When you evaluate a Champion Agent’s prospecting and lead generation, you will find these people have more than one lead generation source. Our objective is to establish a lead triad. A lead triad is at least three sources of business that generate leads that account for at least 15% to 20% each of your overall revenue or units.
When I evaluate most Agents’ businesses, they either have one source that they rely on too much (creating an imbalance of leads and a vulnerability to their business), or they have too many lead sources that generate low levels of leads and business. They have ten lead sources and most represent less than 10% of their business. These are bookend errors that are equally disastrous.
We need to have three to four lead sources that can account for a substantial amount of business. When you have a lead triad in position, if a prospecting and lead follow-up source dries up or diminishes because of competition intensifying, marketplace or industry changes, or just the breaks, you have already established, tested, and proven methods of prospecting and lead generation that you can shift your resources to. You can ramp up those sources to a high level quicker, which saves you stress and a cash flow crisis.
If you don’t have a lead triad, your probability of weathering the storm is lower. It will take a greater toll on you to navigate the storm. If you have too many sources, you have to pick one or two, without knowing if you selected the right ones or if your strategy will work. With only one solid source, you are starting from scratch, attacking the steepest part of the learning curve and hoping for quick results. Either one of these approaches can be deadly.
If I am describing your business, I have one word of caution for you; don’t try to add too much too soon. The natural tendency when I talk about implementing a lead triad strategy in one’s business is to rush to add two, three, even four sources now. The better approach is to select one and commit to that one. Track the results and make the changes and requirements necessary to increase the results.
Don’t change your source or add another one for six months until the strategy, tactics, and implementation have been fully tested. We all need to achieve a lead triad of strength in our business. Just as a table needs three legs at a minimum to have stability from falling, so does your business.
Dirk Zeller is a sought out speaker, celebrated author and CEO of Real Estate Champions. His company trains more than 350,000 Agents worldwide each year through live events, online training, self-study programs, and newsletters. The Real Estate community has embraced and praised his six best-selling books; Your First Year in Real Estate, Success as a Real Estate Agent for Dummies®, The Champion Real Estate Agent, The Champion Real Estate Team, Telephone Sales for Dummies®, Successful Time Management for Dummies®, and over 300 articles in print. To learn more regarding this article, please visit http://realestatechampions.com/leadgeneration/.