Lead Management in Real Estate

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A lot of techniques are available in the market to generated lead as discussed in the earlier topic. Once the lead is generated how we ensure that we close it over a period of time.

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Lead Management in Real Estate

  1. 1. Lead Management Manan Choksi, Regional Owner, RE/MAX MGM
  2. 2. If you caught a fish every time you fish, it would be called catching, not fishing. -Jimmy Buffet What is this man doing?
  3. 3. 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.
  4. 4. Lead Sources Leads Walk Ins In/ Outbound Calls SMS Social Media Email In a Party
  5. 5. 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
  6. 6. 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
  7. 7. Lead Allocation Leads Admin B O B A
  8. 8. 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 leads.
  9. 9. 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.
  10. 10. Lead Life cycle First contact Understanding requirement Qualify Providing required info Rapport building Closing the deal Can take from 1 day to a few years
  11. 11. 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/-
  12. 12. 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…
  13. 13. 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
  14. 14. 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
  15. 15. 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
  16. 16. 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.
  17. 17. Step 1: Qualify, Qualify, Qualify: • Are you prospect • Or • Suspect?
  18. 18. 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.
  19. 19. 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
  20. 20. 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)
  21. 21. 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
  22. 22. 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
  23. 23. 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
  24. 24. 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
  25. 25. 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.
  26. 26. Lead Audit
  27. 27. 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
  28. 28. 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
  29. 29. 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
  30. 30. Questions? http://technologyremax.blogspot.in/ www.remax-mgm.com

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