WCR Summit: Cashing In On Lead Conversion

Cashing in On
Lead Conversion

Jonathan D. Nicholas, The Virtual
CEO
The Company CEO, Inc.
www.JonathanNicholas.com
(847) 881-6535

©2010 The Company CEO, Inc. - All Rights Reserved

Cash Cow or Mad Cow?


Agents Love Leads!
 Comments heard in a competitor’s office….

 “These internet leads are worthless!”
 “They won’t return my phone call!”
 “None of them are ready to buy!”
 “They told me to stop stalking them!”
 “I’m not taking any more internet leads!”


Lead Conversion Paradigms

Floor Call

Past Client Referral



What are leads?

Impersonal Removed No Relationship Just an Email

Suspect Tire-Kicker Unresponsive Distraction


 Leads are…

- Real People
- With Dreams
- Goals & Desires
- Needs to Fill
- Real Estate Question
- Doing Research
- Shopping for an Agent


Technology Disconnect
The Internet Empowered Consumer
 Average Internet Buyer is:
 29 Years Old
 Getting Younger Every Year


Technology Disconnect
On the Flip-Side…
 Average Agent:
 51 Years Old
 Not Getting Younger Every Year
 Average Broker is 54


Lead Conversion Paradigm
 Are all internet leads bad??
 Not if you take the time to understand a little more about
them.


Lead Realities
 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


Lead Realities
 According to a CAR study on Internet Buyers and
Sellers:
 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.


Lead Realities
 Gen-X and Gen-Y (Age 14-43)

 86% used the internet to find a real estate agent
 45% used the internet to find a real estate company
 75% used the internet to find their actual home
 66% used the internet to get finance their home
 62% used the internet to get neighborhood information


Lead Realities
Sellers:

 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


Lead Realities
Sellers:
 97% of internet buyers said that they would use the same
agent AGAIN!


5 Key Lead Conversion Strategies
 #1 - RESPOND!
 Respond immediately!
 Respond in the fashion that they indicate or request
 Email
 Phone
 Text
 Social Media


 Why Respond?

 Because 50% of leads never hear from anyone.


More Reasons to Respond
 The Psychology of Responsiveness:
 Professor Judith S. Olson, UC Irvine
 People are willing to pass judgment with or without good information

 People rely on voice, body language, facial expressions, etc.
 What do they rely on when they can’t interact?
 Video with Audio
 Voice (Only Audio)
 Written Word
 When they don’t have any of the above?
 How Quickly You RESPOND!


More Reasons to Respond
 Percentage of those who used the first Real Estate
Professional they talked to:
 80% of all Buyers
 74% of all Sellers


What Do They Expect?
 15 to 20 Minute Response Time
 15 Second Site Patience
 4 Second Property Patience
 “Connected” Agent
 All the information
 All the images
 The good, the bad and the ugly
 Available


We’re Failing Miserably
 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


 #2 - Follow-Up!

 80% of those responded to never hear from the agent again.


 Keep Communicating:
 K.I.S.S. Principle – Simple, Short and Sweet
 Communicate no more than twice per week in Phase 1.
 Communicate no more than 3 times per week in Phase II.
 Emails: 50 words, personable, not scripted or automated
 Don’t sell yourself, your credentials, or your service.
 Be prepared to follow-up until they tell you to drop dead.


Don’t Ever Do This!!
Actual Emails Received from Agents


 Ideas for K.I.S.S. emails:
 Think in 140 characters or less – as if you were texting:
 “Just checking in with you on your home search…”
 “Checking to see if your search is yielding suitable properties.”
 “How is your home search going…”
 “I saw you were on the site today – did you find everything…”
 “What does your dream home look like?”


 #3 – Create Automated Follow-Up Campaigns
Once You Know the Prospects Preferences:
 Home-buyer
 Home-Seller
 First Time Home-buyer
 Renters
 F.S.B.O.
 Market Trends or Newsletter
 Expired
 Niche Market


 #3 – Create Automated Follow-Up Campaigns
Mix Up Your Media:
 Email
 HTML
 Text Email
 Print (mailing address)
 Voice
 Video Message
 Use Your Webcam
 Text Message


www.TextMarks.com


 #4 – Provide Value
 Loan Program Details
 Area, School, RELO Information
 Market Stats
 Tips
 Buyer & Seller
 Top Selling Areas
 Top Real Estate Mistakes
 Free Reports
 Articles
 Links to Resources
 Education 101

 #4 – Provide Value
 Solve Their Problems!


 http://www.sellmyhomeinmetrowestma.com


 Send a Link to Your Own YouTube Videos


Where Do I get Content?
 www.TheFreeLibrary.com
 www.ArticleAlley.com
 www.FrogPond.com
 www.GoArticles.com
 www.PagesMag.com
 www.BankRate.com
 www.HouseLogix.com

Provide Attribution, Link to Article, Author Tag Line, etc.


 #5 – Invest in Systems & Technology to Automate Process
 CRM – Relationship Management
 Activity Plans & Campaigns
 Newsletters
 Integrate with MLS
 Email Notifications
 Favorites & Preferences
 Direct Mail Options
 Scheduler for Sequential
 Track Opens & Links


Cashing in On
Lead Conversion

Jonathan D. Nicholas, The Virtual
CEO
The Company CEO, Inc.
www.JonathanNicholas.com
Toll Free: (847) 881-6535


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