cashing in on lead conversion
DESCRIPTION
These slides are from a presentation given at the Coldwell Banker Expo in Chicago, IL on March 9th, 2010. The subject was "Cashing in on Lead Conversion," and the audience consisted of REALTORS from the Chicago market.TRANSCRIPT
Cashing in OnLead Conversion
©2010 The Company CEO, Inc. - All Rights Reserved
Jonathan D. Nicholas, The Virtual CEO
The Company CEO, Inc.www.JonathanNicholas.com
(847) 881-6535
Cash Cow or Mad Cow?
©2010 The Company CEO, Inc. - All Rights Reserved
©2010 The Company CEO, Inc. - All Rights Reserved
Agents Love Leads! Comments heard in a competitor’s office….
“These internet leads are worthless!”
“They won’t return my phone call!”
“None of them are ready to buy!”
“They told me to stop stalking them!”
“I’m not taking any more internet leads!”
©2010 The Company CEO, Inc. - All Rights Reserved
Lead Conversion Paradigms
Past Client Referral
Floor Call
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Lead Conversion Paradigms
©2010 The Company CEO, Inc. - All Rights Reserved
Lead Conversion Paradigms
©2010 The Company CEO, Inc. - All Rights Reserved
Lead Conversion Paradigms
©2010 The Company CEO, Inc. - All Rights Reserved
Lead Conversion Paradigms
©2010 The Company CEO, Inc. - All Rights Reserved
Lead Conversion Paradigms
What are leads?
Impersonal Removed No Relationship Just an Email
Suspect Tire-Kicker Unresponsive Distraction
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Lead Conversion Paradigms Leads are…
- Real People - With Dreams
- Goals & Desires
- Needs to Fill - Real Estate
Question - Doing Research - Shopping for an
Agent
©2010 The Company CEO, Inc. - All Rights Reserved
Lead Conversion Paradigms
©2010 The Company CEO, Inc. - All Rights Reserved
Lead Conversion Paradigms
©2010 The Company CEO, Inc. - All Rights Reserved
Lead Conversion Paradigms
©2010 The Company CEO, Inc. - All Rights Reserved
Lead Conversion Paradigms
©2010 The Company CEO, Inc. - All Rights Reserved
Technology DisconnectThe Internet Empowered Consumer Average Internet Buyer is:
29 Years Old Getting Younger Every Year
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Technology DisconnectOn the Flip-Side… Average Agent:
51 Years Old Not Getting Younger Every Year Average Broker is 54
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Lead Conversion Paradigm Are all internet leads bad??
Not if you take the time to understand a little more about them.
©2010 The Company CEO, Inc. - All Rights Reserved
Lead Realities According to a NAR study on Internet Buyers
and Sellers: They tend to have higher Incomes They tend to be better educated They have a shorter search time They view fewer homes They are more likely to use a REALTOR
©2010 The Company CEO, Inc. - All Rights Reserved
Lead Realities According to a CAR study on Internet Buyers
and Sellers: 92% found their agent on a web site 63% found through a search engine 0% found agent through brochures, flyers,
yard signs or mailers. 100% started looking at homes first, for their
agent second.
©2010 The Company CEO, Inc. - All Rights Reserved
Lead Realities Gen-X and Gen-Y (Age 14-43)
86% used the internet to find a real estate agent 45% used the internet to find a real estate
company 75% used the internet to find their actual home 66% used the internet to get finance their home 62% used the internet to get neighborhood
information
©2010 The Company CEO, Inc. - All Rights Reserved
Lead Realities According to a CAR study on Internet Buyers
and Sellers:
Internet buyers took 2/3 less time Internet buyers interviewed only one agent;
others interviewed three Internet buyers were far more satisfied in
every research category of satisfaction than traditional buyers were
©2010 The Company CEO, Inc. - All Rights Reserved
Lead Realities According to a CAR study on Internet Buyers
and Sellers: 97% of internet buyers said that they would
use the same agent AGAIN!
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5 Key Lead Conversion Strategies #1 - RESPOND!
Respond immediately! Respond in the fashion that they indicate or
request Email Phone Text Social Media
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5 Key Lead Conversion Strategies Why Respond?
Because 50% of leads never hear from anyone.
©2010 The Company CEO, Inc. - All Rights Reserved
More Reasons to Respond The Psychology of Responsiveness:
Professor Judith S. Olson, UC Irvine People are willing to pass judgment with or without
good information People rely on voice, body language, facial expressions,
etc. What do they rely on when they can’t interact?
Video with Audio Voice (Only Audio) Written Word
When they don’t have any of the above? How Quickly You RESPOND!
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More Reasons to Respond Percentage of those who used the first Real
Estate Professional they talked to: 80% of all Buyers 74% of all Sellers
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What Do They Expect? 15 to 20 Minute Response Time 15 Second Site Patience 4 Second Property Patience “Connected” Agent
All the information All the images The good, the bad and the ugly Available
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We’re Failing Miserably Alarming Reality
$2 Billion was spent to drive online leads We are only nurturing 10% of the pie We lost out on the other 90% due to our own bad
habits
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5 Key Lead Conversion Strategies #2 - Follow-Up!
80% of those responded to never hear from the agent again.
©2010 The Company CEO, Inc. - All Rights Reserved
5 Key Lead Conversion Strategies Keep Communicating:
K.I.S.S. Principle – Simple, Short and Sweet Communicate no more than twice per week in
Phase 1. Communicate no more than 3 times per week in
Phase II. Emails: 50 words, personable, not scripted or
automated Don’t sell yourself, your credentials, or your
service. Be prepared to follow-up until they tell you to drop
dead.
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Don’t Ever Do This!!Actual Emails Received from Agents
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5 Key Lead Conversion Strategies Ideas for K.I.S.S. emails:
Think in 140 characters or less – as if you were texting:
“Just checking in with you on your home search…” “Checking to see if your search is yielding suitable
properties.” “How is your home search going…” “I saw you were on the site today – did you find
everything…” “What does your dream home look like?”
©2010 The Company CEO, Inc. - All Rights Reserved
5 Key Lead Conversion Strategies #3 – Create Automated Follow-Up Campaigns
Once You Know the Prospects Preferences: Home-buyer Home-Seller First Time Home-buyer Renters F.S.B.O. Market Trends or Newsletter Expired Niche Market
©2010 The Company CEO, Inc. - All Rights Reserved
5 Key Lead Conversion Strategies #3 – Create Automated Follow-Up Campaigns
Mix Up Your Media: Email
HTML Text Email
Print (mailing address) Voice Video Message
Use Your Webcam Text Message
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5 Key Lead Conversion Strategies
www.TextMarks.com
©2010 The Company CEO, Inc. - All Rights Reserved
5 Key Lead Conversion Strategies #4 – Provide Value
Loan Program Details Area, School, RELO Information Market Stats Tips
Buyer & Seller Top Selling Areas Top Real Estate Mistakes Free Reports
Articles Links to Resources Education 101
©2010 The Company CEO, Inc. - All Rights Reserved
5 Key Lead Conversion Strategies #5 – Invest in Systems & Technology to
Automate Process CRM – Relationship Management Activity Plans & Campaigns Newsletters Integrate with Connect MLS
Email Notifications Favorites & Preferences
Direct Mail Options Scheduler for Sequential Track Opens & Links
Cashing in OnLead Conversion
©2010 The Company CEO, Inc. - All Rights Reserved
Jonathan D. Nicholas, The Virtual CEO
The Company CEO, Inc.www.JonathanNicholas.com
(847) 881-6535