How to Convert More Real Estate Leads in 2024
calendar February 7, 2024

How to Convert More Real Estate Leads in 2024

I’m going to let you in on a secret that most real estate agents don’t realize. When it comes to taking more listings and generating more business, the first step for most agents should not be trying to find more real estate leads. For a lot of agents, generating leads isn’t their biggest issue. It’s converting the leads they already have.

If you want to grow your real estate business in 2024, then you need to focus on improving your lead conversion skills before you invest more time and money into generating new leads.

The Problem with Real Estate Leads

You expend a lot of resources finding new leads. Whether you’re using ads, circle prospecting, social media, or you’re going around knocking on doors, you need those leads to turn into new business if all that effort is going to be worth your time. So, as we move further into 2024, you have to ask yourself, are you converting enough of your leads to justify all the work and resources you’re putting into generating them?

According to the National Associated of Realtors, the national average real estate lead conversion rate is between 0.4% and 1.2%. That’s roughly converting one to two leads per every 200 leads that you bring in. That’s the national average. To calculate your own actual real estate lead conversion rate, simply take the number of conversions made during a calendar year, divide that by the number of leads you brought in, and multiply the answer by 100.

Now, whether you’re below the average, at the average, or above the average, ask yourself if you think it’s enough. Because I’ll tell you, even converting one to two leads for every 200 you generate leaves a lot of room for improvement.

The question is, how?

Convert More Real Estate Leads in 2024

There are several primary factors that go into converting more real estate leads and making a significant impact on your business. The best part about focusing on converting instead of just generating a higher volume of leads (at least to start) is that it gets to the root of the issue. And then when you do spend more time and resources on new leads, it will be worth it, because you’ll have the tools and systems to convert a much high percentage of them.

If you’re calling up real estate leads and talking to them on the phone, then there are a few tips that will seriously move the needle. Let’s take a look at them.

Enter your calls correctly

Your first few statements are extremely important. Think about it this way, so few people pick up the phone nowadays, that if you have someone who does pick up, you do not want to mess up this increasingly rare opportunity. At the very beginning of the phone call, you have to successfully communicate why you are calling them, and why they should care. In other words, you have to convince the lead that what you are doing is relevant to them.

Don’t overly rely on scripts

It’s 2024. If you’re lucky enough to have someone even answer the phone, you don’t want to waste that opportunity by sounding like a robot reading a script. That’s a quick way to turn off the person you’re talking to and miss out on potential business. I know it can be tempting to completely rely on scripts when talking to leads. This is a mistake. Although scripts are very useful and we teach scripting here at Smart Sales Coaching, relying on them too much and just reading from them on your calls is not going to help your lead conversion numbers.

Have Real Conversations with Leads

Instead of solely relying on real estate scripts, focus on perfecting conversion strategies. That means asking great discovery questions to learn the lead’s deeper motivation, responding in real time to their answers, anticipating what their needs are based on their answers, and effectively overcoming their objections. Use scripts as a starting point, but move beyond them by truly listening to, understanding, and responding to what your real estate leads are telling you. Doing this successfully requires more than memorization, it requires practice. And role playing is by far the best way to practice.

Hone Your Unique Value Proposition

The key to converting more real estate leads is by succinctly and simply explaining the value you will create for them if they work with you. Focus on the benefits you provide. What separates you from the other agents they’ll talk to? And make it clear what your specialty is and how it applies to them. Just remember, you want to be able to say this statement in 30 seconds or fewer. Keep it short!

Are You Serious about Moving Your Business Forward?

At Smart Sales Coaching, we have training that can help you achieve your 2024 goals. This article gave you a taste of what is needed to convert more real estate leads, and our training provides you a roadmap with daily live training and a coach to hold you accountable.

You will master all the components of having great conversations, ween off your script addiction, and successfully convey your value. In addition to significantly improving your lead conversion, we will also help you generate leads more effectively and put the right pieces in place to scale your business.

Check out our Conversion University training programs here.


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