Real Estate in a Virtual World.

head_left_image

The 5 Key Elements of Internet Lead Conversion

Internet Marketing - The Process of Converting Leads

Most real estate agents agree that the buying side of the transaction has moved online and is highly competitive.  If you are not having success, review your current process and make the necessary changes based on the following key elements:

picture1.  Web Registrations - marketing is a numbers game.  The first step is to design a website that provides value to the consumer so they will register for your offer.  The second is to generate sufficient traffic so that the percentages work in your favor (10% rule).

2.  Lead Notification -  Most consumers that are serious about working with an agent and register online, will work with the first responder (provided that the agent follows up appropriately).  Therefore, you must have the option of calling a consumer within 3 minutes of registration.  Your system must include a method of notifying you (easiest is text messaging) so that you can respond quickly.

3.  Lead Qualification -  When Realtors follow up leads they typically follow the "real estate agent script", of attempting to take control of the consumer.  This approach will not work with an Internet buyer as they are in control and don't respond to the Realtor approach.  Try a customer service response and you will have greater success.

4.  Lead Management - Since 90% of web registrations are longer term and not immediately interested, you must have a database or CRM (Customer Resource Management) tool that will automate the follow up process.  The system must include auto-responders, drip email, blast email, call prompting, activity plans and flexible database tools for target marketing. 

5.  Training and Support -  The integration of technology into your business is an ongoing and evolving process.   As an agent, you must maximize the value of your time and you can't get distracted by technology issues.

All five of these elements must be in place and followed to have conversion rates that provide an acceptable return on investment.  If one of these elements is missing, then the process will not work efficiently.  

A web registration should be viewed as a business opportunity that if followed up and responded to appropriately will become a lead.  The lead can become a prospect and possibly a client which will lead to a transaction and hopefully an advocate for future business.  Develop your business plan with these elements and concepts and your conversion rate will increase dramatically.

.

The Virtual Homes Internet Marketing System provides agents with a solution so that you can focus on listing and selling real estate.

Comment balloon 20 commentsFred Doleac • February 07 2009 08:29AM

Comments

I agree with your key elements.  Things have changed and continue to evolve in this business, and it heavily revolves around the Internet.  - Judy

Posted by Judy Jennings, Broker - The Lanterns at Warren Woods - Ashland MA (The Green Company) almost 9 years ago

Hi Fred

Good post...it's a whole different way of working to be sure! The Internet buyer wants value and a quick response or they're moving on. I still find a lot of customers are wary about web registrations...it seems to be a generational thing. Are there and CRM's that you like better than any other?

Posted by Harold "Hal" Benz, CEO/ Team Leader (Keller Williams NJ Metro Group) almost 9 years ago

Fred, five very good points! I like the idea of registering on a web site. But doesn't it turn off people when they click on a free item and find out they have to register to receive it?

Posted by Michael Setunsky, Your Commercial Real Estate Link to Northern VA almost 9 years ago

Wow great blog I total agree with lead converstion that all those items must be in place. I have lacked the CRM software and fully utilitizing it but this week just started.

Posted by Heather the Realtor Orlando, Lake Mary, First Time Home Buyers, Bank Owned Homes (LemonTree Realty) almost 9 years ago

Excellent tips, Fred.  Thanks for sharing.  Good to know we're on the right track.  And it is so true, you have to be the first to respond or you can forget about it.

twitter

Posted by Kris Kombrink ~ The Kombrink Team (RE/MAX Excels - Chicago's Western Suburbs) almost 9 years ago

Very good pointers, Fred, and a good checklist for me as a re-work my static website.

Posted by Margaret Woda, Maryland Real Estate & Military Relocation (Long & Foster Real Estate, Inc.) almost 9 years ago

Good tips Fred. I especially like number 3 - use a customer service approach. That one sounds especially useful!

Posted by Eileen Begley, Monterey Real Estate (Coldwell Banker, DelMonte) almost 9 years ago

Judy -  Without a doubt, this is the buying side.  The secret is to develop a large database.

Posted by Fred Doleac, Real Estate in a Virtual World (Fred Doleac - Bean Group) almost 9 years ago

Hal - we developed our own which is VH LeadCentre.  The other tools (Top Producer, etc.,) don't integrate all the elements.

Posted by Fred Doleac, Real Estate in a Virtual World (Fred Doleac - Bean Group) almost 9 years ago

Michael - a good website provides content without commitment.  However, when the consumer wants a different level of service, it's time to ask for the business.

Posted by Fred Doleac, Real Estate in a Virtual World (Fred Doleac - Bean Group) almost 9 years ago

Heather - good luck with your process.  I would be interested to learn how your CRM works.

Posted by Fred Doleac, Real Estate in a Virtual World (Fred Doleac - Bean Group) almost 9 years ago

Kris - the $15,000 tax credit will bring out the buyers.  Teams that have the database will prosper.

Posted by Fred Doleac, Real Estate in a Virtual World (Fred Doleac - Bean Group) almost 9 years ago

Margaret - as you integrate your process, think both long and short term for prospects.

Posted by Fred Doleac, Real Estate in a Virtual World (Fred Doleac - Bean Group) almost 9 years ago

Eileen -  the secret to the customer service approach is to thank them for registering, acknowledge their request, and ask how you can help them and believe it or not - stop talking (shut up).

Posted by Fred Doleac, Real Estate in a Virtual World (Fred Doleac - Bean Group) almost 9 years ago

Fred, all 5 of these are things I know I need to develop better.  Without all 5, there are cracks in the system, and that's where all the leads will fall.  Thanks for the info.

Posted by Troy Erickson, Your Chandler, Ahwatukee, and East Valley Realtor (Diverse Solutions Realty www.ChandlerRealEstate.weebly.com) almost 9 years ago

Agreed, you really need to be organized and not forget about anybody, many are looking to buy in a year or more so those drip campains are great.

Posted by Jessica Wallace, Santa Cruz Realtor (831) 419-9345 (Coldwell Banker - Santa Cruz) almost 9 years ago

Troy, - take the time to implement them all and take advantage of the windfall coming with the $15,000 tax credit.

Posted by Fred Doleac, Real Estate in a Virtual World (Fred Doleac - Bean Group) almost 9 years ago

Jessica- it's true many are long term, but you can change the time-line.  Provide pertinent, timely information.

Posted by Fred Doleac, Real Estate in a Virtual World (Fred Doleac - Bean Group) almost 9 years ago

Yes i currently am getting leads ona regular basis now that I have shifted my focus to the customer and not about me... I have no stats on conversion rates but will make note of your blog. 

Posted by Carl Stars (Sutton Group About Town Realty ) almost 9 years ago
odcvfx nciqgvrjcvdy
Posted by djoblcbhn almost 6 years ago

Participate