Tips for Converting Online Real Estate Leads
The market is full of listing portals and vendors that help you generate online real estate leads — Zillow and realtor.com are two popular examples. In an Inman Select report on online lead spend, a small but successful group of agents have found success building their business off converting online leads.
Although the Inman report revealed polarized opinions on the value of these leads, the report demonstrated how agents have grown their SOI from online leads alone using the right approach. Time and time again, online leads prove themselves as the best return on investment thanks to low CPL and high lead volume.
Applying the lead conversion strategies you have learned to online leads requires little change thanks to automated engagement, follow-ups, and nurturing. Consider two scenarios common from online leads: Poor conversion rates and the time committed to nurturing.
Unique Hurdle #1: Online leads fall into another agent’s funnel
The beauty of using a listing portal like Zillow is you pay the same rate whether 5 or 500 people click on your ad, but the difficulty arises when a lead clicks on other agent ads, too. Online leads generated through listing portals can fall into the buckets of other agents.
The solution: Automate your first touch to grab attention
The solution is speed: Agents who convert the most online leads use technology to automate lead engagement as soon as they fall into the funnels. Recent research from Velocify revealed the simple act of placing a phone call to a new prospect within a minute of lead generation can increase your likelihood of conversion by nearly 400%.
Without the right technology to automate the frontline work, you’re bleeding potential leads. It’s important you automate the first touch by using a dedicated real estate CRM which will handle importing, scoring, routing, and touching your online leads.
“One key to maximizing the results of your contact strategy is to make sure your team makes the first call attempt to a new prospect, fast,” Velocify
Unique Hurdle #2: Top of the funnel leads require more nurturing
Although there are clear differences among searching habits between prospect cohorts, there remains a common problem: Online leads are unfamiliar with your services. Top of the funnel leads are unfamiliar with you, your brand, etc, and require lengthy nurturing.
The solution: Automate your lead nurturing efforts
The solution is nurturing: It’s important to educate online leads through carefully crafted lead nurturing campaigns by leveraging email drips and even your IDX website to gather key insights into your prospect’s purchasing habits before the first phone call.
Automating your lead nurturing will help you consistently execute your nurturing efforts without consuming your time. You’ll have more time to focus on other aspects of your pipeline, including generating referrals from your growing SOI.
You’ll also become the center of your lead’s attention even if the lead isn’t ready to buy immediately. By the time a lead begins their home buying or selling process, they are already familiar with you, your services, and your brand.
“Most internet leads are going to be first-time homebuyers, in part because younger generations are more inclined to start their process on the internet. If you can get someone to meet with you, you’re statistically 75% to the sale. It’s easier to gain trust with people in person, to interact in real time, and your conversion rate is going up from there,” from Mindset, Methods and Metrics, Nick Dreher
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