Inman events are the best way to connect, learn and grow. Join us Oct. 26-28, for Inman Connect Las Vegas, in-person or virtually. Then, continue to gain insights, strategies and tactics to keep your business growing and make 2022 your best year ever with a full line-up of 2022 events! Save the dates and register now!
The brokerages that are converting leads with the highest success rates are those that are leveraging all the opportunities available to them, speakers during a panel entitled “Building Your Brokerage’s Best Lead Gen Strategy” said at Inman Connect Las Vegas on Tuesday.
Suneet Agarwal, CEO of Best Sac Homes Group & Big Block Realty North, uses about 10 inside sales agents (ISAs) to support the agents on his team, and he also buys leads from a variety of sources like Zillow, realtor.com, Ylopo and more, utilizing “every referral lead source program out there.”
Meanwhile, Jena Turner, owner of Found Realty, focuses her brokerage’s lead generation strategy on repeat business and referrals, but also has one agent team dedicated to generating leads, as well as an ISA who’s currently onboarding two additional ISAs.
The ultimate goal for Turner and her agents is to get three referrals from every transaction. But she also expects agents in her brokerage to achieve an 85 percent conversion rate.
Agarwal, on the other hand, expects agents to convert 65 percent of leads, since their business is largely based on online leads, which typically require more sifting through to weed out unqualified or non-serious clients.
Panel moderator Anthony Lamacchia of Lamacchia Realty had a hard scenario for the two brokers to address, and one that every broker must ultimately face:
“Let’s say you get an agent who’s working hard and they’re just not converting,” Lamacchia posed.
Agarwal’s tactic was to analyze the data and coach to whatever specific issue the agent is facing. “I think it’s every moment and every stage and every opportunity,” Agarwal explained.
Both brokers also emphasized the importance of agents getting the right training in order to understand how to better generate leads. Agarwal and Turner actually both require agents to complete an online training that Lamacchia runs.
In addition, each broker also requires agents to leverage other educational opportunities. Turner also requires agents to get a review for every company-generated lead they close.
One reason why Turner’s repeat and referral business is so strong is that each agent has to complete a 40-step post-closing timeline, which includes steps like giving clients gifts and doing robust follow-ups. She also places an emphasis on cultivating cross-generational business.
“I need their grandchildren to buy a house from me,” Turner said. “I teach all agents: You’re going to need money in 10 years.”
Tracking so many metrics across dozens of agents to ensure their success can get a bit complicated, though, which is why brokers need to stay organized in how they track goals met.
Agarwal said he’s had success with work management software Monday.com. Turner likes tracking data through her CRM and back office management software Brokermint. Now that she’s transitioning into a role where she conducts fewer transactions and mostly manages the brokerage, she also has more time to comb through the data.
The trio also noted that agents who ignore buyers in their quest to get more seller leads are giving up a big opportunity.
Just this week, Turner said she had to remind her agents that when a buyer comes knocking, they’re calling because they have a reason to do so. “We have to convert those a lot better,” she said.
“Just leverage everything you can,” Agarwal asserted.