I recently read an excellent article published by Baylor University, “Lead Generation: What Really Works”, which articulately discusses lead generation. The three categories the writers included in this article were lead generation, conversion of the lead to an appointment, and closure of the appointment to a transaction.
One of the studies I found particularly interesting was finding out the extent that real estate agents and brokers take to keep records of their lead generation efforts. And for those who keep records, how detailed the records are that they keep.
For “conversion to appointment” only 23% of the respondents reported their records as Moderately Detailed or Extremely Detailed. With a mere 32% reporting moderately or extremely detailed for “closure to a transaction”.
With a reported 17% of the respondents marketing budget allocated on the Internet or Website activities, unfortunately, or fortunately for us, the online world remains this big black hole. And, without keeping detailed records, it shall likely remain this ominous, monstrosity, money pit for many but it doesn’t need to be this way.
HomeGain’s BuyerLink does a great job of tracking your advertising budget. I’ve been using BuyerLink for years now. The concept is that it’s up to you to keep on tracking your results from the initial lead generation, to conversion through close.
Regardless of your preferred marketing method, they discuss how are you attracting your leads? Are you “seeking” or “attracting” your leads? In today’s tough market the survey results reflected that more seek oriented (60/40) for highest lead conversion in a tough market.
Of the leads generated 58% were buyers and 42% sellers. Many brokers, including myself, consider home buyers a premium in this Continue reading this post