Quick Tips to Optimize Your Lead Gen for 2024

Lead generation is the lifeblood of any successful real estate career. After all, no leads means no clients, closings, or income.

To set yourself up for success in 2024, here are a few quick tips to optimize your lead generation strategies on the fly:

Look at the Data - What’s Working? What Isn’t?

Look at your past closings in 2023, or beyond if you need more data. What are the patterns? What’s working? What isn’t?

Start by analyzing the lead source that resulted in the most closings. If it’s working, then a good rule of thumb is to do more of it. How can you efficiently increase the volume of that activity?

For example, if open houses are paying off for you, how can you increase the number of open houses you hold in 2024 by 1.5x or 2x, without bogging down your efficiency? Perhaps there’s bandwidth to simply schedule more. Or, perhaps increasing volume may require an efficiency factor to offset the additional time spent, like hiring a service that handles open house marketing and sign placement for the agent.

Next, look deeper within the system that is working well. How can you get more out of the effort applied? We’ll use open houses as an example again – if you’re currently getting 20% of prospects to leave their contact info with you, how can you increase that number to 30% or 40%? Can you use a lead magnet as a bigger hook while simultaneously amplifying your value proposition?

After that, evaluate what isn’t working. Can it be fixed or improved? Is it worth fixing? If there’s potential, then it may be worthwhile to spend time improving it. But more than likely, it will be easier to just drop it and reapply that bandwidth to your more effective lead generation system.

When taking this optimization approach – improving what’s working and removing what isn’t – you laser focus on pipeline volume and conversion quality. Consistently assessing and enhancing your pipeline building is the most effective way to maximize transaction counts and success opportunities.

Sphere Pays 

Your sphere of influence is easily the most underutilized lead source in real estate. Building successful relationships is what most directly translates into closed transactions, yet it’s the hardest part of lead generation.

With sphere contacts, you likely already have strong relationships. Ideally they know, like and trust you, and would use your services or refer others. Sphere leads also typically convert at the highest rates and provide repeat business.

No magic bullets here. If you’re not getting enough sphere leads, make a list, proactively reach out, and lead with value. Also, focus on building relationships with new prospects and clients from your systems, to efficiently move them into your sphere status.

In Closing

2024 will likely involve a high volume of agents competing over a smaller pool of business. Having a quick, on-the-fly process to assess your lead generation efficacy is crucial. Doing this consistently, and improving over time, will pay dividends.