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In the fast-paced world of real estate, agents play a crucial role in helping people buy or sell their homes. Whether you’re a brand-new agent or a seasoned veteran, understanding the dynamics of the industry is essential for success. Here’s a snapshot of the real estate game in its three fundamental stages: Lead generation, follow-up, and decision time.
1. Lead generation - finding opportunities. The journey begins on the day someone buys a house. From that point on, the focus shifts to lead generation, which encompasses all the activities aimed at identifying potential clients with specific needs and successfully closing deals. For new agents, this stage is a foundation to build upon, while for seasoned agents, it serves as a helpful refresher to stay ahead in the competitive market.
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2. The importance of follow-up. The period between a client’s home purchase and their next transaction can span from 3 to 7 years. During this time, maintaining a connection with your clients is crucial, and this is where the follow-up stage comes into play. This involves nurturing relationships, staying in communication with your clients, and providing them with valuable information. At KELLER Williams, we advocate a 36-touch system, suggesting that by interacting with each individual about 36 times a year, you can expect a one-in-ten return, resulting in one closing for every ten people in your database.
“Each phase plays a vital role in an agent’s success.”
3. Decision time - seizing the opportunity. The most critical phase in the real estate game is when someone makes a decision to buy or sell their property. This period typically lasts about ten weeks. However, as an agent, you won’t be aware of when your client enters this crucial time frame unless you have maintained regular communication through the follow-up stage. Being attentive and responsive to your clients during this period is essential to maximize opportunities and close deals successfully.
By understanding and implementing effective strategies at each stage, agents can build strong client relationships, increase their closing ratio, and thrive in the competitive real estate market. If you’re eager to delve deeper into these concepts or seek personalized guidance, don’t hesitate to schedule a strategy call here. Also, feel free to reach out by phone or email.