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1. www.realestateleads.ca FROM COLD TO SOLD SOLD Expert Strategies for Real Estate Lead Response Management that Drive Sales! Transforming Leads into Happy Homeowners! A Tactical Guide for Realtors to Maximize Lead Conversion - Backed with Multiple Industry Research Data and Statistics. Data collection span - 3 years Diversified data - Collected from multiple business verticals Unique Leads covered - 15,000 Unique Call Attempts - 100,000 PURPOSE: LEAD CONVERSION DEPENDS BOTH ON LEAD QUALITY AND ON THE SALES PROCESS. 1 1 2 Question: Do you have a strategic sales process to enhance lead conversion? Maximize real estate lead conversion Optimize sales efforts Source -Leads360 Research 2 CURRENT BIGGEST CHALLENGES TO LEAD CONVERSION 43% 41% 39% 35% 29% 25% Collecting data on Leads Following up with leads promptly Making Initial contact with Leads Maintaining healthy follow-up with leads Funneling & qualifying Leads Setting appointments Source -Convince&Convert BREAKING THE ICE Tactical Tips to Maximize Real Estate Lead Conversion through Lead Response Management! 3 RESPONSE TIME: RESPOND TO LEADS WITHIN 5 MINUTES! #Impact of Quick Response RESPONSE TIME ANALYSIS: 30 mins vs 10 mins vs 5 mins 1 Leades are HOT 900% Increase in contact rates vs 30 mins 2 Leads are at their highest point of Interest 10,000 3 The WOW effect of quick response 8000 400% Increase in contact rates vs 30 mins 6000 4000 2000 30 mins 10 mins 5 mins Source -MIT-Kellogg Study BEST DAYS TO FOLLOW-UP AFTER THE INITIAL RESPONSE (5 MINS- RULE): Capitalizing on Peak Engagement BEST TIME TO CONTACT & QUALIFY LEADS 4 5 Early Afternoon(1- 2 PM) vs Late Afternoon(4-5 PM) Wednesday and Thursday are the best days to contact & Qualify Leads 3000 2.5k 2500 164% Increase in lead conversion 49% Increase 2.0k 2000 1.5k 1500 1.0k 1000 0.5k 500 Tue Wed Thu 1-2 pm 4-5 pm Source -HBR Contact vs Qualify Contact Leads Best Time Worst Time 4pm - 6pm 11am - 12pm Qualify Leads Best Time Worst Time 8am - 9am 1pm - 2pm 4pm - 5pm Source -HBR 6 PERSISTENCE: MOST SALES REPS GIVE UP TOO EARLY! AVERAGE CALL ATTEMPTS BY SALES REPS (IN PERCENTAGE) Contact probability increases to 95% when leads are approached or contacted at least 7 times. RESPONSE TIME ANALYSIS: 30 mins vs 10 mins vs 5 mins 30% Leads are never contacted by Sales Reps! 95% 3% 100% 50% 80% 40% 60% 30% 40% 20% 20% 10% 0% 0% Source -Leads360 Research 7 RESPONSE AUDIT & ANALYSIS BY INSIDESALES.COM InsideSales.com employed fabricated leads to complete web forms for numerous companies as a means of evaluating response time and caliber. Most sales reps are sluggish to respond - the average is 44 hours. 77.17% of leads never received a phone call 28.6% of leads received phone calls 4.7% Mere 4.7% of the companies (Sales reps) achieved the optimal response time of the “5-minute rule”. Source - Insidesales.com 8 ONLINE REAL ESTATE LEAD INCUBATION! Online real estate leads typically exhibit an average incubation period spanning from 6 to 24 months. 95% 70% KEY CHALLENGE: Commonly cited national average conversion rate for online real estate leads hovers around 2-3%. of the real estate leads do not want to convert instantly or communicate with sales reps at the starting point of their buying journey. of these leads eventually buy properties from you or your competitors within the incubation period. The National Association of Realtors reveals a more accurate range of 0.4% to 1.2%. Source - Boomtownroi.com 9 REAL ESTATE LEAD NURTURING EVALUATION Online real estate leads typically exhibit an average incubation period spanning from 6 to 24 months. ROI in Conversion (based 1000 leads unit) With Lead Nurturing Without Lead Nurturing Stat 918% 270% Leads Contacted 850 700 Leads Qualified 350 300 Leads Closed 51 15 Source -Leads360 Research LEAD RESPONSE TRACKING & MEASUREMENT & USAGE OF SALES ENABLEMENT CONTENT Track to measure. Measure to improve and iterate. IMPACT OF RIGHT SALES ENABLEMENT CONTENT (SEC) IN THE BUYING JOURNEY! 10 Communicating leads with proper sales enablement content in different layers of their buying journeys turns sales cycles shorter. Educational & Awareness Early awareness stage COLD Industry Oriented pieces like trends, stats, reports & guides Considering for a solution WARM Solution oriented & company focused In-market looking for solutions HOT materials 11 LEAD RESPONSE TRACKING & MEASUREMENT APPROACHES No lead should be left behind! ? Speed of first contact attempt Vs Contact ratio How many leads per week? ? Speed of first contact attempt Vs Conversion ratio Time to first response? Percentage of leads converted to qualified prospects? ? Average contact attempts Vs Conversion ratio Percentage of inbound leads converted into customers? ? The average duration for conversions vs Conversion ratio SPEED First Response Attempt should be done within 5 minutes! DO NOT LEAVE BEHIND LEADS PERSISTENCE Follow up at least 7 times before moving a lead into your CRM system! REAL ESTATE LEAD RESPONSE TECHNIQUES: BEST PRACTICES AT A GLANCE Don’t ignore leads coming from any channel. NURTURE TRACK & MEASURE Most of the leads are not ready to buy instantly. Make sure you are with them when they are ready to buy. Track and measure major KPIs to locate the bottlenecks in your management.