The past decade in real estate the primary focus has been for agents to generate leads, “make it rain”. If you aren’t making enough money in real estate then you’re not generating enough leads. We now can buy leads from companies or generate our own leads from squeeze pages or landing pages and the challenge of creating enough leads is no longer the problem. The problem today for agents is understanding the secret to converting leads. So this week I want to share some of the key steps to cracking the online conversion code and stop burning those leads. Start taking the 4-6% industry average conversion rate to a 20% conversion rate or higher today!
Increase lead conversion 20+%
Step 1 Understand the Consumer – We need to respect the online consumer and their anonymity and let them maintain control as this is the main reason for them using the Internet to search for real estate. They don’t want to put up their hand and reach out to you until they are ready and definitely not when “we” are ready. This average length of time is normally around 10 months from initial contact to completion of purchase.
Step 2 Be Patient but Persistent- If we are going to convert the lead then we need a system that can maintain contact and communication for the duration of “10 months” and not just one follow up and that is it. It makes sense to have the majority of the communication systemized, automated or delegated to save you time, effort and not forgetting to follow up when you are too busy.
Step 3 Strong Follow Up – I always tell my coaching clients they must follow up a minimum of 6-10 separate and unique touches until they will receive their first response from the prospect and it doesn’t surprise me when most of my clients say “Wade we hear nothing and then bang they respond to us on the tenth touch”. We must communicate back in email, text, video email, phone call or Facebook message them and mix it up. At least 6-10 times in the first week or so until they actually respond to your initial follow up. Responding a minimum of 6 times will increase conversion by 94%!!
Step 4 Speed to Lead – It is proven that the first agent to respond tends to be the agent that the lead generally chooses to work with. If you are not mobile and ready to follow up in under 5 minutes or less to your leads then I am afraid you are out of the game. Chances are very high that another agent has already responded to that same lead.
Step 5 Be Compelling – What are you going to say in your follow up that compels me to want to work with you? What do you have that they want or need? Why you? Why your company? Why now? What is in it for me to do business with you? If your follow up and communication doesn’t connect with these questions the chances of converting are slim.
Step 6 Add Value – Reciprocity and “giving to get” are some of the most powerful lead conversion strategies today. What will you be able to provide for them to save them time, money and stress? How can you add value to their real estate experience over the rest? Give – Ask – Receive formula works most of the time.
Step 7 Your Timing is Everything – My recommendation for pace and follow up for online lead conversion would be the 8-8-8 formula. This is once a day for 8 days, once a week for 8 weeks and once a month for 8 months. Don’t just try once or just once in a while but have a system and be consistent.
I trust you found this content helpful and you are beginning to understand the conversion code strategy. If you implement some or all of these tips, you will start converting leads and generating appointments for listing and sales in your business. Don’t just generate leads but convert those leads and take your business to the next level.
Strength and Courage,
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