Lead Conversion in real estate is not a single step process. It takes a combination of following different techniques and metrics to bring out the best conversion rates for your team! During Uplift’2020 Robert Slack talked about how - Conversion in real estate is like baking a cake, all important ingredients need to be there, otherwise, the cake will bake disappointment rather than deals!
We have an interesting recipe for The Conversion Cake to understand what these important ingredients are. Come take a look!
There are mainly 6 important ingredients that can help you boost your conversion rates. Unlike a normal (edible) cake there is no specific order in which you should add these ingredients, nor is there a measure.
That’s the interesting part of the Conversion Cake, it will always be unique because it is entirely dependent on who the cake is being made by!
Metric 1 - Lead Distribution
Lead Distribution in Real Estate is very important when it comes to boosting conversions. Having more connections and leads is always a plus, but not only is it important to acquire these leads smartly it is equally important to distribute them wisely.
Various factors are kept in mind while distributing leads to your agents. The bottom line should be - Distribute leads in such a way that an agent can still work to their highest potential and not slack or get burnt out.
- Distribute leads based on the agent's location/zip code expertise.
- Check existing agent workload before assigning new leads.
- Focus on their connectivity metrics before assigning more/new leads.
- Check agent ROIs before assigning lucrative leads.
Metric 2 - Speed To Lead
When it comes to real estate conversion rates, Speed To Lead is a team’s backbone. It is basically how fast an agent puts effort into connecting with their new lead, and in a society where we crave instant gratification, it has to be fairly quick.
50% of internet buyers will work with the 1st agent who connects with them, not the best agent, but the first agent. That is why if an agent gets in contact with their new lead within 1-2 minutes of it dropping in their lead pool, they will have a 50% chance of working with them.
The idea of speed to lead is to get a hold of your future client before anybody else does.
Metric 3 - Retargeting
Focusing on the 20-60-20 rule here will be highly beneficial for lead retargeting and nurturing. The rule goes something like this - 20% of your leads will transact within 6 months, 60% will transact within 6 months to 2 years and the rest 20% will probably never transact. Retargeting leads becomes important because we need to meaningfully nurture. A combination of techniques can be used to do this, some are,
- Retargeting old or cold leads through different channels
- Running retargeting ads - personalized target content
- Property alert for leads
- Having timely follow ups
During our first session of Uplift’2020, Robert Slack spoke extensively about how essential retargeting your old ‘cold’ leads is. It is important for real estate teams to not focus entirely on just buying leads from various different portals. If they start looking into their own database, they will be able to get almost 50% of their business from old leads!
Metric 4 - CRM Optimization
When you think of a CRM, think of systems, scaling and processes. But even though there is a system set up, real estate still is a people-focused industry, one cannot shy away from human contact! CRMs are not meant to limit contact, it makes contact more systematic and foolproof.
Handling follow-ups on your own can be a difficult task. Humans make mistakes, but machines rarely do, so why not automate some of your follow-ups and reminders?
Optimizing and leveraging your CRM can help you easily boost your conversion rate. How? Here are some steps you can begin with
- Start off with cleaning your CRM so everything is up to date.
- Create the right kind of action plans depending on buying timeframes.
- Create to-do lists and touchpoint systems for each agent so that their approach towards lead contact is planned and systematic.
- Reminders to do periodic check in calls, eg. Nurture leads should be called twice a month.
There is so much you can do with a CRM, but with automation comes accountability. As a team leader, you need to make sure that all the touchpoints of connectivity are being met, and no leads are going untouched!
Metric 5 - Attempts Per Lead
Connecting with your lead once is not going to boost your conversion rate. Just because you got to them first, does not mean they don’t need nurturing. An agent should also not stop trying if their first attempt was unsuccessful!
Attempts per lead then becomes a very important factor in boosting conversion rates. If speed to lead is your backbone, attempts per lead is something that strengthens it.
The Figueroa Team’s ‘10 days of pain’ is a really interesting practice that solves the problem of attempts per lead. The team keeps a buffer of 10 days where they reach out to the potential client 10 times in 10 different ways! If they do not respond even after that, they archive the lead and nurture them. This way they are not only increasing their chances of getting a deal, but they are also growing their retargeting list at the same time.
Metric 6 - Get Creative
Real Estate Marketing is your added x-factor when it comes to increasing conversion rates. Good marketing will not only help you prospect, organic clients & increase the interest of new leads but it will obviously also help you cover a larger audience.
As a team, do not shy away from trying new and creative ideas that can help you boost your conversion rates.
- Start by setting up your team profiles on all social media platforms
- Reach out to your new and old leads through video messages
- Indulge in online live open houses
- Create an interactive blog where you provide real estate knowledge!
- Host virtual tours and webinars
These small promotional steps go a long way when it comes to conversion!
Real Estate lead conversion is clearly not a single step process. It requires working on a combination of metrics based on unique real estate team structures. Hence, it is always good to try out different combinations and strategies of outreach and prospecting to boost conversions.
A tried and tested strategy of leveraging your CRM and having a humanistic touch in lead contact has proven to be highly successful when it comes to post pandemic real estate conversions.
Auctm keeps such metrics in check! From speed to lead and attempts per lead to agent ROI, you probably don’t have to look anywhere else when it comes to tracking and boosting lead conversions.