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Figured I would post it here since so many folks are asking me for the lead protocol I set up.
It’s pretty simple (takes less than hour if you have your emails, texts etc already written) and it follows a lot of the teachings that coach @ajhazzi shares with us via #REWAcademy
One thing I did (I’m going to expand on this a bit) was added the amount of time each task should take an agent. Those items with 0 are automated.
Check it out, let me know questions you have:
I’ve done the math and the total protocol if it took you the max for each item is 35 mins out of your week (for all 7 days)
This means if you were assigning 25 leads a month to these agents, they would need to set aside 875 minutes (roughly 14.5 hours) of their month for prospecting.
That’s just 3.5 hours per week!
Now granted: There is an x factor (which adds a lot more time) and that is "what if they actually answer! GREAT!!
But that is a different protocol and they should be moved off of this one once they do.
Let’s run that math:
Of the 25 leads, you “should” be able to get ahold of roughly 30-50% of the leads (and that is probably in the first few touches if you do speed to lead)
So of the 25 leads an agent gets: if 30-50% actually engage (and should be taken off the protocol) you can take 7.5-12.5 leads off this protocol early which reduces the amount of time in this protocol by roughly that same 30-50% margin (more like 25-40% because you did have to do the first few steps)
So in “reality” the 14.5 hours of “prospecting” is reduced to 8.7 to 10.9 hours (PER MONTH)
And the rest of the time “engaging” (you removed them from prospecting because they talked to you)
Roughly half would be mid / long term leads (takes max 2 hours of back and forth to determine that) and the other half would be people willing to transact right now if the home they want is available.
So of the 30-50% who did engage (7.5 leads to 12.5 leads) half need mid / long term (3.75 to 6.25 leads at 2 hours) you’ll need 7.5 to 12.5 hours to deal with those.
The last 3.75 to 6.25 leads (those that want to buy “right now”) will take as long as they take! We’re no longer talking about lead prospecting, now you have them in the car. That is what the rest of your job is
So what’s the time commitment you’re asking agents for if you send them 25 raw web leads?
8.7-10.9 hours “initial prospecting”
7.5-12.5 hours “setting up medium / long”
Total? 16.5 to 23.4 hours per month.
Roughly 4 to 5.5 hours per week.
I would honestly make sure you have this conversation with your agents when you have the “accountability talk” - and make sure they have the time to commit. It’s important that 100% of these leads are followed up on (if they want to close deals at say 2% of raw web leads) and it’s a huge waste of time and $ if you send them leads and they don’t follow up.
The final math:
2% conversion, 25 leads per month = 6 deals for the year.
It took 198 to 280 hours that year to work the CRM to get these deals.
Average commission (if they are on a 50/50% for brokerage web leads) is likely around $6,000
Total GCI added for them taking on web leads (per 25 monthly leads) = $36,000
Hourly rate just for “prospecting” (using time you already had, on leads you would not have had)
$128 to $181 per hour. (I imagine there are some agents just starting out or not good at marketing who would LOVE to have this hourly)
The next thing any broker who has tried this (or is thinking of trying this) is going to say to me is: “But the agents can’t close 2%” - my answer? Bullshit! Go look at their follow up. I guarantee you that they are not following up consistently, not following a protocol, not practicing speed to lead and most importantly I guarantee for ANY broker that claims their agents can’t close web leads, the problem lies in the accountability. If you’re not holding them accountable to these protocols, you don’t deserve results. Period.
Agents won’t hold themselves accountable - you need to make sure that you can if you’re going to give them leads. But setting them up, training them, and supporting them is the best way you can do that.
Hope this helped.
PS - for those of you who are not getting your leads “from” your team leader or broker. You don’t have the 50/50 split, so your hourly is WAY higher (double for anyone on 100% model) and your net per 25 leads per month is up to $72k annually (and 25 leads only costs like $500 per month)
@Morgan So, here’s my question on agent accountability. We’ve had our Lead Gen program up and running for more than 1 yr. We have eight agents with our one ISA. We are getting about 120-130 leads from REW. Our split is 60/40.
Our ISA is at 15% lead to appointment ratio. Our show-up rate is up over 60%. Our problem is our closed deal % well under 1%.
The agents are convinced the leads are not good, so they are not motivated to act on the leads or nurture them in any way. We have a weekly meeting where we run through overall program stats (not individual stats), we provide training on the CRM, we set up all the drip campaigns and action plans, we have a protocol to nurture. We threatened to withhold leads if they don’t adhere to the protocols, to which the response is “the leads are bad, why even try.”
It feels like a chicken and the egg scenario where the agents are waiting to see the momentum of closed deals to engage their time and effort and the get closed leads we need the agents to engage.
How would you jumpstart our agent engagement? How would you set up an accountability program in this case?