The Importance of Nurturing Your Database with Isaiah Colton
Isaiah Colton helps high-performing realtors develop sales and marketing systems to close leads faster. In 2014 he had invested in a small boutique brokerage after his wife had just given birth to their baby. The investment wasn’t going well, so he asked her if he could leave his job. He really wanted to make something in real estate work, so he took on a CMO to help him with the investment.
Isaiah had a ton of experience in inside sales and conversion, which, along with the CMO, helped him go from 40 to 100 transactions the first year. From there, he saw a massive opportunity in the broker to broker referral space in reference to lead conversion, so he launched a partner company that drove billions of dollars through the referral network with over one thousand transactions a year. That was so exciting for him, but around 2019, he started to notice things changing. Lead conversion started shifting, and people stopped answering their phones. As a phone guy, Isaiah had to figure out what he needed to do in order to remain successful.
When asked how he pivoted into a new strategy when he realized cold calling and door knocking were no longer working, Isaiah said, “It depends on the lead type you’re working with but on a very high level, a multilevel marketing approach is the number one pivot. Any successful entrepreneur or real estate agent needs to find a way to stop thinking of lead conversion as a text message campaign or as a Facebook campaign etc. A little bit of this is controversial because there is still a shift happening, but I believe in the next three years the people that the people that don’t make the shift are going to have a really, really tough time figuring out what they are going to do lead conversion wise.” He goes on to add that this is why he is so excited to work with Grant because he has mastered the right approach.
Isaiah explains that it is crucial to know how to manage your database properly. If you don’t start there and master that, then it would be extremely difficult to have a successful business as a real estate professional or entrepreneur. Taking the time to optimize your database needs to be your number one priority. Isaiah always asks people, “How much would you sell your database to me for?” Usually, he gets weird looks, but when people answer him, it is usually something along the lines of “you can’t afford my database.” So in rebuttal, Isaiah asks, “Well do you treat your database with the respect of the dollar amount you are assigning to it.” The answer is usually knowing, and that is where he starts with helping people take their business to the next level.
What we noticed is there is huge power in omnipresence. We started testing video remarketing, and almost organically, we saw a 200-300% increase in conversion rates because their prospects were seeing them a lot more.
When asked what mistakes he notices people making when following up with Facebook leads, Isaiah gives great insight on how people handle partial leads. Parietal leads are when a lead comes in, but they don’t give you all the requested information. Most people see that and immediately look at it like the lead is worthless. Even if you don’t have their phone number, there are so many other ways to use the information they provided to make that lead worthwhile, and Facebook is still the most cost-effective way to build your database.
Isaiah expresses that he feels the industry leaders have failed to teach agents the proper conversion cycle and set unrealistic expectations for conversion. “If people stop making decisions short term and they focus on setting up a long term strategy, it is a beautiful thing what starts happening with lead conversion.”
“Understanding the natural cycle of lead conversion and how they’re coming into the funnel and therefore we are going to work them smarter because we understand the psychology.”
The industry average on Facebook conversion is .86% because your follow-up system needs work.
When asked how he recommends people dial that up, Isaiah has several ways, but one of them is, “Make sure you have a partial information tool that enhances your database.” He explains other avenues he encourages his clients to focus on and has seen excellent results from these recommendations.
When they are in the lead conversion part, most people are in survival mode. Agents wear so many hats, and it is not their fault that they cant focus entirely on other aspects of their business. That is why implementing systems and processes is so crucial.
“I will go into any market in this country, give me your six-month-old leads, and I will have appointments that day and a couple of listings.”
If we can give you one piece of advice, do not give up your unique value proposition. Don’t trade away your identity when it is the only thing that sets you apart.
There has never been a more exciting time to be in real estate. We have so much technology to use at our fingertips. It is the WHO, not the HOW.
If you would like to connect with Isaiah Colton, you can find him at realestatenexus.io
For More like this visit our BLOG
Sign up for Witly! We would love to have you