One of the most common questions we’re asked is “What’s the best lead source?” And, since we support over 35 lead sources, it’s an obvious question. The thinking is: if I know the best lead source, I’ll just move all my spending to it and increase my ROI.
Ok, spoiler alert, here’s the answer: it’s the wrong question to ask – at least initially.
You can’t calculate your ROI on leads until you systematically follow-up with every lead consistently, instantly and professionally.
I also tell agents: the biggest variable in making online leads work for you isn’t the quantity of leads nor the quality of leads – though of course both are important. The most important variable actually has nothing to do with the lead provider and it has everything to do with you.
When leads come in your need to follow-up with every one of them. Not some of them. Not only those you feel like following up with. Not just the ones who want to list their million dollar houses with you. Every One. Unless you do this, you can’t calculate a true ROI. Why? Because the likelihood that a lead will turn into a customer – and a referring customer someday – isn’t clear from a name, email, phone and property inquiry. The likelihood that a lead is your future client will only be clear once you have a conversation with them. So you need to follow-up with every lead.
Consistently and Professionally
And, your follow-up also has to be consistent. You need to be consistent in your approach, your phone personality, and your qualifying questions. Normally this means you should have a script – at least in your head. The consistent way you’re going to talk with each and every lead.
One other tip I want to give you is to be open minded when you call every lead. Often agents imagine online leads as just annoying tire-kickers. They may be, but you won’t know until you talk to them. If this is your attitude going into a call, I can almost guarantee you that your impatience will come through the other end. Before you call a lead make sure you’re in the frame of mind to have a professional conversation.
Of course, following-up consistently, two-days after a lead comes in, isn’t going to work. You need to follow-up consistently & instantly with every lead. Speed is the name of the game with online leads. It seems strange that with such an expensive purchase it matters how fast you get back to someone. But it does. This is partly because you have competition – and another agent might be quicker on the draw. But I think it mainly comes down to the fact that clients have an expectation that their online inquires get responded to quickly. Websites like Amazon.com have done a great job making things easy and fast – and so they’ve set the bar high. If you’re going to have any shot at converting online leads, you need to get back to every one consistently and instantly.
At FiveStreet, we’re big fans of online leads. We think it’s the future of real estate. And, we want to help you generate a great ROI – regardless of where you’re getting your leads. You play a vital role in that – but we can help. Check out our automatic lead response system to see how we can help you get back to every lead, consistently, professionally, and instantly.