Converting Low-Budget Real Estate Leads

We love leads when they have big budgets but what about leads with limited budgets. Many first-time homebuyers can’t afford much but they dream of becoming a homeowner like anyone else. These leads need your help, especially when it comes to understanding the home buying process and choosing a mortgage. Let’s look at the importance of nurturing low-budget leads and sharing mortgage options to help them achieve their dream of becoming a homeowner.

Make a difference by helping low-budget real estate leads understand

mortgage and home buying options, vs. discarding them completely.

As a real estate professional, make a commitment to work diligently with leads on a small budget vs. discarding them. Always follow up with your leads. They desperately need your real estate expertise to fulfill their dream of homeownership. Caring for these leads can produce referrals as they brag about their experience with you.

A low-budget lead nurturing campaign makes it easy to add the lead to the campaign after gathering some information during the first phone call or meeting. Consider the following for your lead nurturing campaign:

Video message (introduce yourself)
Intro to buying a house
Guide to homebuying
Mortgage options
New listings
Saving for a down payment
Free download
Tips on improving your credit score

First Interaction

When speaking with the lead for the first time, forego the temptation to open the conversation with “have you been pre-approved or pre-qualified for a mortgage?”. This may be off-putting to a lead who knows very little about buying a house. Ease into the conversation by asking questions about what they want in a home. When they know you're interested in helping them find a home that meets their needs, they will be more open to your feedback, good or bad.

What neighborhood do they want to live in?

How many bedrooms? Bathrooms?

Do they need a yard for their children?

Double or single garage?

Price of Homes: A Reality Check

Take this information about their future home and compare it to the cost of similar houses in their area. They may be shocked to hear that the smallest house in their preferred neighborhood is $50,000 over their estimated budget. Offer solutions to curb their disappointment. You might encourage them to consider homes in a nearby neighborhood where prices fall within their budget. Maybe a tiny home could be a workable alternative. They'll be excited to learn about home buying options they never knew existed.

Pre-Approval

Now that conversation is flowing, talk to them about the importance of getting pre-approved for a mortgage and share your lender recommendations. Whether they get pre-approved or not, add them to a lead nurturing campaign via email or text. Share infographics like the one below to keep them informed and mindful of your brand.

When you receive a lead with a limited budget, ensure they receive the

same level of service you would provide a client with a large budget.

Conclusion

Your ability to successfully nurture low-budget leads could result in a transaction, referrals, and/or the opportunity to represent a client a second time. Be diligent about serving leads with limited budgets and you may find yourself with a growing sales funnel. Download and share the attached PDF with your leads to start the lead nurturing process. Gotta go! Just received a lead!