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The "REAL" Sales Cycle of the Real Estate Web Lead

By Ulster County

Education & Training with Ulster County Real Estate

March 09, 2009 02:31 AM

Because most of you here at AR are web-savvy real estate professionals, the majority of you know that the sales cycle is much different now-a-days as most new business is now generated on the web. This biggest difference between today's real estate lead and the real estate lead of old is that we are contacting the lead much earlier in the sales cycle, so early in fact, the leads aren't even at the point where they are ready to talk to a realtor. This causes frustration for the real estate agents that do lead follow-up using traditional methods. It used to be that real estate agents didn't see or hear from prospective buyers until they were ready to start seeing homes. Now because of the nature of the web, we are getting lead information on buyers that are just starting the research phase of their home search. This results in leads being unresponsive to realtor contact causing the realtor to devalue the lead.

This type of behaivor on the part of the realtor will result in a significant loss in business. See my post on The REAL Sales Cycle of the Real Estate Web Lead on LouLynch.com

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Ken Tracy

Coldwell Banker Residential - Naperville, IL

Helping clients buy and sell since 2005

Hi Lou. The process is a longer one indeed.

Ken

Mar 09, 2009 02:38 AM

Karen Fiddler, Broker/Owner

Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA

Orange County & Lake Arrowhead, CA (949)510-2395

oooh...I'm not sure I agree. I think it is more dependent on how the lead is approached and what is offered. I have seen that my lead conversion is increasing due to the ability to reach them sooner in the cycle. I can keep them focused on my value so that when they are interested, I'm the only realtor they know to talk to.

Mar 09, 2009 02:41 AM

Amanda Wilson

EWM International Realtors, Inc. - Fort Lauderdale, FL

Real Estate Advisor

Karen, Yes, I believe you are correct...we can catch them early in the cycle--but many buyers are not honest...not totally honest about how much they want to spend or when they want to buy...some of my leads were people who have not even been preapproved by a bank....communication with prospective buyers is good--just try to understand where they stand--or if, in fact, they are sitting on the fence and may not be able to get off!!

Mar 09, 2009 02:49 AM

Vanessa V. Simmons

Real Living HER - Columbus, OH

Realtor

I think that the lack of response from the lead may very well be that they are contacted by so many agents. I've found the on line leads to be more cautious and they take a little longer to build relationships with because they are overwhelmed and have so much and so many to sort through. IMO

Mar 09, 2009 02:50 AM

Ulster County

Ulster County Real Estate - Stone Ridge, NY

@ Karen - You got the right idea! We are on the same page I think.

If you get some time, check out the full post over at LouLynch.com. It is absolutely important (imperative even) that they are contacted early in the sales cycle, my point is for the real estate agent not to become frustrated when some of them are initially non-responsive.

Thanks for the comment (@Ken too)

Patricia Aulson

BERKSHIRE HATHAWAY HOME SERVICES Verani Realty NH Real Estate - Exeter, NH

Realtor - Portsmouth NH Homes-Hampton NH Homes

True, it is frustrating when the lead doesnt' get back to you for a while, It looks like they are gone or no longer interested and then they pop up again. Have faith......It will happen

Patricia Aulson Portsmouth NH Real Estate

Mar 09, 2009 03:13 AM

Associate Broker Falmouth MA Cape Cod Heath Coker

https://teamcoker.robertpaul.com - Falmouth, MA

Heath Coker Berkshire Hathaway HS Robert Paul Prop

Many buyers have become like first time agents. They have a ton of data, but don't know if they have it all, or if they have enough to make a good decision. Plus there are some sources that are out dated, incomplete, or have some other problem that must be filtered or deciphered. This has extended the buying cycle.

Happy listing and selling!

Mar 09, 2009 03:29 AM

Maggie Dokic /Indialantic | 321-252-8696

Magdalena Dokic - Indialantic, FL

Selling the beach in Florida's space coast

I agree with you. It's important for us to adjust our response and NOT become frustrated by the seeming lack of response from the web lead. This is the perfect opportunity for us to stay in touch regularly, providing value with every contact. That's actually what I am searching for right now: a series of letters to stay in touch specifically with web leads. I have my campaigns for other types of leads, but have discovered this need recently. I'm heading over to your post for more info.

Jan 14, 2011 07:46 PM

Paul Gapski

Berkshire Hathaway / Prudential Ca Realty - El Cajon, CA

619-504-8999,#1 Resource SD Relo

Yes they are being contacted in so many different avenues now open house internet referrals tv, radio so they are timid on giving us info or their true feelings

Mar 06, 2011 04:39 PM

I think we have to find out ourselves what stage they are in and that usually begins with they have a prequal done.

Mar 06, 2011 04:40 PM

The "REAL" Sales Cycle of the Real Estate Web Lead

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