IT ISN'T NEWS to anyone these days that the Internet has changed how we all go about doing business. But what might be news, at least to some, is how to remain successful while embracing some of those changes.
Consider this: Give or take a bit, half of all people looking to buy a house these days are first time home buyers and on average that buyer was just five years old when the Internet became a world wide phenomenon. What that means for agents is that AT LEAST half of your potential clients are Internet savvy.
BUYERS BEGIN THEIR SEARCH ON THE INTERNET
That could go a long way toward explaining why more than 90 percent of all homebuyers these days begin their househunting efforts on the Internet. And it should come as no surprise that a host of lead generation services now exist to capture these buyers before they contact an agent.
I work for one of those services and here is what I find interesting: Some of the agents I speak with have stories (either their own or from another agent) about how the leads they receive from these services don't work out. Yet other agents stay with a service for years and enjoy a closing rate with Internet generated leads similar to those leads coming from more traditional sources.
I can't speak for all the services out there, but I know that where I work, we want all of our agents to succeed with the service so a while back, we interviewed those agents who have successfully worked our leads for years. What they told us was compiled into a brochure we send to new agents who sign up for our service.
I thought it might be helpful, at least for some of you, to briefly share a bit of what those agents advised. The following is a small bit of the 15 pages of advice we accumulated.
TIMING ISN'T EVERYTHING - BUT IT'S A LOT
First, it is critical to contact Internet generated leads as soon as possible. That means within 30 minutes of receiving the lead would be best. Wait a day and statistically the chances of striking up a lasting relationship with the buyer drops dramatically. As one agent told us, "This is the Internet age and for better or worse, people expect a rapid response."
The bottom line is that if you wait a day to contact an Internet lead, the likelihood of developing a successful relationship with that buyer already is diminishing.
Second, treat these buyers differently than more traditional referrals. When first speaking with them, work to build a relationship with them rather than immediately trying to sell them something. Typically Internet leads are captured earlier in the buying cycle than other potential home buyers and it is important to let them become comfortable with you and the process. Offer to help, answer their questions and make yourself available.
That said, it is not the case that Internet leads generally take longer to close. Some of them may be a year out, just like some traditional buyers are looking some time down the road. But according to a survey by the National Association of Realtors, the vast majority of Internent leads are within six months or less of pulling the trigger. In fact, other research shows that 45 percent of all Internet leads are within six weeks of closing a deal and 85 percent of them close a sale with 22 weeks.
So, according to the numbers, Internet leads will close as quickly as more traditional leads if the agent understands how to work with them.
BE THE BEST - BUT ALSO BE THE FIRST
Finally, it also is true that most potential buyers will continue to work with the first agent they strike a relationship with. History shows most homebuyers remain with the first agent they contact throughout the buying process unless given a reason not to.
The bottom line with Internet referrals? Be quick to contact them, be a resource for them, and exercise a bit of patience.
Do that, let the buyer move on their schedule and you will often be surprised with just how quickly the process will begin to move forward and you find yourself with another successful closing.
Grant Sasek works for Real Estate Pipeline, an Internet lead generation service.
Comments (8)Subscribe to CommentsComment