Re-Engaging Dead Leads: A Realtor's Success with Home Equity Reports

Struggling with dead leads? You're not alone. Many realtors struggle with re-engaging contacts who have gone silent. Even if these leads showed initial interest, it can be a challenge to re-engage them.

The key to reviving dead leads is offering something of value. Think of something that would pique their interest, like a Home Equity Report.

Home Equity Programs offer value, making it the perfect strategy to reignite engagement. In this blog, we’ll explore how Home Equity Report Programs can be an effective tool to re-engage dead leads. We'll even share a success story to show the process.

Understanding the Challenge of Dead Leads

Dead leads are a common problem for realtors. These are contacts who showed initial interest but have since become unresponsive. The challenge lies in finding effective ways to re-engage these leads and convert them into active clients. This is where Home Equity Reports come in.

The Strategy: Home Equity Reports

Home Equity Reports provide valuable insights into a homeowner's financial standing. They outline the current value of their property and the equity they've built. This information is intriguing to homeowners, especially after significant market changes.

Step-by-Step Re-Engagement Plan

Step 1: Targeting the Right Leads

Identify older leads that have shown no engagement from previous emails. Focus on contacts from sources such as online inquiries and open house registrations. Ensure you have at least an email address for each lead.

Step 2: Offering Value with Home Equity Reports

Create a promotion for your Home Equity Reports that offers something of value. A free Home Equity Report and a $25 gift card are perfect to incentivize leads.

If you’re not sure how to create a Home Equity Report Program, check out our blog here. 

Step 3: Crafting the Emails

Plan a series of emails using a personal and warm tone to reconnect with leads.

• First Email: Send a casual email checking in. This could be anything from an email saying it’s been a while and asking your leads how they are to a holiday email. Don’t mention Home Equity Reports at all, this email is just to remind them about you. 
• Second Email: Follow up with another check-in about a week later. Here is where you’ll mention your Home Equity Report Program.

Step 4: Generating Interest and Gathering Information

Provide a link to a simple form where leads can enter the necessary information to receive their Home Equity Report. Keep the form straightforward to encourage participation.

Step 5: Building Rapport and Gathering Insights

Once leads sign up, reach out to them to confirm details and gather more information. Use this opportunity to build rapport and understand their motivations.

Step 6: Reaping the Rewards

Prepare and send the Home Equity Reports along with their reward for signing up. Then, follow up with leads to discuss their reports and answer any questions. Use this engagement to identify potential opportunities for listings, sales or referrals.

Step 7: Ongoing Engagement

Add the re-engaged leads to a regular update cycle, such as monthly or quarterly Home Equity Reports. This keeps you top-of-mind and nurtures the relationship over time.

Success Story: How Matt Santagapita Re-Engaged Leads with Home Equity Reports

To illustrate the effectiveness of this strategy, let’s share a success story from our CEO and Founder, Matt Santagapita. Matt had a ton of old leads in his CRM, Follow Up Boss, and was going to update their status as trash. Then, he had the idea to re-engage them with a Home Equity Report Program.

The Campaign

Matt targeted 5,819 old leads who had shown no engagement from previous emails. Each contact had at least an email address.

The Emails

Matt sent a Merry Christmas email on Friday, December 22nd, in the morning. This timing was strategic, as few realtors send emails on Christmas Day. Here’s the email:

The follow-up was a Happy New Year email sent on Friday, December 29th, in the morning. Again, strategically timed to make it more human. Here’s the follow-up email:

The Offer

Matt didn’t include a link in the first email, so it was a check-in with no promotion. In the New Year's email, Matt included a link to a Google Form to sign up for a Home Equity Report and a $25 incentive for each signup.

The Results

Over about two weeks, Matt received 27 signups for the Home Equity Report. Each respondent provided detailed information, including their name, home address, year of purchase, list of upgrades and phone number.

Engagement and Follow-Up

While preparing the reports, Matt contacted each lead for more details, helping build rapport and uncover motivations. Many were curious about their home's value due to recent market increases, while others had specific plans, such as potential moves or upcoming mortgage renewals. He then generated the Home Equity Reports with Owner Console.

Successes

• Sold Listing: A townhouse condo listed at $449,900 sold for the asking price within 8 days. Commissions earned were $11,247.50 (excluding sales taxes).
• Over $10,000 Profit: With costs of only $675 ($25 x 27 signups = $675), the commission on the listing generated a profit of $10,572.50.
• Mortgage Referrals: 2 referrals were sent to his mortgage broker, strengthening that business relationship.
• Future Prospects: One additional client is in the pipeline, an older couple looking to downsize, representing both a buy and a sale opportunity.

Tips for Maximizing Success

• Consistent Follow-Up: Regularly update and engage with leads to keep them warm.
• Personalized Communication: Tailor your messages to address the specific needs and interests of each lead.
• Valuable Incentives: Offer incentives that provide real value, like Home Equity Reports, to encourage engagement.

Re-engaging dead leads doesn't have to be a daunting task. By leveraging Home Equity Reports and strategic email campaigns, you can breathe new life into unresponsive contacts and turn them into valuable clients. 

Use Locorum to start implementing this strategy today and watch your business grow.