation with sales opportunities.
The system does so by collecting leads from multiple sources into one platform with important information like campaign name, source, etc.
2. Lead Tracking:
The second step after capturing leads is lead tracking. It is an important step as having a phone number and email id of customers is not enough.
Companies must know the interest of their customers to enhance the sales conversation. To know about the customer’s interest lead tracking is the best method.
By using the lead tracking method you can track the following activities of clients.
- Page visits on the website.
- Email opens and clicks to know whether the customers are interested in communication or not.
- Response to SMS, phone calls, WhatsApp, and much more.
In addition, to all the above information, lead tracking helps to recall the context during follow-ups.
3. Lead Qualification:
Lead qualification is the next step of the lead management process. This is because due to improper lead qualification 67% of sales are lost.
The decrease in sales occurs when the leads that are not ready for sales enter the pipeline.
To avoid this decrease in sales it is important to qualify leads based on.
- Buying Interest.
- Fitment (Whether the product fulfills the needs of customers or not).
- Buying Capacity.
All these factors help the company to sell the people what they are expecting.
The best part is that with the help of a lead management system it becomes easy to organize the qualification data.
Because of this feature, anyone can access the qualification data anytime.
4. Lead Distribution:
Without a proper system, it becomes difficult to distribute the leads.
Therefore, the lead management system includes lead management in the process.
With the help of lead distribution, it becomes easy to add the customers into the groups of their interests.
You can add the specific logic into the system to distribute the leads In this way, you can ensure that the right leads are assigned to the right sales group.
5. Nurturing Leads:
The last step of the lead management process is to nurture the leads. It is a thoughtful process of making relationships with the leads to convert them into qualified prospects.
With the lead nurturing process, businesses can make amazing benefits in revenue.
The lead management system also includes setting up and tracking the nurturing campaigns to boost sales.
Now, you might be wondering?
Does the lead management process stop once you convert the lead into paying customer? The good news is No.
The lead management process does not stop working after it turns the lead into a paying customer.
Lead management was defined as the systems, methodologies, and practices designed to generate new business leads.
But with time, the lead nurture process incorporates strategies that help to retain customers.
This is because people interchangeably use the terms CRM and lead management.
Is Your Lead Management Process Effective?
The company can enhance sales conversion only when its lead management process is effective.
If the lead management process is not effective then the sales rate will not increase no matter how much effort you put in.
The question here is. How to know that the lead management process is effective?
This is a genuine question as it is important to know the effectiveness of the management system.
If the lead management system is effective then with less effort lead conversion becomes easy and sales rate enhanced.
To help you, we have compiled the 5 important questions that help you to assess the present state of the lead management process.
You can also identify the bottlenecks and gaps that stand between you and your marketing goals.
So without wasting any further moment, let’s review these questions and answer them genuinely to know the effectiveness of a lead management process.
How to Create an Effective Real Estate Lead Management Process:
Now you know how the effective real estate leads management process work. But do you know how you can create an effective lead management process yourself?
If you do not know then we are here to guide you. There is no need to research a lot of sites to get the information.
In the following simple steps, we will guide you on how you can implement the effective lead management process.
So let’s review these easy steps and make the lead management process with a 100% conversion rate.
1. Gather All the Leads Into One Central Place:
Before implementing the lead management process into the system, take a look at the current lead sources.
If you have a team of multiple people then the leads will be generated from multiple different resources.
In this situation, make sure to streamline all the new leads in one central location. If you use the efficient system then you can easily import the leads from your email account.
But remember that every lead that comes to your website have different requirement and expectations. So do not provide them the same services that they do not need.
With the help of a lead source, you can organize the leads. These lead sources are past clients, sellers, renters, new leads, Realtor.com, buy, Trulia.com, and much more.
After organizing the leads, set up customized and automated follow-up campaigns for each lead source.
Also, you can add important files, details, and notes to their profile to make sure you can your clients can directly access each lead from a central location.
2. Collaborate With the Agents:
The next step is to collaborate with the team. It is important because the most efficient management tools do not work if the agent’s teams do not use them. For efficient results divide the team of works into three categories.
These Three Categories Are.
- Admin – Admin has access to all users and data in the database and can control all core functions like lead flow.
- Agent – Agents can only see the leads that the agent or system assigned to them. Agents only see the core functions and can not modify them. However, they can add new leads and email templates into the database.
