What if you could stop paying for real estate leads while maintaining or even increasing your current client volume? Well, believe it or not, you can cut paid leads out of your marketing strategy and still have incredible success in real estate. Recent guest Ricky Carruth, a solo real estate agent, never pays for leads and is so successful that he’s generating profits that rival those of larger real estate teams.
However, Ricky wasn’t always having this incredible success. Before the market crash, he never took the time to build the strong relationships with clients that can pull agents through a market downturn. When the market did crash, he lost nearly everything as a result.
Fortunately, thanks to his incredible persistence and resourcefulness, he now closes an average of 10 deals per month consistently with an 80% profit margin. Below, we’ve shared the strategy Ricky uses to create prospects without paying for real estate leads. For all the details and some additional tips from Ricky, listen to the podcast interview.
Find Your Niche as a Solo Real Estate Agent
When working as a solo agent or in a small team setting, finding a niche is a great way to start carving out a name for your business. Specializing also makes it easier for you to really learn the ins and outs of your property type. For Ricky, this property type is condos.
The trick to finding your property specialty (or specialties) successfully is balancing your interests with your market’s current and future prospects. For instance, if your local real estate market mainly consists of single-family homes and you enjoy selling these properties, make them your focus. If condos are booming in your area and you would prefer specializing in them instead of single-family homes, there’s no reason not to follow a path similar to Ricky’s.
Target Areas Where Real Estate Profits Are Plentiful
The second part of Ricky’s real estate lead generation strategy is targeting. Now that you know what type of property you want to sell, find out where it’s located and where you should focus your efforts. To do this, there are a couple different things you should take the time to consider.
First, do you live near these types of properties? If so, you can use this to your advantage by getting your name out there as the local real estate agent. Second, where do these properties sell frequently and for large amounts of money? Ideally, you should focus your efforts on an area where properties sell frequently and for high prices to maximize your commission earnings.
Hunt for Potential Real Estate Profits
Once you have a property type and your market location locked down, it’s time to start hunting for those potential real estate profits. You do this by looking through tax records to find the names and mailing addresses of property owners in your area. With this information on hand, you can use a reverse-lookup website like Spokeo to collect phone numbers for use in the fourth and final step.
Build a Database and Stop Paying for Real Estate Leads
The final step in Ricky’s real estate lead generation strategy is a big part of the reason he’s able to make so many commissions without paying for real estate leads. Now is the time to make your hard work pay off by calling the numbers you collected in the previous step.
A large percentage of the people you call won’t answer, but the ones who do can be added to your personal database of real estate leads. Over time, you’ll build up a huge database of high-quality leads that will bring you business for years to come.
If you want to learn more about Ricky’s strategy so you can start generating more business without paying for real estate leads, be sure to listen to the complete podcast interview with Ricky Carruth.