How many ready-to-transact leads should you have in your pipeline for the next 90 days? 

Just saying, “I’ve got to build my pipeline” over and over does not count as a goal. An actionable goal is specific and measurable. And for that, it’s got to be tied to math. 

So if you are looking to increase the number of hot leads in your pipeline, read on for three strategies to help you master the essential math needed to do so. 

What are “hot leads”?

“Hot leads” are leads that are ready to transact over the next 90 days. And every agent should have between 35 and 50 of these leads in their pipeline. 

Unfortunately, that’s a lot more than most agents are used to carrying. 

Let me explain by breaking down those 35 to 50 people. Let’s say 10 are your focus for the next 30 days—assuming you’re a full-time agent, you’re driven, you’re committed, and you want to sell two homes a month. 

That’s the premise here. You need to have a higher number than you plan on converting because we all know that things happen and plans get derailed. 

Why you need to always be replacing leads

First, there are going to be some people who pick another agent; they’re not going to work with you. Maybe they won’t like you when they meet you. Not everyone will, and that’s okay. But that will eliminate a portion of those 35 to 50 people. 

Second, some might change their mind and not move—taking more people out of that equation. 

The third group includes those whose motivation wasn’t there in the first place. Maybe they like the idea of moving, but they’re not strongly compelled. Or maybe they found a one-off home that got them excited. Then, when they couldn’t get that one-off, they lost interest or gave up. 

That leaves a handful left that you’re actually going to be able to convert. But when you look at lead conversion in general, if you can get at least 5% on any conversion ratio, you’re doing pretty well. That’s a great number to look at. 

So, if you’ve got 35 to 50 hot leads, and you’re looking to work with at least two a month, 5% of 50 is two and a half. 

Don’t assume that if you’ve got 35 to 50 hot leads lined up, you can slow down, gloat a little, and maybe catch a movie. Work as if every one of those hot leads is just one breath away from saying, “Y’know, I think I’ll wait until next year” or “Actually, I’d rather work with so-and-so.” 

If you want to maintain a number that’s translatable into seeing the number of sales that you want to happen on a monthly basis, you need to keep the math front and center. And act like you’re at the starting point. 

Again, you’re looking for 35 to 50 hot leads. So, how do you build that number up? 

#1—Talk to people every day

Talk to people every day to get to 35 to 50 hot leads. And that means having a conversation with them over the phone

Texts and emails are going to create reactions. Phone calls are going to create conversations. 

You can ask more questions, find out what’s important to them about making a move, handle objections, and get clear on their goals and the reason they’re moving in the first place.

So you want to have a daily time block where you’re talking to people. 

The first time block is talking to new people.

The second time block is going to be following up with the ones you’ve already spoken to:

  • Giving them information
  • Educating them about the market
  • Showing them they have your attention and you’re there to guide them through the process

The biggest complaint we hear about real estate agents is they don’t keep in touch with people. If you don’t keep in touch, your hot leads will find someone who does. People you thought were going to transact with you pick another agent. 

That’s one of the reasons you need to work on maintaining that 35 to 50 number. 

#2—Set up daily time blocks for follow-up

You also need to have daily time blocks for following up—with specific time blocks for people at different stages of your funnel: 

  1. New people
  2. People you’ve been following up who aren’t yet ready to transact
  3. Your top 10

Your top 10 are the people you’re working closely with; these are people you’ve had multiple in-person meetings with. 

They’re down the funnel and are close to making a decision. You have time set aside to work with those ultra-white-hot folks who are ready to make a decision so you can answer their questions. 

Their questions are going to be different from the questions from people at the top of the funnel. These are folks who maybe have intent but aren’t quite ready yet—or people you haven’t done enough follow-up with. 

#3—Treat your list like a fantasy football roster.

Next, make sure you’re treating your follow-up list like a fantasy football roster. 

If you don’t play fantasy football, don’t worry about it. I quit years ago; I don’t have the time for that. What I do know is when people are no longer in that mindset to transact—for one of the reasons I mentioned—you’ve got to replace them as quickly as possible. 

Because if you’re not constantly working on a group of 35 to 50 people who are ready and motivated to transact, you’re far less likely to meet your transaction goals for the month. 

I’ve seen this happen a lot with agents. It’s so tempting to think, once you’ve got those 35 to 50 leads, that you’re set for the month and don’t have to work as hard to attract more leads or to stay top of mind with the leads you’ve got. 

Any one of them could bail at any moment for one of the reasons I mentioned. You can’t afford to bank on sales with your current leads. Taking any of them for granted is a bad idea.

Overconfidence in your leads’ intent to work with you and only you (not to mention according to the timeline you expect) is dangerous to the long-term health of your business. So you want to make sure you’re constantly replacing leads and constantly following up with the ones you have. 

Thanks to the seasonality of the market, this follow-up mindset is a little different as we’re entering spring. We’re in the northeast. We know there’s a lot of homes that sell. But to take advantage of the spring warm-up, you must have that follow-up list dialed in:

  • Who are your 35 to 50 targets that you’re ready to put under agreement? 
  • And which 10 are looking to do something within the next 30 days? 

Keep in mind, this is just your 90-day list. You want to make sure you are doing your 90-plus day follow-up as well. 

The spring market is a great time to set a pace for follow-up that keeps your pipeline full from one month to the next. 

Keep that number of leads growing.