Lead Management Manan Choksi, Regional Owner,

RE/MAX MGM

If you caught a fish every time you fish, it

would be called catching, not fishing.

-Jimmy Buffet

What is this man doing?

Two Most important words in REB:

• Follow up.• Sales are mostly closed with follow up, not

lead generation • How much lead generation you should do?• Only till the extent you can follow each of the

leads properly. • Remember: the faster the client is responded

to, the more trust he has on the service.

Lead Sources

Leads

Walk Ins

In/ Outbound

Calls

SMS

Social Media

Email

In a Party

How to manage 6 sources of leads?

• Make one single repository for all leads • Can be in excel or any database • Ensure it cannot be easily deleted by making

protected fields • Best leads can be managed by using iConnect

as it is made as per RE/MAX hierarchy

How to manage 6 sources of leads?

• Capture all leads: A lot of phone leads are lost. Ensure the following at your office:– The phone call is attended in 2 rings – All the details are noted down (keep a notepad

near phone)– Proper questions are asked and limited

information is given

Lead Allocation

Leads

Admin

B O

B A

Lead allocation:

• All leads in the office should be allocated according to a policy

• Give according to geographical focus of the BA • Commercial and residential specialisation

should be also considered• BA should have skin in the game • If a BA does not follow up on leads, then they

should not be allocated leads.

Lead allocation:

• Research shows that if 20% of the particular leads source are below quality the salesperson ignores all leads from that source

• So if you tap only bad quality leads, eventually there will be no motivation to follow up

• As discussed in last session: have multiple lead generation sources.

Lead Life cycle

First contact Understanding requirement Qualify Providing

required infoRapport building

Closing the deal

Can take from 1 day to a few years

How much is each lead worth?

100 inquiries

30 qualified

10 near signing

1 signed

Commission earned of Rs. 1,00,000/- so each lead is worth Rs. 1,000/-

Time management:

• You need to work with active buyers / sellers in first priority

• Their requirement should be satisfied in top priority

• Remaining inquiries should be put in low priority but should be kept in touch as we discuss further…

3 Rules:

• The rule of 45 : 45% of all leads turn in to a sale for someone

• Great salespeople follow up every sales lead until the prospect buys or dies

• The older the sales lead, the less the competition

Facts:

• 50% of sales leads are not followed up in first 15 days of lead generation of the lead

• 80% of sales leads are not followed up after 1 to 2 month of generation

• Most lead close after 6 – 12 months of generation

Checklist for follow up

• Focus on strengthening relationship• Centre of conversation should be customer, do

not be ME centred • Make a simple system which the office follows• The end result of lead follow up should be an

appointment

3 B s of follow up:

• Be prepared and organised: When you say you will call “day after tomorrow” call exactly on that day. Trust building starts here and now.

• Be persistent: Keep on trying till prospect gives appointment

• Be patient: Remember the life cycle of the lead can be 1 year. Be patient till then.

Step 1: Qualify, Qualify, Qualify:

• Are you prospect

• Or

• Suspect?

Step 1: Qualify, Qualify, Qualify:

• To be Customer centric, get used to asking a lot of questions.

• These questions should help you judge the seriousness of the customer

• Budget, need, requirement, time table, identification, etc.

• This will help you to know how much aggressive follow up you need to do.

Step 2: Response Kit:

• So the day you get the postal address and all information about the customer, send a response kit

• It can be:– Cover letter, thanking them for inquiry– Buyers guide / seller guide / a recent update– Office / agent profile

Step 3: F.O.R.D. to build rapport:

• F: Family• O: Occupation• R: Recreation • D: Dream• Whenever you meet you can refer to these

things before hand to make the prospect feel important:– How’s your son exams go? (when you know his son

was to appear in board exams)

Step 4: Flood with information:

• Send a lot of information, mostly over email. • Make a office newsletter and send to all the

prospect database, with information on:– Just listed– Just sold– New agent joining – Any new development in area of specialisation – General real estate rules

Step 4: Flood with information:

• Send various reports, which you can make on trends of market

• Each prospect has to be impressed that you know more about real estate than the 99 other agents they contacted, combined.

• The probability that a customer will follow your advise increases when they know you know a lot

Step 4: Flood with information:

• Make 8 week direct mailer plan:– 1st Week: Response kit– 2nd Week: Buyer guide / Seller Guide – 3rd Week: Just listed postcard – 4th Week: Market report – 5th Week: Customer Testimonials– 6th Week: Just sold postcard– 7th Week: City Guide – 8th Week: Income tax tips / home loan tips

Step 5: Phone call

• Dedicate 1 hour for phone calls everyday• 98% of appointments are generated over

phone call• Most people avoid picking up unknown

numbers, so try again. Then try with a different number.

• Calls can be simple “how are you” or following up with some information they need

Use iConnect:

• To add all contact details of prospects• Record activities on their listings • Ensure that a database is handy for mass

emails, personal notes and sending response kits.

Lead Audit

Lead Audit :

• Check all the leads which have been recorded and see whether they have been followed up with every month.

• Systems fail, unless checked and rechecked.• Try to incorporate improvements based on

past experiences. • Do not assume that everything is going normal

unless you have evidence to that fact

Lead Audit :

• Things to be checked in an audit:– All leads generated in an audit are recorded– All recorded leads have proper information– All recorded leads have been allocated in proper

manner – All allocated leads are followed up– According to office policy the follow up process is

going on – Lead source is cost effective

Lead Audit:

• Purpose:– Check any lead leakage – Measure performance of Lead source – Measure performance of follow up systems– Track BA performance – Improvise trainings – Review office strategy

Questions? http://technologyremax.blogspot.in/

www.remax-mgm.com