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The 4 Stage Lead Lifecycle
In real estate all leads have what I call a four stage lead lifecycle.
This is true not only for real estate, but for any area of sales.
Most agents speak about and focus on just one stage in this process, lead generation. In fact, this is only the first step in what is a four-step process. Generating leads without capturing, incubating and converting (lead follow-up) will not necessarily lead to clients. Those who focus merely on stage one will miss many a payday.
In order to be achieve Success with Listings you absolutely have to take most seller leads through the entire 4 Stage Lead Lifecycle. Stages 2 through 4 are the stages that determine if a lead will live (and reward you monetarily along with the possibility of repeat business) or die (and reward you with nothing).
Stage 1: LEAD GENERATE
Stage 2: LEAD CAPTURE
Stage 3: LEAD INCUBATE
Stage 4: LEAD CONVERT
Stage 1: Lead Generate
We call this Lead Generation. This is the step where the hook is baited and you are ‘fishing’ for leads. Lead Generation involves marketing and promotion, and a variety of other tactics required to generate a lead.
Stage 2: Lead Capture
We call this Lead Capturing or Lead Receiving. This is the stage where the lead actually falls into your hand and you catch (or capture) it. During this stage you have the lead captured, but it is uncertain whether or not this lead will actually turn into a paycheck for you. Hard work and diligence is required in order to take the lead all the way to the pay window.
Stage 3: Lead Incubate
This is what I call the ‘nurturing’ stage. As my mentor Rand Smith says, “In order for someone to work with you, the possibility of trust has to exist.”
Think of this as the step where you are getting the lead to trust you. You are nursing the lead and trying to get them to see that working with you is a better choice than working without you. You are working to show them that you can be trusted.
Sometimes the lead incubation process is quite lengthy. Other times, (depending on the lead source, your skill level and contact frequency) it happens very naturally and quickly.
Step 4. Lead Convert.
Leads that are converted have graduated to become clients. In order to take a lead all the way to step 4, you absolutely have to connect with them. What I mean is, a connection between you and them has to have taken place.
It is unfortunate that many real estate agents completely drop the ball when it comes to stages 2 and 3. Many of the Type A personalities (High Ds on the DISC profile) that I train try to take a lead from Stage 1 directly to stage 4. They want to generate the lead and immediately convert them. If the lead doesn’t convert right away, they move on to the next one. Don’t make this mistake. Stages 2 and 3 are where the magic happens. If you want to build your listing business to the highest level it can possibly be, you will have to get good and consistent at capturing and incubating your seller leads. You can easily double your business just by making sure your leads are captured and incubated. These leads can often turn into clients, months down the road. If you do not focus on these critical stages, then many of your potential listings (and paychecks) will simply fall through the cracks.
You’ll be happy to know that you can delegate steps 2-4 to your team members if they are highly trained and skilled at converting leads (yes, it truly is an art form). You can also make use of drip email campaigns and other systems to help you capture and incubate your leads.
Generating More Leads in Your Real Estate Business video 12:07