The past year has been tough for many agents across the country.
Rising home prices and mortgage rates, the remnants of the pandemic’s lock-in effect, and limited inventory are all making homebuyers and sellers hesitant to make the move. As a result, agents are running out of commissions.
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These market factors have gradually improved in recent months, and economists predict that the situation is likely to improve slightly this spring as more inventory hits the market. But for now, many buyers are still canceling their contracts and others remain on the sidelines.
So what can agents in need of income do now? Inman spoke to agents across the country about what lead generation strategies are currently working in this market, and many said it’s human-to-human contact that is most successful.
Lean into your area, including other agents
Carrie McCormick | @property
@properties Carrie McCormick and her team at Christie’s International Real Estate have been talking a lot about lead generation lately, thanks to the current market downturn, team leaders told Inman. What always seems to benefit in some way is reaching out to individuals within the team’s realm.
McCormick said he is reaching out to past customers to give them updates on the market and see if they or anyone they know is currently interested in buying or selling.
“[We’re] “We’re just leveraging our unique network of local people that we know, educating them about the market and pricing, and telling them why now is a good time to sell,” she said.
Courtney Poulos of ACME Real Estate said that in contrast to the heyday of social media marketing, many people are now experiencing social media fatigue, which has led to increased responsiveness when it comes to proven lead generation techniques.
“A lot of real estate agents refrain from posting on social media because it’s just expensive and doesn’t really lead to conversions,” Ploss told Inman. “So I’ve seen agents lean more toward relationships like investing in spheres of influence, high-touch campaigns, actually making phone calls, taking people to lunch, making more value-added offers. So, while there are more platforms that agents at my brokerage are using, I’m also seeing agents using more nurturing campaigns, even sellers, to reach more people.”
Agent-to-agent referrals are also a reliable and profitable way to grow an agent’s business, especially in places where transfers to and from feeder markets are common. That’s why it’s important to be courteous and professional when working with the agent on the other side of your transaction. Hopefully it can turn into a referral somewhere in the future.
“That was a huge deal to me,” said Deborah Fantana of Group One Sotheby’s International Realty in Boise, Idaho.
handwritten notes
Geoffrey St. Allomand | Serhant.
In every building where a member of SERHANT.’s Team Tricia Lee represents a listing, the team writes a letter introducing themselves to their neighbors. Jeffrey St. Arromande, a member of the team, told Inman that the letter also explains how the team will market properties in the neighborhood if they choose the team to represent them in their next sale.
“That way they know we’re there,” St. Arromand said. “And when we do our first open house, we do something just for the neighbors and let them see how they sell their properties. Things like that are time-consuming, but they’re a necessary evil. And I think agents don’t do that anymore… So we use that extra half-hour to invite the neighbors, have some snacks, and talk a little bit about what we do to differentiate us from other agents that they might work with.”
open house
Although sitting still can feel boring, many agents continue to find open houses to be a great source of lead generation, including Pantana, who said open houses are one of the “pillars” of his lead generation strategy.
Christine Dupont-Patz | Cherry Creek RE/MAX
Christine Dupont Patz, broker and co-owner of REMAX in Cherry Creek, Denver, said spending face-to-face time with potential clients can be advantageous for agents.
“You’re talking to people who are socializing, people who are out and about and actively looking at homes,” Dupont-Patz said. “Yes, they may have an agent, but they may not. So the aspect of getting in front of people and having a natural conversation. I can tell you many examples where I’ve held open houses. I’ve represented people who just come in and say, ‘This is the house I want, this is what I’ve been looking for,’ and we write an offer, and sometimes they even have a house they want to sell. That actually happens.”
DuPont-Patz also likes to experiment with open houses on nontraditional days and times. This opens up the possibility of reaching another group of potential buyers who may not be available on a Saturday or Sunday afternoon. One of the busiest open houses she’s ever hosted, she said, began at 9 a.m. Saturday and was attended by families, sometimes with young children, on their way to Saturday morning activities such as sports practice or birthday parties.
“And the house had been on the market for a while,” she said. “It didn’t just happen. [market]”
Under exploration
jonathan spears compass
Jonathan Spears of Compass’ Spears Group told Inman that lead generation strategies that have been advocated many times are still being explored. This is one of the basics that every agent new to the real estate industry learns, and its effectiveness is undeniable. Spears said he’s seen most agents struggle with deal flow because they haven’t prospected for a while after the busy season.
“Whether the market is fast or slow, the best way to gain market share is to identify the farm market you work in and understand who is trading in that market and why they are trading. Why are they trading?” Spears said. “And you can keep learning about those numbers and stay in front of active owners in that community.”
