I just attended a session called “Managing an Unexpected Volume of Leads.” Some of the highest producing agents in the country talked about online lead generation and how they convert them into clients. This was my favorite quote, which I think everyone needs to keep in mind: “An internet lead is someone who hasn’t bought into a specific REALTOR® yet.” They went on to explain that it’s your job to convince them to work with you.
Here are some quick facts that I found interesting:
- Your expectation should be up to two years to convert online leads. Some are interested in buying right away, but most need constant followup to convert into a client. You need to be realistic in your expectations.
- A new study from MIT states that if you can respond within five minutes, you’re 100 times more likely to convert them into a client. Anything beyond ten minutes and they’re basically gone. Check out Fivestreet.com to help increase your response time. I found the automated text message responses to be helpful.
- You need to be spending at least 15% of your GCI on marketing and advertising. Anything less, and it will be hard to grow your business and become a powerhouse agent.
- When trying new marketing and advertising products, you need to give them at least six months before analyzing the ROI. Anything less and your not giving it enough time to work.
More to come…