Why Brokers Are Destined to Fail… Unless They Adapt
Due to advancements in tech, the real estate landscape has changed dramatically over the last two decades – forcing brokers to choose to either adapt or fail altogether. Studies indicate that 90% of real estate leads are coming from the web. This expansion of web-based real estate commerce represents an industry that has evolved into a 24/7/365 business. Gone are the days where an agent would schedule a time to meet with a prospective buyer during “business hours” to lay out any potential homes. The abundance of information that is being shared over the internet has dramatically shifted the bargaining power away from the agent.
Studies indicate that 90% of real estate leads are coming from the web
Of course, this shift in bargaining power denotes more than just a change to the typical work day. For some brokers and agents, the ongoing advancements in real estate technologies are an outright threat their livelihood! For instance, according to CNBC, some buyers are skipping foregoing the help of expert real estate agents, choosing instead to search and purchase with the help of AI.]. This is to say nothing of existing search engines and apps that further mislead buyers/sellers into underselling the importance of having a real estate agent at their disposal.
However, the savvier real estate professionals refuse to fail and lose out to some nuts and bolts. Rather, they are using these same technological tools to turn the tides and satisfy their needs. Virtual Reality tours, drone footage for listings, and chatbots are just some of the resources being used by top agents to help capture, captivate, and convert prospective clients.
Most importantly, the best teams adapt by using the best of both worlds – using human based technologies like Agentology for all of their lead follow up and engagement.
Problems Ailing All Agents
You know as well as anyone that lead qualification and follow up is the Achilles Heel to any real estate team’s lead strategy–especially when you’re the team lead.
Try as you will, you cannot be micromanaging every lead to ensure they are followed up with and scrubbed. There just isn’t enough time in the day. Below are the 3 most common pain points that Agentology addresses with your lead strategy (and how Agentology helps remedy it):
Lack of lead follow-up and the inability to trust your team to do so effectively
When you or your team don’t respond to leads, mistakes are made and someone else wins. This can happen in a multitude of ways:
- You were too late to the “lead party.” Studies show that 72% of customers will choose the first agent they speak with. A problem with leads is most of them are not exclusive. You will be competing with the vast pool of agents looking to follow up on the same leads you’re presented with.
- You were too slow in responding to the lead. Leads are being generated at an astounding rate. If you don’t have the right systems in place, you will miss out on being the first agent to respond. According to InsideSales, a lead will convert at a rate 21X higher if they are contacted within the first 5 minutes versus just 30 minutes.
- You aren’t working with a customer’s modern schedule. Like stated above, there isn’t a time constraint for when a customer can submit a lead and look to do business. With access to the internet and various listings, the customer can submit an opportunity for contact at anytime.
- You’re prioritizing the wrong leads. In the end, quality always outweighs quantity. Often times, when you are generating countless leads, you are getting leads that carry little to no value. There are many reasons for this: The lead isn’t a real person, the customer already has a trusted agent, their loan status is less than ideal, or their area of interest doesn’t match your expertise.
Agentology gives you the power to respond to any given lead within the first 5 minutes of being live. Like stated above, if you are to contact the lead within the first 5 minutes of receipt, you have a 21X higher chance of converting the lead (vs the first 30 minutes).
Long term nurture
On the flip side, Agentology keeps responding to these leads when other real estate teams may have given up. Often times, buyers are conducting the initial stages of their search 12 months before they are going to sign their name of the dotted line. The buyer, in this stage of the buying process, isn’t as qualified as someone who is a couple of months away from purchase. This is another pain point plaguing real estate teams–they just don’t have the bandwidth to keep in contact with a lead for 12 months and beyond.
With Agentology’s new Nurture feature, however, this pain is erased. The industry average for lead response attempts is a lousy 1.3 attempts. This number is far too low. Agentology’s Nurture keeps your team in contact with the lead for 6 months.
Lack of personal touch in an automated landscape
Regardless of the industry, a lack-of-personal-touch experience has probably become more familiar to you than you’d prefer. Whether it be the experience of getting an email that still has the *|FNAME|* field or an automated phone call that greets you with your mother’s name, something needs to give.
With Agentology, you are equipped with your very own personal ISA human concierge that will help scrub and qualify the leads on your behalf.
Our technology will integrate with any CRM, ensuring a first contact with your leads that is quick and customized. While text messaging has taken over– especially with the younger generations (text messages far outweigh any other means of communication with an open rate at 98%) — we marry technological efficiency with the human touch via call, text, and email.
So above all, what's the main reason brokers are determined to fail?
They are living with yesterday’s strategy in mind and aren’t utilizing the game changing technology that is right in front of them. Sure there are going to be the teams that are unaware of this technology. And then there are going to be the teams that just don’t care. But what excuse do you have? What’s been holding you back from taking the leap and seeing how a lead strategy that does the work for you can benefit you?
Give us a shout and see.