Interesting Sale Stats

[Mitch]

I have been trying to get these numbers solidified for quite some time but have been to busy. The good news is they were pretty close to my estimates of what they should be.

My goal was to find out a few buyer tendancies. I randomly took 100 of our sales this year to come up with the follownig stats. I figured it's roughly 50% of our sales this year and would be a great sampling. The main findings were the following:

Average Number of Days to Purchase - 180.5 days

Quickest Sale - 5 days

Longest Sale - 539 days (last year we had approximately 20 sales from leads that were from the year 2004.

Number of Closed Leads with Phone Numbers - 88

Number of Closed Leads with no Phone Number - 12 (This is a tough number to quantify as many of our Agents put the phone numbers in the CRM once they have obtained it. When I worked on this stat two years ago, we were at 25% of our sales came from leads with no phone number. I believe we are most likely still around that level.

Number of Confirmed email addresses - 58 (When we send out our first autoresponder, along with their passwords, we also ask them to confirm their email address.

Number of unconfirmed email addresses - 42 (This number really surprised me. I was expecting the confirmed email addresses to be the stronger lead, but as you can see, over 40% of our sales did not confirm their email address but yet still used us as their Realtors. This proves to me that it's all about follow up and working every lead like it's potentially a sale. 42% of our sales did not choose to receive the information we sent them and we would have lost out on all those sales if we didn't use our strong follow up and lead conversion programs.

Anyway, I thought I would share with you some of the numbers I like to track as they all help me in deciding which leads we need to work. I have always said that the average buying time frame is 4-6 months. This study proves that to be very accurate. With that knowledge, you can see how your follow up with determine your sales. If you don't call your leads and cultivate them, you will most likely lose those potential sales to another Agent.

[GreggRio]

Nice to have the stats to look back on. I know the follow us is one of the things I need to get better at, but often don't do a good follow up in particular with the no tele, no leads people. We put them on a drip though.

I am looking forward to the cms 2.5 which will allow for follow up at a future time. thanks for sharing.Gregg

[jessiesc]

Thanks for sharing Mitch.

I'd love an opportunity to speak with you about your system.

I see you will be at the summit, perhaps we can speak there?

Best of luck.

[Mitch]

Gregg - I usually play with stats twice a year. it's always the same issue though. It's always about follow up, or lack of it. With that said, in order for growing a business, you need to know your numbers. I think it's the most important part of running a business whether it be Real Estate or retail. It doesn't matter....business is a numbers game!

Jessie - I'll be there and look forward to meeting you. I'll be the short bald guy walking around with a big smile on my face!

[jessiesc]

Jessie - I'll be there and look forward to meeting you. I'll be the short bald guy walking around with a big smile on my face!

Can't be that's me J/K. Looking forward to it.

[Dallas Broker]

interesting stats, nice to see someone looking from the beginning to end. Most comparisons I've seen lately only look to past 12 months or year. This is ok, but doesn't give the complete picture. I've had users signing up for past couple years with some not jumping off the fence for 18-36 months. It's hard to analyze stats accuratley with economic varibables included, but regardless you get a more complete overview by observing the entire picture.

[rvolk75]

Mitch, I liked your stat of "Number of closed leads with phone number". 88 leads tells me that if a lead provides a phone number, that means they're more serious than a lead without a phone number.

You're right, it's all about the follow up.

How much time does your average agent spend on the phone making follow up calls? Let's say, someone has been with you for 3 months, how much time are they spending on the phone?

[Mitch]

Russell - I met with my staff today and we all agreed that sales of leads with no phone numbers is much higher. Most agreed it was probably closer to 25% at least if not more.

Below is our call schedule for 3 month leads from our 100MPH Marketing System:

Phone Call Follow up for 3 Months

1. Day 3 – Call to verify they are receiving listings sent

2. Week 1 – Call to answer any questions – Discuss financing

3. Week 6 – Go over listings sent and refine listings – send new list

4. Week 9 – Verify Financing – Narrow list of property

5. Week 11 – Final arrangements and Final List

6. Week 12 – Show Properties!

[webmaster]

You don't have your agents call a lead immediately?

[Mitch]

No, our system does a few things that is very important in our lead conversion. Our Agents do not call the lead until at least 1 hour after the lead registers.

If we called right away it would negatively affect our process. With that said, I may try a test to see if it makes any difference.