If developing new business was easy, every business would do well. Combining the art and science of lead acquisition and development isn’t just a crucial element of your real estate business plan — it is the element on which all the rest of your business hangs. Get more comfortable with your leads by taking note of and avoiding these common mistakes.

Believing in “good” leads vs. “bad” leads.

A lead is like the Force — it’s not inherently good or bad. It’s simply a name and any form of contact information for an individual or business, and it’s how you approach and develop that contact that matters. No matter what channel your lead comes though (purchased list, social media, mobile ad, phone call, postcard response), have a plan for how to nurture it.

Inefficiently prioritizing your time.

You’ve heard of the 80/20 rule? Well, real estate news source Inman has proposed a version for real estate professionals: spend 20 percent of your allotted time generating leads and 80 percent of your time converting them into sales.

Assuming all leads want the same things.

Yes, the bottom line is that your leads may want to buy or sell; however, the paths they take to closing may involve vastly different goals and needs. You probably won’t have a good idea what these differences are unless you ask. Start with why they contacted you and continue the conversation from there. Then you’ll know how to provide them the most meaningful information in future.

Failing to provide value.

To elaborate on the above, the best way to nurture a relationship is to provide valuable information to your leads exactly when they need that information. Your expertise is an important resource to your audience. When you concisely answer their questions in language they understand, in a timely manner, you’re giving them the help they need. And people remember that.

Further, don’t forget to briefly explain the next steps. Not only does it let them know you’re going to contact them again, but it puts their minds at ease and positions you as a reliable professional.

Not having a flexible, workable plan.

A flexible plan means it’s easily adaptable to the needs of your various subsets of leads — Do they need to close right now or next year? Are they talking about a starter home, a vacation home, a downsized retirement home? Do they have a certain neighborhood in mind?

A workable plan is designed to implement quickly and efficiently over time and to be easily customizable to your leads’ needs. Therefore, part of your plan is to have well-documented and well-organized leads.

Being inconsistent.

Remember, in most cases, this lead-development process is important to you, not the lead. They’ve got other priorities; they don’t see every single one of your messages, and they don’t remember what they have seen. This is why the basic rule of thumb in advertising has always been for your audience to see each message three to seven times (preferably through different channels).

Be prepared to work your marketing plan on an ongoing basis, with calls to action going out regularly as part of other messaging that appeals to your leads’ different needs and schedules.

For further consideration, here’s another version of Inman’s 80/20 rule. Spend 20 percent of your allotted time on creating your content and the other 80 percent promoting it. Share enticing points from any new posts to get leads’ attention, and then schedule it to share again in a few months and catch your new leads and those who missed it the first time.

Giving up too soon.

Yes, converting a lead into a sale takes time, but remember that these people are considering what could be the biggest financial transaction of their lives. There are a lot of moving parts that have to be addressed after their desire to buy or sell a home. You have to catch them at the right time, and, since you’ve already gone to all the trouble of soliciting, identifying, contacting, and documenting your leads, why would you not want to keep them in the loop? Even a weekly, “here’s what’s new” sort of email campaign can help you stay in touch with your oldest or coldest leads.

Not understanding a “dead end” could also be an open door.

You’ve seen that list of “Anyway” Commandments? Add one for the good of your business: Build the Relationship Anyway.  After all, every lead you have is a person with friends and family members who could also need your services at any time. In effect, you’re simultaneously generating unknown leads while nurturing the ones you already have.

Take a Marketing Professional’s Lead

You’re probably thinking all this requires a serious commitment of time and effort. Make it easier by working with a direct marketing provider that can help you effectively stay in touch with all your leads.