BuyerLink and Lead Conversion Go Hand In Hand

Posted by: Mitch Ribak on June 3rd, 2010

It’s been an interesting first 5 months in Brevard County Florida.  Arguably we have one of the worst Real Estate markets in the country.  Our prices came down from $275k average at our peak in 2005 to $117k average currently.  The good news is that we seemed to have leveled hand-in-hand-buyerlink-lead-conversionfor about a year and days on the market are averaging 90-120 days for most homes with 30-60 days for homes priced correctly.

Many consumers have been burned by a short sale or two and have decided to stay away from them.  We like that!  We also been able to increase our home sales price to $144k this year by better understanding our buyers and our leads.

Like I said, it’s been an interesting first 5 months.  We are on track to beat our numbers from last year by at least 20% maybe more.  We are closing 30-46 homes per month which is up from our average last year of 28 closings.  It’s very exciting. 

So what can I attribute our continued growth each year?  Two things, Buyerlink and lead conversion.

BuyerLink is a no-brainer since I capture twice as many leads at half the cost of what I was paying with Google and Yahoo!.  Once you do capture the lead, you have to be able to do something with it.  The key to lead conversion is systems.  Because BuyerLink produces so many leads, you need to be sure to have a solid conversion system including listings, drip campaigns and most importantly phone call follow up.

If you don’t have a system in place, not only do you not get the return you are looking to get, you can waste a ton of money!

I could spend hours going over most of this stuff, but the reality is, converting leads is just not that hard.  Half of it is attitude.  Look at each lead as a potential customer for life, each and every lead.  Do not prejudge them.  When they say they are buying in 6 months, don’t say: “call me in 6 months when you are ready”.  Your thoughts should be, “I have 6 months to create a great relationship with this person”.  Attitude is huge!

The other half of course is your system.  This should include sending listings, a newsletter, a just checking in letter and a solid phone call follow up system.  You have to stay in touch with them.  Most of this can be done using Microsoft Outlook which almost every computer has these days.  It’s vital to put in place your call back schedule and place them in your calendar so you don’t forget!

Finally, have fun with it. Internet Lead Conversion can be very time consuming and frustrating.  I try to keep everyone in my office upbeat and happy.  Do we have our issues sometimes?  Of course we do, more than I would like to think about.  However, we have our no complaining rule where we kick you out of the office if you whine.  When we hit our monthly goal we all go out to eat or go bowling.  We did it again this past month so I think we will all go play laser tag.  Not sure how the out of shape people will do, but it sounds like fun to me!

We work hard but I always encourage everyone in the office to have as much fun as you can.  Your customers will love it and you will attract positive actions.  It just works that way.  It’s a tough enough business as it is, the more fun you have the easier this business becomes.

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3 Comments on “BuyerLink and Lead Conversion Go Hand In Hand”

Vince

Hi Mitch, congrats on the number of closings that you had back in June. How many agents do you have in your office that generated the 30-46 closings? How many leads did it take to get there?

Thanks!

Christina

Hi Mitch,
I love the upbeat attitude towards lead conversion. True, you have to have goals and then reward the team. Over the last ten years of converting leads, I’ve noticed that it is important to have agents who have been in the business for years, truly understand the mindset of your average internet buyer. For example, last night, I was online and searching for property in Florida. Obviously, my interest is looking for what is out there (information gathering). This morning, I awoke to several emails and my phone ringing off the hook with agents who are “ready to give me service”. But I am not ready for service yet. I am not ready yet because a “trigger event” has not yet happened. A trigger event is a reason for which people move (i.e. new job, getting married, divorced, and downsizing). My advice to agents frustrated because their emails and phone call attempts are ignored is; it’s not personal and it’s not “no” it’s “not yet.” However, when the time comes and I do click on “make an appointment to see this home,” my expectation is that someone will contact me within a few minutes. I affectionately call this “hurry-up and wait.”
Best Regards

Real Estate Leads

Hey Mitch, I know it’s been a while since you published this post, but how have things been going in Brevard? We have a few clients in and around your area using our system to generate leads, so I’m wondering how things are looking in the future.

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