- Lender – Lender provides all the necessary information about the leads without wasting precious time on writing length emails and messages.
Once you divide the workers into three categories you can quickly automate the lead distribution process. To see how the team is following up with both old and new leads.
If you see good progress in lead management then it means you are good at handling your teams. Also, you can manage to have the leads that may fall through the cracks.
In addition, you can also control the leads in better ways after connecting all the agents at the central point. You can make sure that no lead gets lost in the shuffle.
Moreover, you can see the conversation of the agents with the lead in real-time.
If you use the efficient lead management system then without doing anything in the system you can keep an eye on all the activities of the agents.
To save time it is considered better to attach the important information or notes to a lead’s profile directly.
3. Automate the Follow-Ups:
The next step to create an effective lead management process is to automate the follow-ups. To do this there are a ton of ultra-sophisticated methods.
You can use any of these methods to segment your leads. But we believe in the straightforward approach that focuses on producing the best results.
With the help of efficient tools, it is easy to send an instant text message to new leads who are visiting the property on the website on the behalf of the agent. This single text can bring a 50 to 70% response rate for the agents.
But in case the lead does not reply then the system will send the email to follow-ups automatically without thinking about it. And when the lead responds to the message then the follow-up will pause automatically.
So make sure you do not feel embarrassed by sending irrelevant texts or email to the leads.
This is the magic of human-focused automation. By creating an efficient lead management system, it becomes easy to set up automated responses.
In this way, the admin can make sure that the leads will buy or sell from their portal no matter what their source is.
Furthermore, if you hear someone saying that they started their search for the property and will act on it after a few months.
It means this is the time to start nurturing the campaign and focusing on the active buyers.
4. Make Sure The Lead Never Falls Through the Cracks:
With an effective lead management system, the company can make sure that they will not lead a single lead that comes to the website or portal.
By adding the feature of smart lists, the company and the agents will know which lead to call without wasting any time manually searching the spreadsheet.
Establishing a smart list is also an easy task. It is important to add a smart list in the system to filter out the lead types in the database.
You can filter out the new leads, active leads, and previous customers. Moreover, it is possible to customize a smart list for the company’s ISA.
Once the agent calls the lead on the smart list then the lead with disappear automatically from the list until the follow-up time comes again.
To start the lead management process, only add the simple smart list for the new leads.
After establishing the smart list, slowly build and customize the smart lists to cover all the stages of the lead’s journey.
With efficient customization, you can easily handle both new and old clients with the same smart list.
In addition, it becomes easy to adjust the features according to the marketing goal and rhythm of the team.
5. Be Ready For Improved Accountability and Tracking:
After gathering and distributing the leads, now is the time to follow up with the leads to make sure they keep moving forward.
The admin should also follow up with the team as they follow up with the leads.
To easily manage the leads and agents it is better to create a dashboard.
Through the dashboard, it becomes easy for the Admin to access and modify the features and keep a bord’s eye view on the performance of all agents.
The admin can also get a full picture of the lead count and the activity of agents on these leads.
These insights show how much training do the agents need or whether they are doing perfectly with the leads.
The admin can focus on the performance of the agents without accessing the dashboard.
But the process will be time taking and also the agent may miss some important information.
Therefore it is important to use the dashboard. The agents can also use the smart lists to follow up the leads.
It is also considered better to make a smart list of agents to easily manage them.
Furthermore, a Calendar must be used to manage the meetings and property tasks within time.
The best part is that with a simple click Admin can access all the meetings information and make a schedule.
This schedule will help agents to know from where they should start and how they can efficiently communicate with the leads.
The agents will also stay motivated and give the best possible performance to enhance the sales conversion.
6. Increase Past Clients for Referrals and Repeats:
Once you get successful in nurturing the new leads. Now is the time to maximize the past clients.
To do so, import the files of old clients into a new CRM.
The current CRM will divide the old clients into groups and assign them to the right agents.
The best part is that Admin can easily customize each stage to match the marketing goals of the company.
Always remember that an efficient lead management system is the one that allows you to edit each stage according to the business goals.
If the lead management system does not allow to do so then change it in the short time possible.
We hope that you will get the answers to all your queries. It is important to manage the team before attracting new leads.
So make sure to communicate with them and gather them on a central point.
And then assign them the new leads. In this way, it will become easy for you to manage everything and overview all the activities of the agents.
Also, never forget the old leads as they are the big source of new leads. Manage them well by adding their information to the system.