The Ultimate Realtor Value Proposition: Convert Dead Leads To Closed Deals [Repost]
Every Realtor is generating leads. Most of them are so busy that they lack the time and resources to handle the length of time required to close a purchase lead. There are three challenges we find when talking to Realtors about lead conversion.
They aren’t patient enough. Our average digital purchase conversion takes 190 days from lead to close. 25% of our business comes from leads more than one-year-old.
They don’t make enough touches. One Realtor I talked to uses the “three strikes your out” rule. He texts, calls, emails and then bails. While this is efficient, it does not maximize conversion. We make an average of 5 contacts before we set a consultation.
Their tracking is not perfect. The reality is that unless you track every conversation, it is very difficult to manage a long term relationship. Unless you document the needs of your clients, it is difficult to manage. We have 15 long term follow-up stages we track and we are still missing opportunities every day. Most Realtors don’t have a CRM.
How Do You Offer The Ultimate UVP
You have to make it easy for your partners. Don’t be picky about how leads come in. A shared Google Sheet or web form is a game-changer. Leads on paper from an open house? Take it and do the data entry.
We love to work every lead the Realtor has. Open house leads they have called once, Zillow leads that are 6 months old, sign calls, and previous customers. Work everything.
Make The Touches
If you make the commitment, you have to make the calls. 500 stale digital leads require 500 calls. Make sure you have the resources before you commit.
Make the Right Calls
The best scripts focus on the needs and reality of the clients. Someone that was poking around at an open house three months ago may not be interested in a pre-approval. They may just have a question about the school system. Give them what they want and plan the follow up with your partners.
You may not have success, but track every call and give a report back to your Realtor regularly. We deliver weekly dial reports with stage, status, and notes. You can even integrate your CRM into your partner’s system using Zapier.
Reactivating dead leads and winning on long term follow up is the ultimate value proposition. It makes you a true partner for your Realtor and decreases your lead cost. It isn’t easy to execute, but once you do, you will have something meaningful to talk about, it might even get you a coffee meeting.
The results of our most recent stale lead campaign that generated 8 total deals. 6 purchase transactions and 8 closed loans.