Spears added that the company is “focused” on specific parts of the market that include about 100 addresses or less.
“When you try to serve too many people, you end up being a jack-of-all-trades and a jack-of-all-trades,” he said.
Buyer’s wish list
McCormick said promoting buyers’ wish lists on LinkedIn and other social media can also be effective. Potential sellers are often more likely to list if they know there are genuine buyers who want a home similar to theirs.
Now, many of the luxury buyers McCormick works with in Chicago are looking for the same items, and inventory is tight. Her buyers primarily want move-in ready properties with quality finishes in Lincoln Park, Lakeview or the Gold Coast. But McCormick added that when agents advertise a list of potential buyers, it’s important to be honest about it.
“The important thing is that we do this with integrity,” McCormick said. “So don’t just put it up for sale and pretend like you have a buyer. You really have to deliver, too. So when you get a call from a seller saying, ‘We’re intrigued, please tell us more about the buyer,’ you really should be prepared. You don’t want to damage your reputation by saying, ‘No, we really don’t…'”
storytelling
At SERHANT, which has its own in-house production company, content creation is a big part of marketing and lead generation, St. Arromand pointed out to Inman. So when it comes to more modern, fresh approaches to lead generation, the team focuses on storytelling through content creation on social channels and commercials on certain streaming platforms.
“This has proven to be effective not only for the properties we list, but also for the neighborhoods we are moving into,” St. Arromand told Inman. “So we’re really trying to create what the overall experience is going to be after you choose to move into that property…and really double down on that.”
The team typically focuses on posting 2-3 high-quality posts per week that provide value, rather than trying to publish something that may be less polished every day.
“We’re not just doing it to provide content every day, but we’re trying to make sure that it’s first and foremost reflective of the brand and its look and most importantly its messaging,” St. Arromand said. “I think what’s important about this as well is that everyone understands and recognizes the importance of content, but being able to lead with actual storytelling and a hook that captivates the audience in the first five to 10 seconds.”
Stay active in interest groups
Fantana recently joined a mahjong group because mahjong has become a trend. Several people have already asked about her services as an agent. Fantana said she has also been involved in cat advocacy for many years. She serves on the board of a local kitten rescue organization, which allows her to connect with many community members.
Deborah Fantana | Group One Sotheby’s International Realty
“Here, locally in my market, I have always had a lot of success, and I continue to have success as part of a like-minded group,” Pantana told Inman.
As a result of my involvement in the rescue mission, I was asked to write a column about pets for a widely distributed local magazine, and as part of the deal I also got to promote my real estate business in that publication.
Turn to AI
As more consumers gravitate toward finding answers using AI tools rather than traditional search platforms like Google, St. Arromando said Team Tricia Lee also consciously tailored their content to be more likely to appear in AI search results.
Spears also recently deepened its leanings into AI by creating an AI-powered property management platform called MyOps that allows agents to track production, customers, finances, and more.
“MyOps gives you an overview of how your team is doing,” says Spears. “So you know your year-to-date, month-to-date, week-to-date sales, and you know what’s going on in your business in real time. So you start looking at your business and thinking about your next steps. Thinking about how and where there are warm opportunities within that business to be able to get out and farm.”
Courtney Poulos | ACME Real Estate
Meanwhile, Courtney Pross said she has been very disappointed with most AI real estate tools in the past, but has finally found one that she believes is valuable and useful for lead generation. AtllasX is an AI assistant that handles both outbound and inbound calls with potential leads. Agents can upload CSV files to the platform, and the assistant will contact prospects on their behalf, offering free home appraisals and more. Pross recently tried it out on his podcast.
“You can choose a voice, you can choose a prompt in the script,” Poulos said. “It has some defaults in it. It’s made for real estate agents, so it already has some great defaults in it.”
“I think this is a good use of AI because it’s inexpensive and allows for accountability without having to rely on a third party. You don’t know if someone is doing what they say they’re doing or not doing,” Ploss added.
take another step
Dupont-Patz said she also likes to do surprising but helpful things to let past customers know she’s thinking of them. These methods also usually help generate a more enthusiastic response from the client.
One day, after seeing a customer post about having a bad day on social media, Dupont-Patz decided to buy vodka and sparkling lemonade and have it delivered to their home. “It was like, ‘Obviously life is giving us lemons, so let’s drink lemonade,'” she explained.
During this time, she also tends to hand out wiper fluid. This is something that comes in handy on the winterier days in Colorado. A bottle of wiper fluid also comes with a card that says something like, “We can help you get a clear picture of your market.”
Email Lillian Dickerson
