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Presentation given at the September 2008 Texas Association of REALTORS by Jonathan D. Nicholas ...

Presentation given at the September 2008 Texas Association of REALTORS by Jonathan D. Nicholas
http://www.jonathannicholas.com

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  • 06/04/09

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  • 1. Managing & Converting Your e-Lead Business: Cash Cow or Mad Cow? 06/04/09 2008 The Company CEO, Inc. Jonathan D. Nicholas, ABR, CRB, CRS, GRI 2008 President, CRB Council [email_address]
  • 2. Cash Cow or Mad Cow? 06/04/09 © 2008 The Company CEO, Inc.
  • 3. Cash Cow or Mad Cow? 06/04/09 © 2008 The Company CEO, Inc.
  • 4. Technology Disconnect 06/04/09 2008 The Company CEO, Inc.
  • 5. Technology Disconnect 06/04/09 2008 The Company CEO, Inc.
  • 6. Technology Disconnect 06/04/09 2008 The Company CEO, Inc.
  • 7. Don’t want to take notes? Log-on to www.jonathannicholas.com 06/04/09 2008 The Company CEO, Inc.
  • 8. Don’t want to take notes? Log-on to www.jonathannicholas.com 06/04/09 2008 The Company CEO, Inc. Resources TAR Password CRB
  • 9. Technology Disconnect
    • The Internet Empowered Consumer
    • Average Internet Buyer is:
      • 29 Years Old
      • Getting Younger Every Year
    06/04/09 2008 The Company CEO, Inc.
  • 10. Technology Disconnect
    • On the Flip-Side…
    • Average Agent:
      • 51 Years Old
      • Not Getting Younger Every Year
      • Average Broker is 54
    06/04/09 2008 The Company CEO, Inc.
  • 11. Course Objectives
    • Understand e-consumer expectations
    • Develop a lead management process
    • Create conversion standards
    • Understand the evolution of lead mgmt
    • Consider additional e-lead generation options for greater return-on-investment
    06/04/09 2008 The Company CEO, Inc.
  • 12. Leads Management
    • A system for tracking the life-cycle of a prospective customer, from source of contact through transaction completion (or abandonment)
    06/04/09 2008 The Company CEO, Inc.
  • 13. Leads Management 06/04/09 2008 The Company CEO, Inc.
  • 14. Disconnect Continues
    • Comments heard in the office….
      • “ These internet leads are worthless!”
      • “ They won’t return my phone call!”
      • “ None of them are ready to buy!”
      • “ They told me to leave them alone!”
      • “ I’m not taking any more internet leads!”
    06/04/09 2008 The Company CEO, Inc.
  • 15. Lead Conversion 06/04/09 2008 The Company CEO, Inc.
  • 16. Lead Conversion 06/04/09 2008 The Company CEO, Inc.
  • 17. Lead Conversion 06/04/09 2008 The Company CEO, Inc.
  • 18. Lead Conversion 06/04/09 2008 The Company CEO, Inc.
  • 19. e-Leads
    • Are all internet leads bad??
      • Not if you take the time to understand a little more about them.
    06/04/09 2008 The Company CEO, Inc.
  • 20. Internet Consumers
    • According to a NAR study on Internet Buyers and Sellers:
      • They tend to have higher Incomes
      • They tend to be better educated
      • They have a shorter search time
      • They view fewer homes
      • They are more likely to use a REALTOR
    06/04/09 2008 The Company CEO, Inc.
  • 21. Internet Consumers
    • According to a CAR study on Internet Buyers and Sellers: (2006)
      • 92% found their agent on a web site
      • 63% found through a search engine
      • 0% found agent through brochures, flyers, yard signs or mailers.
      • 100% started looking at homes first, for their agent second.
    06/04/09 2008 The Company CEO, Inc.
  • 22. Internet Consumers
    • According to a CAR study on Internet Buyers and Sellers: (2006)
      • Internet buyers took 2/3 less time
      • Internet buyers interviewed only one agent; others interviewed three
      • Internet buyers were far more satisfied in every research category of satisfaction than traditional buyers were
    06/04/09 2008 The Company CEO, Inc.
  • 23. Internet Consumers
    • According to a CAR study on Internet Buyers and Sellers: (2006)
      • 97% of internet buyers said that they would use the same agent AGAIN!
      • Wow! They really are lower maintenance!
    06/04/09 2008 The Company CEO, Inc.
  • 24. Internet Consumers
    • Percentage of those who used the first Real Estate Professional they talked to:
      • 80% of all Buyers
      • 74% of all Sellers
    06/04/09 2008 The Company CEO, Inc.
