Strive for 5: Why Your Slow Response Time is Ruining Your ROI
Like a lot of agents in your situation, I’m sure you are frustrated with the amount of leads that are falling by the wayside. You train your team, you have a viable strategy in place and come month’s end, you see how much money is being wasted on dead leads.
What if there was something so simple all along that you were overlooking?
Did you know that your lead response time can make or break your success with capitalizing on said lead? Studies indicate that when a real estate agent responds to a lead within the first 5 minutes they are 21X more likely to convert the lead than if they respond within the first 30 minutes. When it comes to your overall lead strategy, response time should be number one priority.
It’s like the great modern day philosopher, a Mr. Ricky Bobby once said,
“If you’re not first, you’re last.”
What is going to follow below are the top 3 reasons speed is the number one factor in the success of your team’s lead strategy.
1. Your Customers' behaviors have changed
In the past, when meeting with a customer, you were charged with setting up an appointment in which to meet this customer. You generally slotted the appointment within the 9am to 5pm hours. Once you met, you went over the available options with this potential customer.
Things have changed since then…
We’ve now entered a era that is more like the wild, wild west when it comes to dealing with customers. Gone are the days where the agent was in control. With the advent of modern day technology, a buyer has the ability to search for their new home from the comfort of their couch. They can do this at any hour during the day, and they can seek assistance from an agent whenever they want. 90% of all real estate leads are now coming from the web.
With no scheduling bottleneck on the side of the customer being present, it is imperative that you respond to the lead as soon as it comes in–regardless of when.
Which brings up the next reason…
2. Your customer will work with their first contact
As alluded to above, when a lead is responded to within the first 5 minutes there is a 21X better chance of converting the lead than in the first 30 minutes.
But that’s not the entire story. What if there are two or more agents that respond to the lead within that first 5 minutes? Who is going to be the lucky winner of that lead?
Recently, an online MIT study revealed some amazing results regarding lead generation and response time with 74% of all buyers and 76% of all sellers will work with the first agent / brokerage they speak with.
The plot yet thickens again and speed becomes ever so important–you’re not the only person that’s working on qualifying and pursuing that lead.
3. You will crush the competition
When you respond within the first 5 minutes of a lead being generated, you are ahead of 90% of other agents/brokers according to a study conducted by roof.ai. In this study, they found that 9% of the top real estate agents responded to leads within the first 5 minutes, 50% responded within the first 5 minutes to 3 days, and 41% of the surveyed agents didn’t respond at all!
Of the top 9% of the study who was able to respond to the lead within the 5 minute mark (who expose themselves to a 21X higher conversion rate) used direct chat widgets on their site in order to make the connection in conjunction with their ISA’s. These agents were being active in their lead response.
You might often hear, “It’s lonely at the top.” In this case, consider the loneliness a Godsend.
Your Strategy moving forward
Now that you understand how imperative speed is in the success of your lead strategy, what first steps must you take in order to see your business flourish?
Luckily for you, Agentology is here to help. Agentology can equip you with your very own concierge team that responds to and qualifies generated leads so you don’t have to. Our tools work at all hours of the day so you don’t have to. We guarantee an instant response. If at a certain point, you are unable to work with the lead, you can still benefit through our referral program of 30,000 installed agents.