The market has changed so quickly you might have whiplash. We went from low-interest rates, multiple offers and tremendous demand to rising rates, inflation, and declining transactions in what seems like a heartbeat.
You can weather a changing market and continue to thrive, but discipline, focus, and hard work are required. Every incoming lead needs to be managed effectively. Lost opportunities will be the difference between a growing income and a shrinking income.
Leads are critical to your business. Effective lead management requires attention to detail and a system. In a changing market, this is critical. You can’t afford to let new leads slip through your fingers. In other words, you can’t afford to be a lead loser right now!
Strategy 1: Speed to lead
You need to respond ASAP. Not later, not when you have time, NOW!!
78% of consumers will purchase with the company that responds to their inquiry first. And responding to new leads quickly can increase the lead conversions by 391% (Source: Zillow and MIT).
Use a text-to-call hybrid. Start with a text message first to gain engagement that turns into a phone call and eventually a meeting. According to Avachato, 63% of U.S. consumers prefer to communicate with a business through text messages. If that doesn’t convince you, how about the fact that texts have a 99% open rate versus email that has between a 10 to 30% open rate?
Strategy 2: Number of attempts
Research from the National Association of REALTORS® concludes that 90% of agents will give up on a lead after the first four touches, even though 70% of the time that lead will go on to buy a home within the year, just with a different agent. Therefore, you need to commit to being persistent in your follow-up.
I recommend six attempts within the first 24 hours. The push-back I often hear from agents is that they don’t know what to say six times.
Want to know exactly what to say to get engagement from an incoming lead? I’ve mapped out every word to get conversation and included the strategy behind the approaches here.
Pro tip: You can increase your text message engagement by making your text message a video text. Same words just coming directly from you on a video.
Strategy 3: Lead management system
Agents should use a mix of contact types; meaning emails, video messages, texts, calls, and social media campaigns.
80% of prospects deemed “bad leads” by sales teams purchase a new home within 24 months (Source: SiriusDecisions). It’s often not the lead that is “bad,” but the follow-up system the agent has in place that is “bad.” According to marketing software giant Hubspot, 95% of the nation’s top-leading real estate agents use a CRM system.
Your CRM is your lead management system. You need to use it.
DON’T BE A LEAD LOSER!
Wendy is the Chief Strategy Officer for Fathom Holdings Inc. (Nasdaq: FTHM) a national, technology-driven, real estate services platform integrating residential brokerage, mortgage, title, insurance, and SaaS offerings to brokerages and agents by leveraging its proprietary cloud-based software, intelliAgent. Wendy has spent her career helping top brands, brokerages, and agents build their businesses. She has become a branding and growth leader by combining operational excellence with an agent-first philosophy. You can reach Wendy at Wendy@FathomInc.com.