  • 25. Generational Shift
    • Gen-X and Echo Boomers (Age 14-43)
        • 86% used internet to find agent
        • 75% used it to find their actual home
        • 66% used it to get financing
        • 62% to get neighborhood information
    06/04/09 2008 The Company CEO, Inc.
  • 26. Generational Shift
    • Gen-X and Echo Boomers (Age 14-43)
        • Teens – early 40’s
        • Digital Lifestyle
        • MySpace, FaceBook, LinkedIn, Twitter, etc.
    06/04/09 2008 The Company CEO, Inc.
  • 27. Generational Shift
    • Gen-X and Echo Boomers (Age 14-43)
        • 45% used the internet to find a RE firm
        • Use email 2 X’s more often than the phone
          • Phone Calls are SO Last Century!
        • Want their agent to have a website with listings posted to several other sites
        • Want to be updated on the closing process by email
    06/04/09 2008 The Company CEO, Inc.
  • 28. Communication Styles 06/04/09 2008 The Company CEO, Inc. Ages 44 to 62 years
  • 29. Communication Styles 06/04/09 2008 The Company CEO, Inc. Ages 32 to 44 years
  • 30. Communication Styles 06/04/09 2008 The Company CEO, Inc. Ages 14 to 31 years
  • 31. Generational Shift
      • Gen Y & Millennials
        • 80% of under 24’s more likely to text than email
          • Emails are SO Last Century!
        • Average first time homebuyer is 22 years old
        • Tribal – Community – Social Networkers
    06/04/09 2008 The Company CEO, Inc.
  • 32. Expectations?
    • 15 to 20 Minute Response Time
    • “ Connected” Agent
    • All the information
    • All the images
    • The good, the bad and the ugly
    06/04/09 2008 The Company CEO, Inc.
  • 33. Terabitz 06/04/09 2008 The Company CEO, Inc.
  • 34. Brokerage Realities
    • 50% of leads are not responded to
    • 50% of leads are responded to
      • Took an average of 48 hours to receive response from an agent or brokerage
      • 80% are abandoned after 6 days
    06/04/09 2008 The Company CEO, Inc.
  • 35. Brokerage Realities
    • Alarming Reality
      • $2 Billion was spent to drive online leads
      • We are only nurturing 10% of the pie
      • We lost out on the other 90% due to our own bad habits
    06/04/09 2008 The Company CEO, Inc.
  • 36. Brokerage Realities
    • The Internet Pie
    • 189 Million Daily Unique Visitors
    • 115 Million Average Daily Visits
    • 455 Million Daily Page Views
    • 10 Billion Daily Hits
    • 28.1 Minutes per Visit
    06/04/09 2008 The Company CEO, Inc.
  • 37. Brokerage Realities
    • The Internet Pie VS. REAL ESTATE
    • 189M Vs. 44M Unique Daily Visitors
    • 115M Vs. 5.4M Average Daily Visits
    • 455M Vs. 2.8M Average Daily Page Views
    • 10 Billion Vs. 171M Daily Hits
    • 28.1 Minutes Vs. 9.1 Minutes
    06/04/09 2008 The Company CEO, Inc.
  • 38. Brokerage Realities 06/04/09 2008 The Company CEO, Inc. Media Metrix July 2008
  • 39. Website Standards 06/04/09 2008 The Company CEO, Inc.
  • 40. Website Standards 06/04/09 2008 The Company CEO, Inc.
  • 41. Website Standards 06/04/09 2008 The Company CEO, Inc.
  • 42. Website Standards 06/04/09 2008 The Company CEO, Inc.
  • 43. Website Standards 06/04/09 2008 The Company CEO, Inc.
  • 44. Website Standards 06/04/09 2008 The Company CEO, Inc.
  • 45. Website Standards 06/04/09 2008 The Company CEO, Inc.
  • 46. Website Standards 06/04/09 2008 The Company CEO, Inc.
  • 47. Website Standards 06/04/09 2008 The Company CEO, Inc.
  • 48. Website Standards 06/04/09 2008 The Company CEO, Inc.
  • 49. Brochures are OUT! 06/04/09 2008 The Company CEO, Inc.
  • 50. Standards? 06/04/09 2008 The Company CEO, Inc.
  • 51. Website Standards
    • Advanced Search Ability
    06/04/09 2008 The Company CEO, Inc.
  • 52. Website Standards 06/04/09 2008 The Company CEO, Inc.
  • 53. Website Standards 06/04/09 2008 The Company CEO, Inc.
  • 54. Website Standards 06/04/09 2008 The Company CEO, Inc.
  • 55. Website Standards 06/04/09 2008 The Company CEO, Inc.
  • 56. Website Standards 06/04/09 2008 The Company CEO, Inc.
  • 57. Website Standards 06/04/09 2008 The Company CEO, Inc.
