Most real estate agents are looking for some sort of secret strategy to increase their conversion rates and close more leads. The reality? It comes down to the work you do in contacting your leads, and following up afterwards.
Key #1: Preparation Most people aren't prepared to follow up, because they don't practice... Practicing is easier than you think, and role play calls are one of the best ways you can practice. Working with a fellow agent, simply run through your scripts and objections. This will help you sound more confident and better serve your customers.
Key #2: Average Response Time How quickly are you following up with your leads? Studies from MIT show that it is best to respond within the first 5 minutes. Those studies also showed that if you responded within in that 5 minute window you were 10X more likely to connect and even convert the lead. The average follow up time for sales people is 44 hours. Don't be part the average, and follow up with your leads ASAP!
Key #3: Follow Up Attempts How many times are you following up with your leads? That same MIT study showed that at best, you've got a 33% chance of lead conversion on the first call. As you probably already know, more follow ups increase your odds! When you hit the 6th phone call, your odds increase to 90% The industry average is only 1.5 attempts, and 55% of leads receive 0% follow ups at all.
Key #4: Get The Most Out Of Your Follow Ups The follow up actions you take are based on a few things. Check out this guide below to get the most out of your follow ups: Why You need to be clear on your "why" when making calls. This is your motivation to make those calls, and keep making them especially if it isn't easy. Make a vision board that is visual while you're making your calls to remind you why you are doing the work. Who You need to determine who is making the follow up calls. It could be you or you could outsource to an ISA or 3rd party company like Geographic Farm. When Do you know when the best time to make your calls? Studies show the two greatest time frames are from 8a - 9a and 4p - 6p. Basically when people are on the way to work and coming home from work.
How Studies show that the majority of people still want to be contacted via telephone. This doesn't mean you should avoid email, text messages, social media or in person meetings. The point is to develop a plan to reach clients in a variety of different ways with a focus of contacting them within the first 5 minutes. Have a system in place where you email valuable information. For buyers this could be alerts on properties that are for sale. For sellers send them a market snapshot of what their property is valued at as well the value of similar properties in the area. Follow up isn't just about the short term; it is something that could go on for months!
Time To Follow Up! What are you waiting for? Get out there and contact your leads!
Rhea the Head Trainer at AgentLocator did a quick webinar regarding this very study, click here to look at the video