Coming up with best practices around converting internet leads will help you increase your conversion percentage!
What is a profitable conversion percentage? If you are in the 4-5 percent range, that is a start. What does this mean? Out of 100 leads, 4-5 turn into closed transactions.
A systematic process and regular procedures that you go through, will have a direct positive bearing on your conversion percentage.
Primarily most everyone is on a Zillow lead program and within Zillow there are 2 lead types –
1. Foreclosure/pre-foreclosure product – there is a much higher chance of getting a lead with this one. The only issue is that oftentimes these properties are no longer available, so you will need to act swiftly to redirect the inquiry to another relevant property.
2. Standard Premier Agent Lead – listing agent and then three others are featured here – so, you have a one in four chance of being clicked on.
The quickness of your response has a great effect on how things go. Be the first to make contact. If you think about it on another level, someone clicked on something they are interested in, so you need to put your best foot forward by taking action and not waiting hours to respond.
1 out of 5 times, the interested party will actually call. Always make your best attempt to answer all phone calls and if you cannot talk at that time, tell them you will be calling them back within minutes (and not several hours.) Strike will the iron is hot!
I like to suggest the following for best practices – use a two call, two email, two text approach. For new leads, call and if they do not answer, leave a message, text them immediately and send them an email.
Text, email and call should all be scripted out, so it really should only take 5 minutes if you’re leaving messages. If you do not hear back, call, text and email them again the next day.
If they still have not responded, move along to the next prospect.
Don’t let that person fall into the cracks – make sure you set up a time in your calendar to follow up with them in two weeks time.
If we are talking about an average $5,000 commission on a transaction – if you do this over the course of the year by following up instead of putting two people into the trash bin and they convert, we are talking about an additional $10,000 in the year.
Take a look at this 10 Days of Pain lead strategy– it’s an aggressive move, but worth a view. After you review it, determine your own contact strategy and tailor it to what works best for you.
In the end, although they’re a crucial part of the business, it’s not the leads that close transactions – it becomes what the agent is saying and how they are relating to the person – you are here to relate and help them.
You need to meet with your prospects- suggest homes, tour with them . Get out there and look at properties!
Reach out with questions. Phil@daltonwade.com