The benefits of sharing leads within your real estate business (and how to do it)

“Teamwork makes the dream work” isn’t just a fun quote for an office poster. When team members collaborate, it has a significant impact on a business. One study says that companies that promoted collaborative working were five times as likely to be high-performing. In real estate, this collaboration can take many forms, but, perhaps the most important one is lead sharing. Passing on customer leads to another practitioner takes trust but, when done correctly, the results can be positive for all parties involved.

Benefits of lead sharing

Lead sharing in real estate has been a standard practice among property practitioners since it helps a business and its team find success. Here are a few reasons:

Keep clients happy: If a practitioner is unable to engage with a query, handing over the lead can keep the prospect ‘warm’ and potentially convert it. This can be helpful if a practitioner is unwell or planning to go on holiday. 

Better exposure and reach: One of the main benefits of lead sharing is the opportunity to increase exposure and reach to a larger audience. By collaborating with other practitioners, practitioners can expand their network and tap into new markets.

Better conversion rates: When multiple property practitioners collaborate on a lead, they can leverage their collective knowledge and experience to increase the likelihood of converting leads into clients. Each partner brings a unique perspective and expertise, allowing them to provide valuable insights and personalised recommendations. Working together in this way can greatly improve the likelihood of making sales and boost revenue.

Tips for sharing leads 

Initiate a conversation: Contact prospective coworkers and suggest getting together for a chat or meeting to share leads. Make your goals, objectives, and the conditions of your partnership very clear. During the conversation, discuss your respective values, goals, and work styles. And explore whether there is alignment in your approach to business and how each party envisions the lead-sharing relationship.

Be clear about preferences and expectations: Understand your potential partner's preferences, availability, and feedback mechanisms. Think about how often you'll need to communicate, who will be responsible for what, and how leads will be divided up. You should plan ahead to find out what sort of leads are acceptable, what demographics are being targeted, and what criteria a lead has to meet to be profitable.

Use a centralised lead-sharing system: It is much easier for sales teams to keep tabs on, organise, and exchange leads when they use a lead management system. It removes duplication of effort, makes the process more transparent, and holds everyone accountable by making sure everyone has access to the most recent leads. To make things easier, look for a referrals solution that can connect with your customer relationship management software or other sales tools.

Monitor and evaluate lead-sharing performance: Look for patterns and trends by analysing win-loss ratios, consumer feedback, and conversion rates. Take the data and use it to make lead sharing better, get rid of methods that aren't working, and manage leads better overall.

Follow up on your referral leads: Leads sharing in real estate plays a vital role in expanding business opportunities. By collaborating with other practitioners, you can share leads, increasing your chances of closing deals. Follow-up is crucial, whether through phone calls, personalised emails, or networking events. But make sure your follow-up strategy can be planned and executed using a script. Always emphasise the importance of your message when following up with referral leads. 

Never miss a beat with our Referrals Module

Prop Data’s Referrals Module takes care of the admin of recording and providing feedback on your leads. With this add-on, your team can simply share lead data with a few clicks. Backed by comprehensive reporting and notification communication, your network will be sure to take advantage of every possible transaction opportunity.