Have you been trying unsuccessfully to increase online real estate lead conversion rates? Have you heard other agents complain that Internet lead conversion for real estate is much more difficult than it used to be? Actually, believe it or not, it has gotten more difficult to convert online leads.
Back in 2007, during the golden age of online lead generation, online leads were responsible for approximately one third of the homes sold. On average, real estate teams got a 38.5% return on investment (ROI) from their spending on online advertisements. By 2015, however, Internet lead conversion for real estate dropped to the point that most real estate teams spent more money generating online leads than they managed to make from them. In 2017 and beyond, real estate experts expect this trend to continue.
So, with the effectiveness of online leads diminishing, is there anything you can do to increase online real estate lead conversion rates? According to Sam Monreal, vice president of business development at Rokrbox, there is a way to convert more real estate leads from online sources. During a recent interview with Pat, Sam discussed three steps agents should take if they want to improve real estate lead conversion rates. You can read about these steps below, but be sure to listen to the complete podcast interview for all the details and some additional tips!
Improve Real Estate Lead Conversion With the Right Formula
First, you need to use a combination of leads generated via referrals, prospecting, and online advertising if you want to have optimal conversion rates. When agents try to generate leads from each of these three categories equally, they tend to have respectable results. So, instead of relying solely on online leads for business, make sure that you’re still putting some time into generating leads the old-fashioned way.
Respond Quickly to Increase Online Real Estate Lead Conversion Rates
For the leads you generate online, fast response time is absolutely vital. In fact, if you wait just ten minutes to respond to an online lead, your odds of conversion drop by 400%. In order for you and your team to have success with online leads, you should find a way to respond to all leads within five minutes of registration. This “speed to lead” will increase your likelihood of engaging leads when they are the most receptive which is more likely to lead to productive dialogue. If you need help increasing response time, there are companies out there that can be hired to handle your online lead responses.
Increase Online Real Estate Lead Conversion Rates With Follow-Up
One thing that separates the great agents from the average ones is follow-up. You should never give up on a prospect after a single contact attempt. Instead, you should continue to reach out over the first twenty-one days following lead registration. Continue to call, text, and e-mail prospects for at least a few weeks before giving up.
The reason you should do this is that most people are busy and have their attention focused on work, family, and other obligations. By reaching out continuously, you’re more likely to catch your prospects at times when their attention can be focused on their real estate needs.
If you want to learn more about the real estate lead generation industry and the 3 steps you can use to increase online real estate lead conversion rates, be sure to listen to the complete podcast interview with Sam Monreal.
Audible-Your first book is FREE!!! click here and get a 30 day free trial –Click Here Now
Read the New York Times Best Selling Book with an introduction by Gary Keller – Read Now