Let's face it. There are those who can and do and those who can and don't. Internet leads are a true love em or hate em story. Me? I love them. Nearly $1 billion closed from my online leads in my office makes me a real believer in the power and cost of online leads. Now I will get divergent ...
Not everyone knows how to close Internet leads and not everyone knows how to generate good online leads
For 10 years I generated online leads that closed. For the last 2 years I generated online leads that mostly fell flat. The good news for you is you will get the bullet pointed lesson on the differences because the differences are in both the type of lead and the way it is handled when it comes in.
The words used to entice the lead mean everything
When you see an ad on the side bar of any website that says something like "Free market analysis on your home" or "Get the value of your home" you know, as industry insiders, you're probably dealing with someone reasonable and have yet seen no reason to distrust them. When you see an ad that says, "Sell your home in 3 days, guaranteed!" or "Buy our home get a new Mercedes!" you probably have a little reason to be suspicious and you cannot figure out why anyone would fall for that ... but they do. In fact the click through rate from the first type of ad averages about .05% (depending on the content and topic of the page it's found on) and the click through rate for the second type can get up to 1.7% or even higher. If your math is slower that's over 30 times higher.
The questions on the form mean everything
Wait, didn't I just say the words in the ad mean everything? I did. So do the questions on the form. It's not guesswork - there is a science to the form fields and the words in the ad, on the form page and in the confirmation email. When you start asking questions like income range, cash on hand range and credit score range you already start filtering people out.
There are two schools of thought: (A) I only want people who will take the time to answer those questions because I don't want to deal with the riff-raff and (B) don't let my automation make decisions for me - I am highly capable of doing so. Just get me a phone number and I'll take it from there. Honestly I am in category B. I want phone time or face time regardless of how good I am at programming and content creation.
When you stop working the lead it's probably your fault
I listened to staffers making calls both in the mortgage and real estate industry. Those who started the call with "I got your information request from the Internet. What can I do for you?" or something similar converted the lowest number of leads. In fact these people are generally the lowest closers overall. Those who started the conversation by taking control fair the best, "My name is _______. I have your information request from the Internet so let me ask you a few questions to determine where we are..." always have a higher conversion rate.
Additionally those with higher closing rates use my full system so there is a drip to the prospect that not only keeps the agent top of mind but also continually asks for engagement to make sure the lead is still warm(ish). The first hour after that lead comes in is the most crucial. When I was salaried and working on overrides you can bet I sent my leads to people who would call the lead the second they opened the email. Leads are cold after one hour and frozen after 24. Even though my systems all email the lead as soon as they press "enter" it's the phone call that is most important.
A couple of things that will never change
People who fill out forms online have really short memories. I have literally phoned an Internet lead within 10 minutes of it being completed and had the person tell me they did not fill out the form or say they were no longer interested. It happened about a month ago when a lady completed a longer form (about 12 questions) and when the agent phoned her she said, "I have changed my mind". She was called within 20 minutes of completing the form! So I called her and asked her what happened. She would not tell me.
Some people who fill out forms online must have an addiction to filling out forms online. They are obviously in need of a friend to talk to and when you call them you get their full life story, never a good one, several pleas for help (knowing there is no chance you can), and if you don't control the conversation you'll get invited to "stop by for my famous chili-cheese soup".
Competitors will spam your forms. Oh yes they will. One reason I do some searches on the email addresses and phone numbers used before I send the lead (on premium clients) is to see if I can verify the lead is a legitimate customer. Rarely, but it happens, the email or phone comes back to another agent. Of course I call them and pitch the leads system to them!
Verified leads vs inbound Internet leads
The close ratio of verified leads is, as you can imagine, higher than "working the pool". If you are buying verified leads you're going to pay a premium because someone, maybe me, has taken the time to pick up the phone and call the prospect to ask a series of questions. They are still "just leads" but at least you can be relatively sure they are a viable candidate from the standpoint of knowing someone has already spoken with them. They still need to be treated just like pool leads when it comes to follow-up and pitching. They are all "just leads" until the become "closed deals".
Tips for closing more Internet pool leads
- Assume this person is already a closed deal - it may take 24 months but if you never give up you'll get more deals than the person who is timid and afraid to keep trying.
- Ask for their business on the first call - "Ms. Jones when I show you how to get what you're looking for are you going to commit to working with me?" Now real estate agents have a huge advantage over loan officers because you can get the prospect to sign a BBA. Loan officers can bust their hump all the way to the closing table and the prospect can leave them cold with no recourse. It's much more important for the LO to continue to embrace the relationship on every conversation.
- Make yourself available - in my initial email to them I give them my email address, fax number, work number, cell number and "home" number. Listen, it's all Google but they don't know that. Just give it to them. They want to know you're available. Tell them you are putting their name in your cell phone and to feel free to call you any time and if for any reason you cannot answer you will call them right back. My biggest peeve is when people wait a full day to call me back. I give you about 6 hours (unless it's night or weekend) then I start deducting points!
- LISTEN to the lead - if you're selling they're not buying. If you're talking (or thinking about the next great point you get to make while they are telling you something important) then you're not listening for important clues. Sum it up, "Before we go let me review what you have asked me to do ...", and give them the bullet points.
- Tell them you are going to follow up - "Ms. Jones thank you so much for choosing me (assume it) and I am going to work for you right now. In fact within a few minutes I'll email you with a recap of our conversation and all of my contact information" - and you better have that template setup and ready to go! If you use an advanced lead system I'll (or they should) have that in there for you already.
- Ask for referrals on the first and every communication - "Before we go Ms. Jones who do you know who can also use my services?" Chances are they will say they cannot think of anyone so just remind them and this seems to work, "Not a problem. I'm sure when you hear someone talking about (a new home, real estate, a home loan) you'll think of me first and give them my number. Make sure they tell me they heard about me from you."
- Send a snail mail - no I'm not kidding. Do you know how many people do not send snail mail and think it's a waste of time and stupid? Ha! You'll stand out from the crowd. Just thank them for their time and drop a couple of cards in the envelope. You don't know what will have changed from the time you spoke with them so details are not important and could be counter-productive.
Work with a professional
This is not a shameless plug ... it's an offering. I am not a huge real estate lead generation company. I am an individual who really cares about results. I do not own a huge lead pool - I create individual lead generation systems for people who know how to make them work - for people who want ownership of the exclusive leads. After that you're either on your own or I drive clicks to your site and provide other services. Let's talk. Call me 678-439-8683 it rings in my office, my pocket, my car, and my home!
For 10 years I generated online leads that closed. For the last 2 years I generated online leads that mostly fell flat. The good news for you is you will get the bullet pointed lesson on the differences because the differences are in both the type of lead and the way it is handled when it comes in.
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