The following will help to explain the different Follow Up Lead Status For Sellers™ categories that a Seller can have in our real estate system.
It is critical to keep seller leads in the correct category as they move through our buying system. This will allow us to have accurate reports on the effectiveness of our advertising. Imagine being able to see quickly if we are buying houses from certain types of advertising. Or, if all the leads we are getting from a certain type of advertising we are never getting in touch with.
Seller Follow Up Status: Initial Call Back™
This is the default status for new leads. This status tells us that we have never talked to a seller about their house and we need to gather information about the house and the seller’s situation before moving them to Research™. Use the Initial Call Back Checklist™ for seller leads that are in the Initial Call Back™ status.
Sellers in the Initial Call Back™ status are usually from when a seller calls in and leaves a message or submits a web form. Otherwise, if we talk to the seller and gather basic information on a Property Information Sheet™ by talking to them when they initially call in they usually start off in Research™.
Seller Follow Up Status: Research™
Once we have talked to a seller and found out the basic information about the house and their situation, then we usually tell the seller that we will do some research and call them back. As you finish adding your notes for the initial information gathering call, change the status to Research™ and begin your research on the property by completing the Research Checklist™.
Seller Follow Up Status: Make Offer™
Once you have researched the property and called the seller back to make an appointment to see the house, you should change the status to Make Offer™ and keep it here until you actually make an offer. If the house and numbers make sense, many times we will make an offer on that first visit. Otherwise, you will meet with the seller again to present the offer in person after you have done some additional research and/or rapport building.
Seller Follow Up Status: Offer Made, Follow Up™
Sometimes sellers need time to consider the offers or they need time to help them see the value that we bring to the marketplace before they are ready to accept our offers. So, once you have presented your offer to the seller, change the status to Offer Made, Follow Up™ and then you must begin to follow up, follow up, and follow up with them.
Follow up is critically important. I strongly recommend Highrise as a contact management system.
Our standard time for sellers in this status should be THREE WEEKS. So, we should be in contact with the seller at least once every three weeks until they either sell their house to someone else or we buy it.
Seller Follow Up Status: Under Contract To Buy™
Congratulations, they have accepted our offer. The status of Under Contract To Buy™ is used when we have a signed contract back from a seller. With leads with this status, we use the Under Contract To Buy Checklist™.
Seller Follow Up Status: Bought It™
Once we have actually closed on the property and, hopefully, successfully completed the Under Contract To Buy Checklist™, then we change the status to Bought It™. Now, we need to continue to process the property based on what we are going to do with the property.
Seller Follow Up Status: Dead™
This is NOT the status for when a seller does not accept our offer (use Offer Made, Follow Up™ for those). We use the status of Dead™ when a seller has sold the property, decided they will not be selling the property or has told us not to contact them again.
Note: Do NOT put leads that did not accept our offer in this category, they need to stay in Offer Made, Follow Up™ until they sell it to someone else, decide they are not going to sell it at all or tell us explicitly not to contact them anymore. Remember, over 50% of our business comes after people initially say no to our offer.
Seller Follow Up Status: Rented™
Seller Follow Up Status: Sold™
This means that we Sold™ the house and are completely cashed out. It does not mean that the seller ended up selling it to someone else.
Note: For sellers that have sold their house to someone else and we can no longer buy it and should stop following up, we should mark those leads as Dead™.