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Thought Leadership
June 20, 2024

Why Your Leads Aren’t Converting (and How to Fix It)

As a real estate agent or mortgage loan officer, it can feel like leads are the lifeblood of your business. But statistics show that more often than not those leads don’t convert into clients. In fact, according to research firm T3 Sixty, less than 1% of purchased leads will turn into a client. It’s frustrating, but fear not! Let’s explore why this might be happening and how you can turn the tide.

The Challenge with Purchased Leads

Purchased cold leads are individuals who have shown no prior interest or engagement with your brand. These leads are typically harder to convert because they lack a foundational relationship or recognition of your services. The lack of personal connection means that cold leads are often unresponsive, leading to wasted valuable resources that you should be allocating elsewhere. 

The Importance of Brand Awareness

Brand awareness is a critical part of every effective marketing strategy that's often overlooked in the pursuit of lead generation. Before a lead can convert, they need to trust your brand. This trust is cultivated over time through consistent and meaningful engagement. It’s not just about having a recognizable face or working for a brokerage with a recognizable logo; it’s about creating a lasting impression so that when your prospective client thinks of buying or selling their home, they think of you.

By focusing on building brand awareness, you create a familiar and reliable presence in your market. When leads are already familiar with your brand, they’re more likely to engage and eventually convert, making them far more valuable to your business.

Strategies Beyond Purchasing Cold Leads

Here are some strategies to implement now to help build that credibility. 

  • Content Marketing: Share valuable insights about the real estate market or mortgage advice through blogs, newsletters, and social media. Providing helpful content can establish you as a trusted authority in your field and warms your leads by providing value and insights. 
  • Community Engagement: Participate in or sponsor local events. Community involvement increases your visibility and fosters a positive brand image.
  • Referral Programs: Encourage satisfied clients to refer friends and family. Personal recommendations carry significant weight in building trust. In fact, 92% of consumers trust referrals from friends and family over other forms of advertising. Maintain regular engagement with this critical group using Adwerx Sphere Campaigns to stay top-of-mind for referrals. 
  • Digital Advertising: Targeted ads on the websites and social media platforms where prospective clients are spending time improves your brand visibility and recognition. Personalization combined with behavioral targeting (ads targeted based on specific browsing behaviors) establishes you as the go-to experience among potential clients who have already shown interest in real estate or mortgage services.

Implementing a marketing strategy that prioritizes brand awareness and engagement can significantly improve your conversion rates. By focusing on quality over quantity and implementing targeted marketing strategies, you increase your chances of finding qualified buyers and sellers who will turn into future clients.

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