Lead Management

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  • 1. RE/MAX Mumbai Gujarat Maharashtra Lead Management
  • 2. RE/MAX Mumbai Gujarat Maharashtra Two Most important words in REB:  Follow up.  Sales are mostly closed with follow up, not lead generation  How much lead generation you should do?  Only till the extent you can follow each of the leads properly.  Remember: the faster the client is responded to, the more trust he has on the service.
  • 3. RE/MAX Mumbai Gujarat Maharashtra Lead Sources Leads Walk Ins In/ Outbound Calls SMS Social Media Email In a Party
  • 4. RE/MAX Mumbai Gujarat Maharashtra How to manage 6 sources of leads?  Make one single repository for all leads  Can be in excel or any database  Ensure it cannot be easily deleted by making protected fields  Best leads can be managed by using iConnect as it is made as per RE/MAX hierarchy
  • 5. RE/MAX Mumbai Gujarat Maharashtra How to manage 6 sources of leads?  Capture all leads: A lot of phone leads are lost. Ensure the following at your office: ◦ The phone call is attended in 2 rings ◦ All the details are noted down (keep a notepad near phone) ◦ Proper questions are asked and limited information is given
  • 6. RE/MAX Mumbai Gujarat Maharashtra Lead Allocation Leads Admin B O B A
  • 7. RE/MAX Mumbai Gujarat Maharashtra Lead allocation:  All leads in the office should be allocated according to a policy  Give according to geographical focus of the BA  Commercial and residential specialisation should be also considered  BA should have skin in the game  If a BA does not follow up on leads, then they should not be allocated
  • 8. RE/MAX Mumbai Gujarat Maharashtra Lead allocation:  Research shows that if 20% of the particular leads source are below quality the salesperson ignores all leads from that source  So if you tap only bad quality leads, eventually there will be no motivation to follow up  As discussed in last session: have multiple lead generation sources.
  • 9. RE/MAX Mumbai Gujarat Maharashtra Lead Life cycle First contact Understanding requirement Qualify Providing required info Rapport building Closing the deal Can take from One day to few months…
  • 10. RE/MAX Mumbai Gujarat Maharashtra How much is each lead worth? 100 inquiries 30 qualified 10 near signing 1 signed Commission earned of Rs. 1,00,000/- so each lead is worth Rs. 1,000/-
  • 11. RE/MAX Mumbai Gujarat Maharashtra Time management:  You need to work with active buyers / sellers in first priority  Their requirement should be satisfied in top priority  Remaining inquiries should be put in low priority but should be kept in touch as we discuss further…
  • 12. RE/MAX Mumbai Gujarat Maharashtra 3 Rules:  The rule of 45 : 45% of all leads turn in to a sale for someone  Great salespeople follow up every sales lead until the prospect buys or dies  The older the sales lead, the less the competition
  • 13. RE/MAX Mumbai Gujarat Maharashtra Facts:  50% of sales leads are not followed up in first 15 days of lead generation of the lead  80% of sales leads are not followed up after 1 to 2 month of generation  Most lead close after 6 – 12 months of generation
  • 14. RE/MAX Mumbai Gujarat Maharashtra Checklist for follow up  Focus on strengthening relationship  Centre of conversation should be customer, do not be ME centred  Make a simple system which the office follows  The end result of lead follow up should be an appointment
  • 15. RE/MAX Mumbai Gujarat Maharashtra 3 B s of follow up:  Be prepared and organised: When you say you will call “day after tomorrow” call exactly on that day. Trust building starts here and now.  Be persistent: Keep on trying till prospect gives appointment  Be patient: Remember the life cycle of the lead can be 1 year. Be patient till then.
  • 16. RE/MAX Mumbai Gujarat Maharashtra Step 1: Qualify, Qualify, Qualify:  Are you prospect  Or  Suspect?
  • 17. RE/MAX Mumbai Gujarat Maharashtra Step 1: Qualify, Qualify, Qualify:  To be Customer centric, get used to asking a lot of questions.  These questions should help you judge the seriousness of the customer  Budget, need, requirement, time table, identification, etc.  This will help you to know how much aggressive follow up you need to do.
  • 18. RE/MAX Mumbai Gujarat Maharashtra Step 2: Response Kit:  So the day you get the postal address and all information about the customer, send a response kit  It can be: ◦ Cover letter, thanking them for inquiry ◦ Buyers guide / seller guide / a recent update ◦ Office / agent profile
  • 19. RE/MAX Mumbai Gujarat Maharashtra Step 3: F.O.R.D. to build rapport:  F: Family  O: Occupation  R: Recreation  D: Dream  Whenever you meet you can refer to these things before hand to make the prospect feel important: ◦ How’s your son exams go? (when you know his son was to appear in board exams)
  • 20. RE/MAX Mumbai Gujarat Maharashtra Step 4: Flood with information:  Send a lot of information, mostly over email.  Make a office newsletter and send to all the prospect database, with information on: ◦ Just listed ◦ Just sold ◦ New agent joining ◦ Any new development in area of specialisation ◦ General real estate rules
  • 21. RE/MAX Mumbai Gujarat Maharashtra Step 4: Flood with information:  Send various reports, which you can make on trends of market  Each prospect has to be impressed that you know more about real estate than the 99 other agents they contacted, combined.  The probability that a customer will follow your advise increases when they know you know a lot
  • 22. RE/MAX Mumbai Gujarat Maharashtra Step 4: Flood with information:  Make 8 week direct mailer plan: ◦ 1st Week: Response kit ◦ 2nd Week: Buyer guide / Seller Guide ◦ 3rd Week: Just listed postcard ◦ 4th Week: Market report ◦ 5th Week: Customer Testimonials ◦ 6th Week: Just sold postcard ◦ 7th Week: City Guide ◦ 8th Week: Income tax tips / home loan tips
  • 23. RE/MAX Mumbai Gujarat Maharashtra Step 5: Phone call  Dedicate 1 hour for phone calls everyday  98% of appointments are generated over phone call  Most people avoid picking up unknown numbers, so try again. Then try with a different number.  Calls can be simple “how are you” or following up with some information they need
  • 24. RE/MAX Mumbai Gujarat Maharashtra Use iConnect:  To add all contact details of prospects  Record activities on their listings  Ensure that a database is handy for mass emails, personal notes and sending response kits.
  • 25. RE/MAX Mumbai Gujarat Maharashtra Lead Audit
  • 26. RE/MAX Mumbai Gujarat Maharashtra Lead Audit :  Check all the leads which have been recorded and see whether they have been followed up with every month.  Systems fail, unless checked and rechecked.  Try to incorporate improvements based on past experiences.  Do not assume that everything is going normal unless you have evidence to that fact
  • 27. RE/MAX Mumbai Gujarat Maharashtra Lead Audit :  Things to be checked in an audit: ◦ All leads generated in an audit are recorded ◦ All recorded leads have proper information ◦ All recorded leads have been allocated in proper manner ◦ All allocated leads are followed up ◦ According to office policy the follow up process is going on ◦ Lead source is cost effective
  • 28. RE/MAX Mumbai Gujarat Maharashtra Lead Audit:  Purpose: ◦ Check any lead leakage ◦ Measure performance of Lead source ◦ Measure performance of follow up systems ◦ Track BA performance ◦ Improvise trainings ◦ Review office strategy
  • 29. RE/MAX Mumbai Gujarat Maharashtra Questions? http://technologyremax.blogspot.in / ppandya@remax.in mgm@remax.in THANK YOU LOOKING FORWARD TO BE PART OF YOUR SUCCESS www.remax-mgm.com www.remax.in www.whatisremax.com