"Here I sit, without a sale in over 6 months, and this is the real estate lead that's supposed to turn it all around? There are no homes for sale for $50,000 in Houston, TX!" <screaming on the inside> You might think that receiving this lead is as disappointing as buying a candy bar and only getting the wrapper, but you can use this lead to boost your sales funnel. Read on to learn more.
YOU RECEIVED A NEW LEAD!
Location: Houston, TX
Target price: $50K
Timeline: Purchase within 6 months
Renter: Yes. Westchase.
Preferences: 2-3 bd, 2 ba. Good school district. Close to public transportation.
Notes: Single mom with 2 kids wants to purchase a home in the Houston area for $50K. Currently paying $1000/mo. for rent.
As real estate agents, we've all seen leads like these. Dealing with real estate leads who want to own a home but have small, sometimes unrealistic budgets and often no money for a down payment. You want to be able to help all of your real estate leads find a home to buy. That's why you became a real estate agent. But how much time and energy will you have to put into this lead to find them a house at their price point? What options could you come up with to help these leads?
Converting leads is essential to sales when trying to generate more business as a real estate agent. So let's look at a few options for handling these leads, so they don't end up at the bottom of the bin or forgotten entirely.
Are you part of a team of real estate agents? Or is there a new agent in your office hungry for ANY real estate lead? It might be time to hand the lead to a newly licensed real estate agent.
"The last time I gave one of my leads to Rebecca. New to her role as a real estate agent, she was excited and grateful to have a potential buyer to focus on. She enjoyed nurturing the lead, got them pre-qualified, and eventually found a $70K home with no down payment, thanks to a down payment assistance program. I took her to lunch to celebrate and asked her if she wanted to co-list a house together. Win-win! It feels good when a lead gets the attention they deserve, and you get to help an up-and-coming real estate agent succeed."
New Campaign For Small-Budget Leads
You'll be nurturing real estate leads with more realistic budgets using a lead-nurturing campaign, so why not develop a campaign that encourages leads with small budgets? Create an email/text campaign to nurture the lead through educational material slowly. Lead-nurturing topics might include the following:
- How to get pre-qualified for a mortgage
- Saving for a down payment
- Down payment assistance programs
- Options other than standard stand-alone single-family homes
- Moving further out of the city to save money
- How a second job can help you buy a home
- Rent a room instead of an apartment to save money for a down payment, etc.
Think outside of the box and determine if some of the following topics would make a difference for your real estate lead:
- How can a lender help a lead with a small budget?
- Is the lead in a special population which qualifies them for mortgage assistance or no down payment (veteran, firefighter, nurse, etc.)? CAP's secondary mortgage market program? Homewise?
- Are there grants or programs in your area that could get this person into a home?
- Is a tiny home an option for your real estate lead?
- Would your lead be willing to relocate to a more affordable area?
- Could your lead qualify for a Habitat for Humanity home?
As you nurture this lead, you could set yourself up for a referral from them. Don't hesitate to include the question in your communications, "Do you know of anyone looking to buy a home? Please share my name" in your email signature or ask them in an email. Your best option is to make the referral request into a short video message.
"I hope you've enjoyed the tips I've been sending you over the past few weeks. Helping you learn about the process of buying a home is an honor. If you know anyone else who's looking to buy a house, please share my contact information."
The more options you give a real estate lead, the more chances for engagement and a testimonial that you can use to promote your business. Imagine getting a powerful testimonial from a low-budget lead you never gave up on.
"I just bought my first home thanks to [real estate agent]! She was the first real estate agent who took the time to help me understand the steps I needed to make my dream of homeownership a reality. I learned how to get pre-approved for a mortgage, save for a down payment (I only needed 10%!), the importance of an inspection, and more. It feels so great not to have to pay rent anymore! Thank you [real estate agent]!"
Lastly, show empathy to your real estate lead. How would you feel if you were in this person's shoes? What would you expect from a real estate professional who received you as a lead? Let them know they're not the only ones looking for a budget-friendly home. Give them something to relate to, even if it's just a statistic. If you have a story of someone who successfully purchased a home after starting their search with a low budget, share it to inspire and motivate your leads. Empathy goes a long way in helping real estate leads feel like they can buy a home on a limited budget.
As a real estate agent, there are many ways you can nurture a lead with a low budget. Start by talking to your team about who might want to nurture the lead, consider having the lead speak to a lender about loan options, educate through an email campaign, and think outside the box. Remember to look at what this opportunity can lead to in the future. You could get a fantastic testimonial from this lead after you find them a house or referrals for years to come. Remember to show empathy and help leads understand they're not the only ones with a small budget struggling to find a home. Take the reins and work hard to turn your real estate leads into transactions, no matter their budget.
Find more lead nurturing tips in our extensive guide. Bookmark it. You'll thank us later.