Online shopping has become the norm. Many people, especially first-time homebuyers, now begin their property and real estate agent search process online.
Have you been trying to increase your lead conversion rates with little success? You’re not alone.
Lead generation and conversions are always top-of-mind with realtors.
After all, how often do you lie awake wondering how to get more leads through your website? Perhaps converting leads through online marketing leaves you in a cold sweat?
In a study conducted by the WAV Group, researchers posed as buyers and inquired about listings on several agency sites, such as Trulia and Zillow. The study found that almost half of inquiries were never responded to and the average response time was 917 minutes.
While this is somewhat better than the 42 hours reported via the Harvard Business Review report, it’s still disappointing.
The good news is that there is more than just one way to convert your leads, and you can start implementing these pointers right away.
How to Increase Your Chances of Converting a Lead into a Paying Buyer or Seller
1. Respond Personally and Quickly
One of the biggest ways to convert your leads is with a fast follow-up.
You need to be able to respond quickly. If it takes you two hours to get back to an online prospect, they might not even remember filling out the form.
Don’t forget to add something personal in your response, too, to show that a real human being is getting back to the lead.
2. The Follow-Up
One thing that makes great agents stand head and shoulders above average ones is the follow-up.
Never give up on a prospect after just one contact attempt. Continue to reach out over the first 21 working days following lead registration.
Most people are busy juggling family, work, and a myriad of other obligations. By continuing to reach out for at least the first couple of weeks, you may just catch your prospects when they have the time for a conversation.
3. Persistence Pays Off
According to research from InsideSales.com, sales representatives make an average of just 1.3 call attempts to new leads before giving up.
This is the bar you want to exceed in your own lead conversion efforts. When it comes to working with your leads and prospects, you need to develop a mindset that you have to work to identify the worthless leads so as to uncover the qualified leads.
With that approach in mind, you and your team must remember that online leads are a game of numbers. You can’t simply reach out a couple of times and think that you are effectively working on lead conversion. Keep in mind that research suggests that 95% of online leads only convert between the 2nd and 12th attempt.
So, keep trying. Every lead that won’t convert will take you closer to one that will.
4. Ditch the Hard Sell
While a quick follow-up and persistence are key, it’s also important to keep things casual. Many of the potential buyers and sellers that approach you are just starting their homework and a hard sell will set them running for the hills.
Focus, rather on education. Perhaps set up a series of drip emails to send out that begin talking about everything from what to fill out when putting an offer in to home inspections and how to check out a roof. You may even want to offer your leads weekly market updates.
The key is to provide something of value – not that pesky hard sell.
5. Hire a Lead Conversion Specialist
If your agency really is too busy or you’re not comfortable contacting leads, it’s time to consider bringing in a third party whose sole missions is to be immediately responsive to qualify the leads for you.
Are You Ready to Convert More Leads?
If you can raise your conversion rate even a little, you can significantly improve your bottom line. If you’ve spent the money on the technology to create leads but you’re failing to nurture and convert them, it is worse than not having qualified buyers and sellers on your books.
Lead generation platforms have become a standard marketing expenditure for many agencies. We know that not everyone will convert every lead, but with consistent and timely follow-up along with useful information, some leads have the potential to become lifelong clients.
Need help with your agency’s lead conversion? Talk to Agentology today.