Understanding Buyer and Seller Lead Times

By
Real Estate Technology with Z57 Internet Solutions

Perhaps the biggest misconception in real estate is that Internet leads are worthless. The root of this nasty little rumor likely comes from the average length of time between lead generation and actual conversion. 

Why the long gap? With the advent of the Internet, we're now seeing leads showing up in our funnel sooner. Customers have always completed the research phase, even before the days of the World Wide Web, but before they needed to do some footwork to get the info they wanted. Now, your website is that online library they've been searching for (if you are doing it correctly that is!). Your relationship with the lead now starts long before they actually need us for a transaction. 

Transitioning to keep up with these new consumer behaviors is crucial for actually converting leads. In order to help you better understand this, we've put together a buyer and seller timeline to show you that your online leads don't suck...they are actually right on schedule! 

The Real Estate Seller Timeline

Phase One - Pre- Research
This phase lasts (on average) 13.1 months and is the very beginning of the thought process.

Phase Two - Active Research 
This phase (lasting an average of 2.7 months) is when leads will start finding your relevant content online. As they find it on your website and social channels, they start trusting you and seeing you as an industry expert. 

Phase Three - Selling 
Now the lead is finally ready to sell their home! While market times vary, leads typically spend up to 5 months in this phase. 

The Real Estate Buyer Timeline

Phase One - Pre-Research
The buyer phase one is typically much longer than the seller, averaging around 16 months. 

Phase Two - Active Research
Roughly 6.6 months 

Phase Three - 
Ready to start looking at homes! This generally lasts around 4.1 months. 

When you look at these numbers, it starts to make sense that many agents think that their online leads aren't converting! This elongated time line is actually something that you should take advantage of! Nurture each lead at the phase they are currently in. While your end goal should be to push them to the next phase, this should be down slowly while building trust and a relationship.

If you want to learn more about consumer patterns, register for our Webinar, 5 Elements of Top Performing Real Estate Websites on August 8th! 

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Topic:
Real Estate Sales and Marketing
Tags:
webinar
buyer leads
seller leads
buyer timeline

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