Leads can determine the success of your Chicago real estate business, but it may not be in your best interests to wait for clients to contact you on their own. Before investing heavily in advertising, consider reaching out to potential clients directly. You’ll be more successful when you target those specific individuals who are most likely interested in selling or buying the types of propertY you handle in the Windy City. You can find more information about lead generation tactics, nurturing leads and measuring your effectiveness in this guide to real estate investing: Chicago edition.
Lead generation tactics for Chicago real estate agents and investors
Before you can start landing deals in Chicago, you need to know how to generate leads. Start by knowing who your potential clients are, then contact them and demonstrate your knowledge of the areas you serve. Let your prospects know how they’ll benefit from your experience. Remaining well-versed in the walkability, public transportation, school, and affordability factors for various Chicago neighborhoods can help you effectively match buyers and sellers. Outline your ability to make the needed connections.
Determine what factors comprise your ideal customer profile (ICP). Your ICP should consider the type of clients you would like to have and those who will benefit most from your expertise. Young professionals, growing families, buyers looking for starter homes, and commercial investors present a wide range of needs to accommodate. Develop your ICP and then target your outreach to that group.
Working from pre-qualified lead lists is a powerful outreach tactic. Whether targeting buyers or sellers, you’ll benefit from knowing the actual property or owner specifics in advance. A widespread campaign can waste time and resources; it’s better to stay targeted.
How to nurture real estate leads
Whether you’re a Chicago real estate agent or investor, converting leads requires building trust and credibility. This is a normal part of the lead nurturing process; don’t plan on converting a lead into a client in just one call or conversation. It could take multiple interactions before buyers or sellers feel ready to work with you.
Cold calling targeted leads on a prequalified list is a great way to connect with a potential client. Cold calling has been the go-to marketing strategy for real estate investors for years, because it gives them the chance to connect with motivated sellers and build rapport. Cold calling takes skill and strategy, though. To become a skilled cold caller, you’ll need to focus on preparing for calls, knowing your leads, knowing the factors motivating them to sell, and using cold calling scripts you can rely on.
SMS text messaging can also have a place in your outreach. Statistics show that text messaging is one of the most effective marketing strategies because it has high deliverability rates and most people read their texts within 5 minutes of receiving them. Additionally, texting your leads before calling them helps your follow-up phone call become less of a “cold” call.
Before you text your leads, make sure you are using a fully compliant SMS platform so you can maximize deliverability. You should also be aware of how text messaging regulations have recently changed so you can follow best practices at all times.
Direct mail is also an excellent way to approach targeted potential clients. Marketing by direct mail has shown itself to be more effective than email, and you can make better use of compelling visual elements. The majority of individuals who receive direct mail say it leaves a lasting impression, leading to future inbound contact.
Measuring lead generation efforts
Determining your cost per lead (CPL) and client acquisition cost (CAC) are two popular ways to measure the effectiveness of lead generation for Chicago real estate agents and investors. Your CPL measures the return on either your entire outreach effort or just one of its components. Divide the total cost of your outreach or one of its components by the number of leads acquired in the same given time frame. This is what it costs to obtain a new lead during the period under consideration.
CAC shows the cost to obtain a lead that becomes a client. The concept is similar to the CPL formula. Divide the outreach cost by the number of new clients you acquired for any given period. You can use the CAC measurement to review your entire marketing effort or just one part.
A practical and well-integrated lead management platform can help you efficiently and effectively manage your outreach efforts. Combining lead management with text messaging, cold calling and direct-mail reduces the cost and effort required to expand your outreach. It will also allow you to remain focused on your ideal customer. Reliable, targeted lead lists, and verifiable contact information are essential components in obtaining a positive return that you can measure.