There are many steps to mastering lead conversion, but I just tried to simplify it for you by breaking it down into 3 simple steps. Okay…maybe not simple, but they are steps.
I have been running a real estate team since 2009 and I have been converting online leads since 2007. I have failed a lot, but learned a lot of great strategies.
1 Set A Time for Followup – If you don’t set a time to follow-up you are going to be sporadic about it and you will fail. The success I have had with online leads starts with a schedule. Every morning I know what time I am going to be following up with my database clients, my new leads, my expireds, my fsbo’s, open house leads etc… Make sure you know what time that is for you so that when you set a follow-up time for a client it falls in the time slot for your follow up. If you start setting follow-up times that are sporadic your business will be sporadic. Stop sabotaging yourself and get your follow-up times on a schedule, if you have a follow-up time of 9am – 11am make sure you stick to it. I use a CRM like TeamLeads to make sure I follow up at the right time, which leads me to tools.
2 Have Tools in Place – In real estate it’s easy to buy lots of tools and never use them. We Realtors call this the “Shiney Object Syndrome”. That’s why I love Lab Coat Agents, you can ask questions about what tools to use and you will get good answers. Tools are there to help you out. I see real estate tools like I see a hammer or a screwdriver, a hammer helps with nailing in things and a screwdriver allows me to tighten or loosen certain things. In the same way, tools like CallAction can allow your lead response time to be shorter and give you the advantage over other agents. CRM tools like Liondesk and Commissions Inc allow you to keep a database of clients in one place so you know who to follow up with next. Tools are there to help you out, how you use them will determine your success. Make sure you use tools to help you increase your conversion rate. In order to succeed you need a few things in place to succeed.
“Success in business requires training and discipline and hard work. But if you’re not frightened by these things, the opportunities are just as great today as they ever were.” – David Rockefeller
Make sure you have an auto responder like CallAction or Riley in place so that when you are showing homes it can respond for you and lock in a client. Use a CRM to keep a database of all clients in one place. This makes it easier to keep up to date with all of your leads. Systems like Commissions Inc make conversion easier for me because I can see their social media accounts, what all clients are doing, what they are searching for, what their saved home search looks like, when they last logged on etc… All this information gives me an advantage over other agents that don’t have this data. I can reach out to clients and relate to them much quicker because I have all this data on hand.
3 Ask the right questions – This is probably the most important one. We all come across people that want to buy or sell homes, but if we don’t ask the right questions we will never have the conversion rates we aspire to have. There are a set of questions I ask all prospective clients, but most importantly I make sure I have the right tonality in place. People can sense when you are happy or sad, so put on a smile. I always start by asking how I can help or if they have a specific property that they would like to take a look at. After I answer their questions I then proceed to ask these questions.
- What is your time frame for making a move?
- What has to happen first before you make your move?
- How did you end up picking this area? (This question is usually answered when they answer question 2)
- How did you come up with your price range? (Leads into loan questions)
- Have you gone out to see any homes already?
- Do you need to sell a home before making a move? (This question is crucial and is often missed)
- Have you chosen the type of loan you’ll be using? (Ask if not answered on question 4)
It’s a series of questions that I focus on every time. I’m usually not in a rush to get off the phone unless the client is in a big rush. The questions don’t come out robotically, they come out as a conversation with a calm tone. I usually want to develop at least a small connection by phone so that other agents have a challenging time winning the client over. Before you start asking any of the questions make sure you start with the mindset that your building a relationship and you are not going for the close.
Before you start asking any questions make sure you start with the mindset that you’re building a relationship and you are not going for the close. It’s a relationship business, not a one night stand – Tristan Ahumada Realtor