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Lead Conversion is the 2nd of my 3 Critical Focus Areas that get you paid in real estate. Once you've generated the lead, it's obviously crucial to talk to them and convert them into not only customers but into raving fans who give you referrals. In this short clip from Real Estate B-School, I cover the essential strategies for mastering this Critical Focus Area.
Make it fun. Maximize your chances of success by using scripts. You have to get good at these scripts. Your ability to get on the phone, convert people to face to face appointments, and then turn them into loyal clients is a critical skill to have. Master the ability to use words to motivate and influence people. Role play these scripts several times each week. Practice makes perfect, so get a role play buddy and have fun with it.
Accountability Tracking. Hold yourself, your agents, and your ISA accountable with either the ISA Daily Tracker or the OSA Weekly Success Trackers. These forms provide a simple system to provide totals for number of hours, number of dials, and number of live answers.
Prospecting. All agents must prospect at least 2 hours every day. If the leads are available and someone on your team isn't bringing in enough business, they may need to be prospecting 4 to 6 hours each day. Set a defined number of people to talk to this week who you didn't talk to last week.
Lead Management. You must have a Lead Management Policy in place. Having a clear, written policy for lead conversion expectations makes it easier when you bring new people onto your team. Even those who don't have a team should print this out and read it. For those who do have a team, spend the half hour to convert this document over to fit your business. This allows you to set standards without being the bad guy - it's just the policy.
Response Time. This is the #1 determinant of success. Call back frequency is a close 2nd. You can check out MIT's Lead Response Study. Go over this entire document with your team, or, if it's just you, read this word for word. Note the decrease in contact and qualifying rates as time progresses, and adjust your prospecting habits based on what this study has proven to be most effective.
Watch this video to see how I approach these strategies to maximize my conversion rates and help bridge the cap between potential customers and raving fan clients.
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