The Real Estate market is highly competitive. One missed follow up can cost your business a potential deal. The primary goal of every real estate business is to convert each lead into happy clients and referrals. Agents are the key drivers of growth in your business. You will inevitably lose your leads at the top of your funnel to your competitors if your agents are not trained in this fundamental skill set.
There is no magic formula to ensure that all your hot leads in the funnel will convert into closed deals. So, we have come up with a list of a few proven tips and tricks to boost your agents' conversion rate.
Being The First Responder
Did you know, 75% of buyers talk to only one agent during their house hunt?
The most critical factor that drastically improves conversion rates in any business is speed to lead. The longer you take to respond to your potential leads, the higher your chances of losing your lead to a competitor. Your agents must contact the leads immediately when they come on your radar, be it through your website, a Facebook advertisement, or a CRM that your team uses to get in touch with leads in real-time.
But there's a catch. It is essential to be a quick responder and leave a lasting impression as the first contact point. What you say to a potential buyer is as crucial as when you connect with them. Increase the chances of lead conversion by establishing credibility, engaging your buyer, and building a rapport within the first minute of your phone call.
Following Up On Time
A quick first response is a good starting point. But is it enough? Prospective buyers will most definitely not remember you. And most importantly, other agents might be getting in touch with them in this gap of time. Agents need to follow up on their prospective buyers and at the same time, nurture the leads that do not convert immediately. The key to a better conversion rate is the lead connectivity rate of your agents.
The lead connectivity rate determines how well your agents are at reaching out & connecting with leads via different channels. With Auctm, you can track key metrics like these & also see the efforts your agents are making, enabling you to filter out agents that need better coaching & training.
Your Best Foot Forward
Building trust and credibility within the industry takes hard work and years of experience. You've established the first point of contact. Now, what will ensure that your buyers choose you as their Realtor? Your past work and testimonials. Your agent isn't the only one who might have contacted your potential lead. You must provide them enough visibility in terms of the experience and testimonials to act as social proof in favor of your agent.
You can reap excellent outcomes by drip campaigns targeting your potential buyers. Make your agent a familiar face and incorporate these elements of social proof of their expertise in the industry to portray their credibility.
Coach Your Agents
Your agents' conversion rate is the deciding factor of the best performing and most poor performing agents in your team. Irrespective of how experienced an agent is, each relies on leads to mark their growth in the business. While new agents cannot expect to make their first sale overnight, other agents on the team are often not prepared for the crawling rate of success. Every year brings forth a fresh set of challenges, and agents need to be coached and trained for the real estate market's dynamic nature.
Having systems and tools to administer your agents' performance can help you detect the chokepoints in your funnel. If you know the factors that hinder your agent's performance, you can coach them in those areas to help boost their conversion rate.
The Conversion Quadrant in Auctm allows team leaders to pinpoint the gaps in their agents' performance at a glance. It helps team leaders conduct better agent 1:1s and find solutions to their performance lapses while coaching them.