If you’ve been to a tourist hotspot like Venice Beach or Downtown Las Vegas in the last couple years, among all the sunglass vendors and street performers, you might have witnessed a weird new phenomenon: People who are willing to be punched or kicked in exchange for money. Yep, you give a complete stranger $20 or so, and he grants you the right to hit him. Sound crazy? Of course it does. But here’s an even crazier thought: I’d contend you – as a real estate salesperson – have more in common with these people than you might expect. You might not subject your body to physical punishment in exchange for money, but let there be no doubt about it… …If you want the monetary rewards associated with a successful career in real estate, you need to be willing to get punched in the face. Repeatedly.
All the Money is In Follow Up. So in your case, I’m not talking about literally getting punched in the face. But figuratively? Yes, most definitely. The statistics show only 5.6 percent of conversions happen upon first contact with a lead. That basically means for every 20 calls you make, one will achieve your desired outcome and 19 others will feel like a right hook landing squarely on your jawline. So here’s the big question for you: Can you handle that type of rejection? Can your psyche deal with that kind of punishment day in and day out? If not, you basically have two choices: Find a foolproof lead generation source that brings business to you automatically (Marketing Edge will help you there), or ask yourself if you’re in the right line of work. Or… you can adapt to accept the rejection and roll with it. Here’s how…
Remove the Emotion. Follow the Data. Here’s some more fun research based on numbers from our coaching members: 68 percent of conversions came after 8-12 conversations with a prospect.
Not one call. Not two. Not three. Not four. Not five. Not six. Not seven. EIGHT or more!
Are you following up with every one of your leads eight times? How about twelve times? (If not, you’re leaving money on the table. Piles of it.) Becoming relentless in your follow up is a matter of expecting to be punched in the face and knowing that each time you get “hit,” you’re one step closer to that next “Yes.” Conversion is purely a numbers game. The more you understand that and the more you look at it from that vantage point, the more you can eliminate the emotion from it and accept it as a reality of doing business.
3 Steps to Highly Effective Follow Up. To dramatically improve your conversion skills, follow these three steps:
Select and commit to a follow-up platform/CRM. Don’t get hung up on which one it is. Just get a tool in place that will help you set up your follow-up cadence and remind you when it needs to happen.
Create your formula. This really has two elements to it: Deciding the tools you’ll use to touch base with people: Phone call, text, email, in person, social media, etc. and the schedule you’ll follow with each of those methods.
DAY 1 A.M.
When a lead comes in, send automated email
Call within 5 minutes!
Send a text if you don’t reach them
DAY 1 P.M.
Call again
Send an email
DAY 2 A.M.
Call again
Send a text
DAY 2 P.M.
Call again
Send Market Snapshot
DAY 3-28
Call every 5 days via Mojo dialer
Send a text after the 5th attempt/28th day
DAY 29+
Call every 30 days until they “buy or die”
Track and measure your own numbers!
Don’t rely on the 8-12 calls statistic mentioned above when your own business is at stake. The better you track and measure your own results, the more predictability you can bring to your business.
So, what’s your verdict? Are you willing to (figuratively) get punched in the face? Let me know your thoughts in the comments below…
Strength and courage,
Wade
