Good 'ol fashioned sales skills are still the name of the game
Resource Library Lead Generation Lead Management

Good ‘ol fashioned sales skills are still the name of the game

Modern real estate marketing encompasses many technical aspects, from search engine optimization, search engine marketing, and Internet lead generation to email marketing and customer relationship management platforms. Technology certainly increases the opportunity for you to engage with consumers, however it’s at the point of connection (typically over the phone) that often makes or breaks your opportunity. BoomTown and I recently hosted a webinar with real estate industry expert and coach Matthew Ferrara, where we discussed what it takes to win the hearts, minds, and business of consumers looking to purchase or sell a home. Good ‘ol fashioned sales skills are still the name of the game.

Lead Generation Real Estate Plan

Be there!

just-be-there

This may sounds like a simple and obvious note, however “being there” takes discipline. According to the National Association of Realtors (NAR) report, 2014 Home Buyer and Seller Generational Trends, agents who are first to respond to a prospective client inquiry are generally successful at securing business, positioning themselves to be in that 66% of agents selected to represent a client after only one interview. Make sure that you have a standardized follow up process in place for every lead and if the volume is too high to manage, consider hiring an Inside Sales Agent (ISA).

Real Estate Lead Generation

Persistence pays off

persistence-pays-off

95% of online leads are abandoned by real estate agents within the first four days, but within 12 months 60% of these “trash” leads have transacted (not so “trashy,” eh?). To ensure persistence, follow daily and weekly habits for lead follow up. Set automated emails and reminder notifications to touch base. Look for behavioral signs that signal the appropriate time to reach out. Many lead management systems offer this insight and will notify you when a lead is active on your website.

Lead Generation Plan

Informed responsiveness is key

informed-responsiveness-is-key

93% of all buyers report responsiveness as a very important factor in selecting an agent. When you respond, don’t dive into a sales pitch. Ask questions and listen first. As Bob Corcoran of Corcoran Coaching describes in this interview with BoomTown, lead with service and tailor your approach to the individual. Your lead management system should provide ample information about each registrant. What have they searched for in the past? Have they just favorited a property, performed a mortgage calculation, or shared a listing with a friend? These behaviors will provide the background intel that is critical for tailoring your follow up.

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Stay in touch

stay-in-touch

Only 20% of satisfied customers use the same agent again! Don’t lose touch with your happy past clients! After the closing, focus on keeping your communication consistent. For example, a Chicago agent who averages $55 million a year in production spends the first 30 to 45 minutes each day Monday through Saturday calling past clients. This daily discipline is a critical component of her continued success. Also, only share relevant and helpful information that positions you as a trusted resource and real estate expert. This includes market statistics, city planning data, financing tips, and news on the economy, not cherry pie recipes!

 

For a complete rundown of the skills needed to win in the real estate world, check out our resource below.

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Speed-to-lead: The mission-critical step where most agents fall short

Every agent’s book of business is going to vary. Your “pie” of lead sources might look something like this: 50% referral business, 30% online leads, 20% open houses. Some years referral business will boom and in others, it will inevitably slow down. Being prepared for this variation and diversifying your lead sources is critical for building a thriving and consistent business.

 

In fact, the National Association of Realtors® REALtrends report shows us that in 2013, surveyed agents were doing 72% of their business from referrals. In 2017, this dropped to 67%, and in 2018 it dropped even further to 38%. Those numbers alone are enough to convince us that working online leads is a smart (even essential) investment in 2019.

 

Speed-to-lead: essential, not optional!

 

Speed-to-lead. It seems like an age-old adage at this point, right? That’s because it’s absolutely, without question, the most important first step in converting an online lead. Most leaders in real estate recommend reaching out to a new lead in 5 minutes or less. But that margin might be getting even smaller! Top producers are recommending that online leads should be touched within 2 minutes or less. In today’s fast-paced culture of immediate gratification, if you don’t immediately reach out to a newly registered lead, guess what’s going to happen? They’ll move on to the next available agent.

 

Tom Ferry likes to say, “If you don’t follow up, someone else will.”

 

We know it’s essential. You know it’s essential. So why are most agents failing to reach out to leads in 5 minutes or less? At BoomTown, we conducted a study of 40k+ agents and found that the average response time for an online lead was nearly 90 minutes.

 

Let that sink in. An hour and a half! Enough time for a lead to register on your site, get bored, scroll through Instagram, chat with your competitor, walk the dog, and ultimately forget about you entirely.

 

Work Smarter (and be more dollar-productive)

 

If this sounds familiar, you’re certainly not alone. Most agents aren’t sitting by their phone at 2:00 AM on a Saturday, waiting to chat with new leads. Your time is too valuable to be spent qualifying and engaging leads. You need to be out closing deals and shaking hands. But those leads are still critical for a thriving pipeline. So how can you accomplish both?

 

The best leaders know when to outsource. (Here’s where we get to the brass tacks of building a thriving real estate business.) Leaders build a well-oiled machine, comprised of a team of professionals, the right technology systems, and additional support services that handle the impossible for them.

 

 

You may already have an Inside Sales Agent or other administrative help. And that’s great! You might even have an autoresponder or ChatBot set up to quickly engage with leads. But, is that really enough? Moving into 2020, the agents that capitalize on smart technology and support services to handle the “busy work,” are the agents that will have time to hustle and stay focused on dollar-productive tasks.

 

At BoomTown, after more than ten years in the industry, we’ve uncovered a formula that essentially assures success in real estate. It’s not just lead generation, it’s qualified lead generation.

 

Success Assurance

 

 

We reach out to your leads for you, within 90 seconds, 24/7. And then deliver them to you, transaction-ready. This process allows you to maximize your ROI and leverage real experts to nurture your pipeline. Better yet, it allows you to focus on the dollar-productive and fulfilling tasks that you got into this business to do — build relationships, stay in front of your sphere, and close more deals.

 

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