Most businesses rely on leads to generate their sales, and property management is no different. Leads are customers who contact you through various channels for more information. They start at the top of your sales funnel, working through the sales process until they become a paying customer. Leads can come from a variety of sources. They might contact you through your social media channels, call you directly, or fill out a form on your website. It’s easy to assume that the more leads you have, the more sales you’ll generate. To some extent, that’s true. But what really matters is the quality of the leads you are getting. Not all leads are equal and learning to discern which leads are more likely to convert into sales will help you boost your bottom line in a big way.
You can predict lead quality by looking at a few factors. Over time, you’ll start to get a feel for your customer base and know which leads are the most qualified. Understanding which factors increase the lead’s quality allows you to pinpoint your sales efforts where they make the biggest impact. You won’t end up wasting effort on inquiries that aren’t likely to generate any income. To determine lead quality, you’ll want to look at three factors: the source of the lead, the information given by the lead, and the actions taken by the lead.
The lead source is an indication of the lead’s intent. The lower the effort, the lower the intent on the part of the lead. It takes a lot less effort to send a message on Facebook than it does to make a phone call. So a lead who takes the time and makes the effort of a phone call is going to be the most qualified. That doesn’t mean you should disregard other lead sources, but you should give a phone call your full attention.
How much information a lead gives you indicates their level of interest. The more information they give, the more interested they are in becoming a paying customer. Again, it’s important not to dismiss lower qualified leads. Class these as MQL; that means they are likely to become customers in the future but aren’t ready to convert to a sale. SQL indicates a highly qualified lead, usually someone who has provided a great deal of information and is ready to make a sale.
Knowing what actions a lead takes will help you determine what stage they are at in the buying funnel. This can help you and your sales team move them onto the next stage, and ultimately convert them into a sale. You can do this by asking them what actions they’ve taken to find a property during an initial email or phone call.
Once you start to learn where your best leads come from, you can develop strategies about how to generate more of them. If you are getting a lot of highly qualified leads through your website, then focus your marketing budget on driving more traffic. If you generate the most qualified leads through events, then you’ll want to focus your sales efforts there instead. This is how smart property managers increase their business and prevent wasting their time with unqualified leads.
Learning how to qualify leads correctly can be a huge help to your sales process. But it’s not something that you’ll learn overnight. It can take a lot of practice along with trial-and-error to get it right. Partnering with a knowledgeable property management professional can help. Property Management Pros offers killer sales email templates for property managers that you can download now. These email templates are perfect for generating new highly-qualified leads for your business. Looking for more help with your sales process? Contact the Property Management Pros team to learn how you can become a part of our growing network of licensed property managers.