- All inbound leads
- Inbound referral leads
- Expireds, withdrawns, FSBO leads
- Past client sphere leads
- Circle prospecting (If this is in support of a farming strategy or if the ISA has NO ONE ELSE to call)
Inbound leads is the key lead source for your real estate team. The reason they are so important is in the name itself. Inbound. These leads are people who have followed the trail of bread crumbs you have laid for them. Through going on your website, signing up on a lead form, responding to an email, responding to direct mail, looking on Zillow, or whatever the avenue may be, they have expressed interest in your company and what your company offers.
They have exerted at least some effort in finding you, and have expressed enough interest in order to drive them to your website and give you their contact information. At a minimum, these leads are somewhat active and most likely have some problem they are trying to solve. That is what makes them so valuable to you and your team.
These are the leads that your inside sales agents should be targeting and contacting first. They are looking to solve a problem and your business can step in and be the solution they are looking for.
Inbound Referral Leads
Inbound referral leads are similarly valuable. For some types of referrals, the concept is essentially the same as for other inbound leads. People actively trying to solve a problem and so are going on websites like Dave Ramsey, Agent Machine, or Upnest in order to look for a real estate agent who can help them solve it. They are primed and ready for you.
Traditional referrals can also be tremendously valuable to you. These leads may not have come directly to you via a website or advertising response, but were brought to you by a friend or family member they trust enough to listen to.
The Rest of the Leads
The key is to work all of your lead sources if your ISA team has the ability to. There are three common mistakes that ISA teams often make:
- Only putting the ISA on working cold outbound leads (which are much more difficult to convert and don’t typically provide enough contracts and closings to make the ISA position profitable.
- Ignoring outbound altogether and only having the ISA work low quality inbound.
- And the WORST mistake: hiring an ISA to solely do circle prospecting, which is randomly calling every phone number in a neighborhood looking for a potential lead.
There is a lot of business to be found in expired listings, withdrawn listings, for sale by owners, past client sphere, and circle prospecting.
These aren’t necessarily the low-hanging fruit that inbound leads can sometimes be, but if your inside sales agents know how to get to the heart of the desire of leads and prospects who fall into this category, then there is ample business here that a lot of other teams will not be taking proper advantage of.
Like I describe in my article, Cold Call the Right Way, the way your ISA should deal with any objection on a call is to understand the prospect’s perspective, process, and desired outcome. Most prospects who have an expired or withdrawn listing, or who are trying to sell their property themselves have a specific plan and desired result in mind. Your job is to understand what that is and then show how you can help them fulfill their desire easier than they can with their existing plan or process.
If you can train your team to be able to do this consistently, then these so-called “less valuable” lead sources will be what sets your ISA team apart from your competition.