Allen Wilkerson knew it was time to get back into the real estate business as interest rates dropped and the housing bubble began to inflate in California. He was licensed in 1976 and worked until the early 80's when interest rates were at 18 percent and qualifying clients became next to impossible. Wilkerson decided to take a break from real estate, and was hired on as a California Highway Patrolman.
After 23 years with the CHP, Wilkerson retired and re-entered the market as a full-time agent.
Starting over wasn't easy; the way a real estate consultant works now is entirely different than it was 20 plus years ago, he found. Today, the Internet is where most buyers look for homes and agents, so Wilkerson established a website hoping to capture Internet leads. The website produced several leads, but not very successfully. He also employed traditional techniques using flyers and print advertising as marketing tools.
As part of his marketing strategy Wilkerson began researching lead generation websites on the Internet. He was skeptical at first, but he interviewed several lead generation companies trying to find which site would best suit his needs.
"I thought I found the right company so I signed a two-year contract with a lead generation company that purported to provide approximately 30 leads a week on average," he recalls. "After three disappointing months and only 36 leads with 99 percent of the leads being bogus, I wrote a letter and called to cancel the agreement since their advertising appeared to be misleading and not coming close to their claims."
He switched to another lead generation company with more success, but not without having learned some important lessons. "The qualities to look for in a lead generation company are short term contracts, zip code exclusive leads, resources for consumers and excellent customer service by people who understand the industry," says Wilkerson.
Once Wilkerson receives the lead, that's when his police training kicks into gear.
"As a patrolman, you have to be able to listen to what people are saying and yet be able to filter out what their real needs are," he says. "I can go beyond a customer's original response of "I need a bigger house" with seven to nine questions beyond that to pull out their real needs and/or motivation factor.
Patrolmen also have to have excellent people skills. "Every time I meet with a potential customer I act as though it is an interview, because essentially I'm interviewing to get their business. I'm able to adapt during meetings by reading the body language of the customer to guide me in my sales technique," says Wilkerson.
He can also tell when a client isn't being truthful, a skill he uses to get them to try to gain a sense of their true feelings, which helps build trust.
"Agents need to be persistent and follow-up on all leads. Anyone can be handed 5 leads, but it is how and if the agent works the leads that makes the difference between getting a listing and losing a lead to a more attentive agent," he advises.
Allen receives an e-mail notification of leads and spends about an hour each day calling the leads. He attempts to contact the lead at three different times during the day until he gets in touch with them; he has about a 90 percent success rate of getting in touch with them. "Diligence is the key," he says.
Once he gets the consumer on the phone he finds out if they are interested in refinancing, selling, or buying. The consumers are pleasantly surprised that someone is contacting them in person from their inquiry from an Internet site. About 20 percent of the time, the lead generation company's representative has already notified the consumer that a local real estate professional will be contacting them. This creates a warm lead for agents, which may appeal more to agents who dislike cold calling.
"Many of the leads I have received have generated something, whether they listed, refinanced, referred or I have developed a solid relationship for future real estate transactions," says Wilkerson.
Referrals can be another source of income for agents he says, "If you receive a lead that you can't follow-through with, refer it to a co-worker, another agent or broker in your community," Wilkerson suggests. "This way you can still benefit from the referral."
"You have to be committed to follow through on each lead and devote the time to cultivate the relationship with each and every potential client," he says. "They may not list tomorrow, but you want to be there when they do."
