Friday, September 16, 2022 / by Nick Waldner
The 5-5-5 Method of Lead Gen Method
Lead generation needs to be simple, effective and efficient. The average agent knows they should be lead generating for 2-3 hours a day but most do not!! I’m going to share a simple strategy that should take less than 45 mins and will give you the greatest impact on your lead generation time!!
Lead generation is the simple task of getting prospects to Know, Like and Trust you, therefore, the simplest and most effective lead generation should be done with the people who already 1) Know, 2) Like and 3) Trust you! These are the people that have already met you in person, have liked you and have used your services or, at the least, referred them. With all other forms of lead gen, you are having to build 1, 2 or all 3 of those criteria from scratch.
Using this group of people only- Past Clients and/or Sphere Clients that have referred you business- we need to stay top of mind AFTER the transaction. The average buyer won’t need you to sell their home for 5-7 years!!! NAR states that 92% of people would use their agent again yet only 8% actually do!?! In my opinion, this is simply a matter of losing the mind share of that client.
Now here is where most agents get short sighted!! Your communication with your past clients over the next 5-7 years is not just about you getting their repeat business, it’s about making a connection and getting introduced to their network of friends and family!! The gold is in the group, not the individual! You are building a relationship so they feel comfortable introducing you to their sphere of influence.
I coach our agents to complete their 5-5-5 every day, M-F!! What is a 5-5-5?? Let’s dive in…
The 5-5-5 consists of three activities.
Contact 5 past clients
Social Media touch 5 past clients
Txt or Send a customized card to 5 past clients (casual, not asking for anything)
If each contact takes 5 mins to converse with, each social media post takes 2 mins to complete and each txt/customized card takes 2 mins to type/write- that’s a total of 45 minutes to complete this entire task!! Everyone, no matter how busy, has 45 mins in their day!
Many people ask me why not a 10-10-10 or 20-20-20 or even a 50-50-50!!? The simple answer is time. If you miss a day of lead gen, which happens, can you double up your efforts the next day to make up for it? With a 5-5-5, a 10-10-10 the next day is doable. If we had a 50-50-50, could you make up one or, worse, two days of lead generation?? Probably not. Also think- how many people do you call right now? If it’s like most, consistently calling and contacting 5 past clients is already above and beyond what you currently do!! Set your goals reasonable and accomplishable for greater chance you’ll make them! Remember, it’s the compound affect of the 5 call EVERYday!
Now let’s examine each of the steps:
Contact 5 past clients. This does not say “call”, it says “Contact”!! A contact means you were able to have a conversation with the other person. In the beginning this conversation can be checking in on the family and on their home but very quickly you must transition the calls into adding real value. This can be done by offering a vendor for some timely maintenance like spring landscaping, extending an invite to a client appreciation party or informing them of something related to their home- anniversary or
changing filters. Each call should end with the recipient thinking, “I’m glad he/she called!”. This can only occur if you are truly adding value so plan ahead!! Do not call and expect business! This is your opportunity to show value. They will reciprocate IF they are receiving value.
Social Media Touch- This involves finding your client on social media and interacting! You must make a statement AND pose a question on one of their latest posts. A “like” isn’t enough!! The statement shows them you are interested and the question creates a back and forth to help solidify the touch. For example, if I comment on a client’s new puppy pics, I might say “Wow!! She is adorable!! What breed is that?”. My client will naturally “like” my comment and respond with something like “it’s a labradoodle! We just got her from the breeder on Wednesday!”. This gives me an opportunity to close out the conversation and show I care- “That’s great! So happy for you and the family. Take care!”. This leaves your client feeling good about you and maintains a good connection! Want to take it one more step up?? Grab the picture and go to the customizable gift section of the website and make something! Maybe it’s simply a 4x6 post card (which you only pay for a stamp!) and let the company mail it out for you with your personalized message on the back. 3 mins of work and a lasting impression on your client!
Txt or Personalized Card- This is a simple way to stay top of mind in months you aren’t calling or connecting on social media. The txt can be simple- “I was just out with a new buyer and drove past your neighborhood/street/house! Made me think of your amazing kitchen!! Hope you and the family are well!”. Or the personalized card can be customized to get the same points across.
If we break down the message, it makes several bold statements.
I’m still in real estate
I’m still busy (high producer!)
I know your area and still work in it constantly if you have any referrals!
If you know anyone thinking about buying- I work with buyers!
If you know anyone thinking about selling- I have buyers!
I still care about you and your family.
If you’ve read through this and understand the concept, let me ask you one simple question- If you would have called each of your past clients once a quarter, connected with them on social media once a quarter and sent them a txt or customized note once a quarter, how many more referrals would you have received in that 365 days??
The math is simple, the concept is simple. Success is simple...but it’s not easy! Make the connections, get more referrals!
Let’s look at what could derail your good intentions and keep you from accomplishing this goal. Simply put- the less thought is needed, the easier it is to complete! That’s why you want to set up a system that tells you each day exactly who you need to call, who you need to touch on social media and who you need to txt/send a customized note. You shouldn’t be thinking about how, what, where, etc… Every call has a reason- client appreciation or charity event, Every Social Media touch is defined already- you pick something they posted and comment! And every customized note is already loaded up in your system so you simply update it with their names and hit go! In fact, the company we use has a texting feature so you can place your personalized order on the go!? (Don’t you just love technology... First you could order a pizza from your phone and now this?!?!?)
Now that you are ready to rock, let’s get you started!!
On day 1 call past clients that have a last name that starts with “A”. Keep calling until you reach and speak to 5!! After each conversation, place a reminder in Command for you to reach out on social media in 30 days and again in 60 days for a txt or customized card. On day 2, call past clients that have a last name that starts with “Z” until you’ve reached 5 and subsequently placed 5 reminders on their names for next month as well as 60 days out. Continue this process for the remainder of your database moving from A to B last names, Z to Y and so on... When you complete this 5 days a week, 5 people a day- you will contact 225 people a quarter! After month one, you will contact 5 new clients as well as social media touch the 5 from 30 days ago. On day 60, you will contact 5 new clients, social media the 5 from 30 days ago and txt/customized card the 5 from 60 days!! With this progress, by day 90 you will simply wake up and know exactly which 5 past clients need a call, which 5 need a social media touch and with 5 are due for a txt/customized card! Continue this for 2020 and make it the best year of your career!!
Success isn’t easy, but it is simple!!!