  • 58. Website Standards 06/04/09 2008 The Company CEO, Inc.
  • 59. Website Standards 06/04/09 2008 The Company CEO, Inc.
  • 60. Website Standards 06/04/09 2008 The Company CEO, Inc.
  • 61. Website Standards 06/04/09 2008 The Company CEO, Inc.
  • 62. Website Standards 06/04/09 2008 The Company CEO, Inc.
    • Minimum Standards:
    • Quick Search and Advanced Search
    • Interactive Mapping & Community Content
    • Emphasis on Visual Content including Video, Pix, Tour
    • Consumer Dashboard
    • Content Rich
    • Lead Generation Forms
    • Syndication
    • Lead Management Module
    • Follow an e-lead Management Process
  • 63. e-Lead Process 06/04/09 2008 The Company CEO, Inc.
  • 64. e-Lead Process 06/04/09 2008 The Company CEO, Inc.
  • 65. e-Lead Process
    • What are you doing to generate traffic?
    • Google Adwords
    • Media driving to URL
    • Syndication
    • Listing Updates
    • Drip Campaigns
    • Social Media
    06/04/09 2008 The Company CEO, Inc.
  • 66. e-Lead Process 06/04/09 2008 The Company CEO, Inc.
  • 67. e-Lead Process
    • What are you collecting from the traffic?
    • Data
      • Who, when, how long, what, where, how much
      • Referring URL
      • ROI
      • Source
    • Leads
    06/04/09 2008 The Company CEO, Inc.
  • 68. e-Lead Process 06/04/09 2008 The Company CEO, Inc.
  • 69. e-Lead Process
    • Scrubbing the Leads:
    • Were lead generation forms submitted?
    • Segment & Qualify
    • Touch Base
    • Assess urgency
    06/04/09 2008 The Company CEO, Inc.
  • 70. e-Lead Process 06/04/09 2008 The Company CEO, Inc.
  • 71. e-Lead Process
    • Who is worthy?
    • Office Policy or Company Culture
    • Certification on Internet Consumers
    • Internet Division
    • Standards & Accountability
    • What’s best for the consumer
    • What’s best for your reputation
    06/04/09 2008 The Company CEO, Inc.
  • 72. e-Lead Process 06/04/09 2008 The Company CEO, Inc.
  • 73. e-Lead Process
    • Incubate the leads that are not ready
    • Drip Campaign
    • CRM Activity Plan
    • Communicate as the lead requests
    • Cultivate relationship
    • Provide resources and information
    06/04/09 2008 The Company CEO, Inc.
  • 74. e-Lead Process 06/04/09 2008 The Company CEO, Inc.
  • 75. e-Lead Process
    • Track
    • Who has the lead?
    • Did they respond, and how long did it take?
    • What is the status – weekly report?
    • Quartile – Immediate, Incubate, Dead, Test
    • Where are my best leads coming from?
    • What is paying off?
    06/04/09 2008 The Company CEO, Inc.
  • 76. e-Lead Process 06/04/09 2008 The Company CEO, Inc.
  • 77. e-Lead Process
    • Assign the leads
    • When they raise their hands
    • Are qualified
    • Show urgency
      • Come List Me
      • Evaluation
      • Relo
    • Lead-assignment criteria
    06/04/09 2008 The Company CEO, Inc.
  • 78. e-Lead Process 06/04/09 2008 The Company CEO, Inc.
  • 79. e-Lead Process
    • Sold/Abandon
    • Only know if you track the status
    • Did you sale them or did they buy?
    • Did agent abandon them?
    • Where they not qualified?
    • What is the result?
    06/04/09 2008 The Company CEO, Inc.
  • 80. e-Lead Process 06/04/09 2008 The Company CEO, Inc.
  • 81. e-Lead Process
    • Follow-Up
    • Debrief
    • Study the data and look for the story
    • Discover trends
    • Improve the process
    • Increase your ROI
    • Know the numbers
    06/04/09 2008 The Company CEO, Inc.
  • 82. Evolution of Lead Generation
    • The Opportunity Desk
    • Footprints in the Store
    • The Concierge
    • Online Information Repository
    • Social Media
    • Intuitive Search & Sell
    • Virtual Realty Reality
    06/04/09 2008 The Company CEO, Inc.
  • 83. Remember the notes! Log-on to www.jonathannicholas.com 06/04/09 2008 The Company CEO, Inc. Resources TAR Password CRB
  • 84. Questions & Answers 06/04/09 2008 The Company CEO, Inc.
  • 85. Managing & Converting Your e-Lead Business: Cash Cow or Mad Cow? 06/04/09 2008 The Company CEO, Inc. Jonathan D. Nicholas, ABR, CRB, CRS, GRI 2008 President, CRB Council [email_address] Thank You for Attending!