Internet Lead Conversions

[RESteve]

I've been milling this over for a couple of days, and I think I've settled on the following system for tracking conversion ratios for out-of-town leads.

Out-of-town Lead
Visitor > Registration > Contact > Prequalify > Written > Closed

• Visitor - Unique visitor count
• Registration - doesn't need an explanation.
• Contact - Making contact with the lead either by phone or email
• Prequalify - while they are out of town, I'll have them contact my local lender or request a copy of their approval letter
• Written - after a BRA and prequalify, I should be showing them homes. If it gets to written, it means we've found one!
• Closed - my favorite one.

Understanding the conversion ratios that are ideal is going to be a bit tough, since I haven't really found any models to use back in my search for something to start with. What I'm probably going to end up doing is establish what my ratios are for the week, and then use those numbers to establish goals.

Two fears: that they'll find a house while driving around and call the agent (why I'm considering asking for a BRA) or that they'll flat out reject the request to get the BRA before they meet me. I think this will be an objection that can be overcome with the right scripts. I started a thread about this to get opinions.

Finally, I'm going to work on revising the spreadsheet to take into account the new levels of tracking. Hopefully it'll become more accurate.

[00joe]

I would love to see buyer rep agreements work. Some good agents can get them, but most can't. I think there are just too many agents out there today and its too easy for a client to find an agent that won't require it. Besides, what's in it for them?

The real problem with tracking out of town is the time it takes to close. With a 4-12 month process from lead to close, I am usually finishing up a marketing campaign before I have my real numbers.

[RESteve]

You make a good point. When I was doing great in real estate (my 3rd year was my best before I took on a temporary position at the brokerage I was at), I never required them.

I never really had a client even care about them really; when I asked they signed them. These leads were local, though - and I think that makes a huge difference. With internet leads - it's much tougher I'd think.

It's certinaly possible that we can take that step out of the conversion process (it certainly saves a conversation I'm a little worried to have, lol), but I still think there needs to be a script in your pocket that talks about loyalty.

The client needs to know that you're willing to work your hardest to find them the perfect property, and all that you ask for in return is their loyalty. Some leads I've met just don't understand that; they'll go with any agent that rubs them the right way. I'm so wishy washy on this, hehe. Let's just pull it from the list (updating earlier post now).

[FairwayandIsle]

The client needs to know that you're willing to work your hardest to find them the perfect property, and all that you ask for in return is their loyalty. Some leads I've met just don't understand that; they'll go with any agent that rubs them the right way. I'm so wishy washy on this, hehe. Let's just pull it from the list (updating earlier post now).

I could not agree with you more. I work with buyers exclusively, I find that when I tell people that I am an exclusive buyers agent they don't quite get it, but when I say I work for a buyer like a listing agent works for a seller, that seems to help them understand.

[bnicolas]

Steve,

Your spreadsheet is great! I really need to start tracking all my #'s. Like Mitch mentions I don't think you can improve if you don't know what's going on, i.e.- what your strengths and weaknesses are. Just passively waiting on referrals to "show up" is no way to run a real business.