Client Success Story
E4 Realty Group Increased Revenue by over 150% with BoomTown's Comprehensive System
If a company has strong execution and a great system, there’s a pretty good chance that at some point its growth curve will suddenly take the shape of a hockey stick. Eric Pearson of E4Realty had built the right foundation, but he needed to empower it with the right system.
Taking a Chance
After leaving his accounting job, and its long hours and capped income in 2011, Eric set his sights on the income potential in real estate. He made the switch (after selling his car just to get enough capital) and got to work. Using only Zillow Premier, realtor.com and his sphere of influence for lead generation, he steadily increased his production over the year from zero to $17mm in 2012. It was impressive growth, but Eric was in need of a stronger lead generation plan to sustain it, and an agile system to maintain it.
Life Before BoomTown
Eric was using an Excel spreadsheet as his leads management system, which led to a great deal of time spent organizing data and trying to understand the effectiveness of each lead source. Eric was manually sending email blasts to his leads, and without any analytics or a guided follow-up process, it wasn’t easy to tell why some prospects were turning into customers and others were not. His steady growth enabled him to grow from 2 to 22 agents in just one year, but individual agents each had their own processes and workarounds that were making it difficult to measure results. Eric became all too aware that there was no way E4Realty’s current systems were going to scale to handle the company’s rapid growth or help sustain it.
Eric needed a solution that would help him track, automate, and strategize to grow his business and hold his team accountable. He decided it was time to invest in a comprehensive lead generation and management system that would help him do just that. Unfortunately, trial and error began to come into play as he tried multiple systems that just couldn’t cut it or tackle all his challenges. One system left the team unhappy with the cumbersome back end offering, the next lacked the support and training to make it a seamless transition, and another had a one-size-fits all strategy that fell short of his needs. Finally, he found an answer in BoomTown. Despite having just purchased another system, Eric made a leap of faith to go with BoomTown, and says it was the best decision he ever made. In the beginning, Eric decided to run an experiment with his team. Dividing them in half, he kept ten of his agents on their current system, and set the other ten up on the BoomTown platform. Within days he saw an incredible difference in the success of each team. His ten agents who used BoomTown loved it and were significantly outperforming the other group, so it was a no-brainer to solely move forward with BoomTown. Now Eric knew he had the software and support he needed, and he would be able to integrate his disparate systems and give his team the ability to track and nurture their clients in one place.
Life With BoomTown:
It wasn’t a hard sell to get his other ten agents to adopt the BoomTown system. The ten members of the team that had been using it already had a strong pipeline in place, and the other half of the team was eager to get in on the action. The team was also happy with how easy it was to manage their lead follow-up in a consistent way. Automated nurturing and follow-up alerts provided a solution for his agents to scale their service, and quickly send prospects relevant information in tailored messages even when they were on the go. This made it easy to build trust with their prospects and position them as experts, not to mention the relief of knowing they could stay on top of everything with ease. His team could now react quickly and the system supplied crucial intelligence back to Eric. They were free from their disparate systems, and efficiently managing everything in one place.
Better Insight + Real-Time information = No more guesswork
By tracking activity and streamlining communication with BoomTown, Eric had the insight he needed to make critical decisions. Logging into his Accountability Dashboard hourly, Eric was able to accurately measure his team’s productivity with reports made available in real-time charts with clear information. This was a far cry from entering formulas into CSV files! The accessibility of data helped him see his team’s effect on revenue and even justified doubling his agent roster and creating a new team structure.
Initially Eric started out with a round robin structure for his team, but quickly adapted to an “agent on duty” model for lead rotation after noticing the system reported some less-than stellar response times. He set it up so three agents per day receive leads from the BoomTown system and they are required to respond within one hour or the lead is transferred to another agent. BoomTown makes it easy for agents to tell which prospects are in what stage of the buying game, and every Thursday he requires four hours of prospecting the leads that are noted as being in the “Hot” and “Nurture” categories. He has his team contact “Hot” leads every couple of days, those in the “Nurture” category once a week, and for the Watch category he sets up follow-up tasks based on the estimated timeframe to buy (this could be every 4-6 months or so). These follow ups are reserved for the monthly call nights he holds to get everyone together to have some fun and make some calls. For leads in the Qualify Category, he lets his Smart-Drip tool automate the entire follow up process with email campaigns that get results.
Going for it Without Fear
BoomTown changes the way Eric and his team worked together and what they prioritize thanks to real time metrics. The team works closely with their Success Manager to create strategies tailored to their needs and incorporate tried and true best practices from other users. Eric especially appreciates the way his Success Manager works to understand his own business goals and suggests strategies to get there, rather than forcing a one-size-fits all method on them. With deep and instantaneous insight on which campaigns are working, why leads are converting, and how each agent is performing, they are no longer spinning their wheels to determine what steps to take next, or bouncing back between multiple systems to conduct day-to-day tasks. Gone are the days of chasing the next shiny new thing in real estate technology too. Eric no longer worries about staying on the cutting-edge. He knows BoomTown will keep him right there. E4Realty now has the system in place to take their business to the next level with the transparency and metrics to know what works, hold themselves accountable, and make decisions without fear. What’s the risk when the results are in?