No two leads are created equally, and that can make managing all of those calls, emails and web submissions a real challenge. Sure, you want to generate lots of leads at the end of the day—this is definitely a volume game, especially in the beginning—but it’s critical to have a system in place that separates the good from the bad. Without it, you’re going to waste time, and at the end of the day, time is your most valuable resource. So you really can’t afford to waste it on sub-par leads.
So how do you act on the best leads and ditch the worst—and do it all fast? By utilizing an effective Seller Lead Management System that ensures you’re only spending time with the most motivated sellers. Our system focuses on working with sellers, including:
- The questions you need to ask EVERY TIME
- How to determine whether a seller is motivated or unmotivated
- How to determine if you have a good deal on your hands
Understand The Type of Leads
At the core of this system is determining the type of lead you’ve got on your hands. Every potential seller falls into one of three categories:
- Motivated—active leads that are highly motivated to sell because of some pressing challenge, usually related to TIME (they NEED to move) or MONEY (they NEED the cash)
- Not motivated—they think they want to sell but, really, aren’t quite there yet. Either way, these sellers won’t part with their property unless you move mountains… and, maybe not even then.
- Agent referral—these are properties represented by a real estate agent; they may approach you or you may wind up approaching them, depending on the property
The category a seller falls into is a direct reflection of how serious they are about selling their property—and that directly impacts how you approach and engage that seller.
DOWNLOAD YOUR SELLER LEAD SHEET NOW. This FREE lead sheet will help you correctly categorize every lead, every time. CLICK HERE to download now.
Why Your Seller Lead is so Powerful
But that’s not all your Seller Lead Sheet is good for. This comprehensive assessment tool has a number of key functions, including:
- Making sure your conversations are always FOCUSED
- Enabling you to gather all information needed
- Helping train others on how to assess leads quickly and effectively
- Offering a built-in script to keep potential deals moving forward
To do this, the Seller Lead Sheet is broken into four main sections:
- General information
- Motivation and price
- Mortgage information
- Follow up and discussion notes/needs
Once you work through your sheet, you’ll be ready to take action.
What to do When You’ve Got a MOTIVATED Seller
Motivated sellers are easy to spot. They’re communicative, highly responsive and eager to move on to the next step with you. Once you spot a motivated seller, you’ll want to:
- Set up an appointment—that day, if possible
- Run a desktop analysis and review the property card
- If all checks out, try and work on final terms with the seller, and see if you can reach a deal
- If you’ve got a deal, send a contract and pull the title
- If you can’t come to terms with the seller, follow up weekly to see if their situation changes—the price drops, for example, or their needs shift
What To Do When You’ve Got a NOT-SO-MOTIVATED Seller
Not every seller is motivated. If you wind up going back-and-forth with a less than motivated seller, again, you’ll know it. They’ll likely be a bit more closed off when it comes to sharing details, or may dig their heels in when it comes time to talk terms. Before you spin your wheels with these sellers, dip your toe in the water a bit and see what happens:
- Run a desktop analysis and determine a value estimate
- Make a verbal offer over the phone, just to gauge interest
- If there’s interest in your verbal offer, set an appointment ASAP
- If there’s NO interest in your verbal offer, follow up monthly to see if their situation changes. A non-motivated seller can easily become a motivated one if their property sits for too long or they experience some major life event—a last minute move, job loss or other emergency.
Used effectively, your Seller Lead Sheet and IVAS’ Seller Lead Management System will save you time, resources and lots of headaches.
Start by walking each lead through your sheet to determine their motivations, then frame the conversation and immediate next steps through that lens. You’ll be able to spend more time on the deals that matter, and less on all the rest. And that means you’ll close more meaningful deals without getting caught up in all the clutter.
It’s a win/win.