It goes without saying that anyone in sales should track their leads: Where theyâ€™re coming from, how much they cost, and how many close.
Why is this so important?
If youâ€™re spending $500/month on a lead source, and you only close one deal per year from that source, then you paid $6,000 to close one deal. If the lead source provided you a $1MM closing, then it was definitely worth it. If, however, the closing was a $250k home, then your money is probably better spent elsewhere.
While detailed lead tracking is always a great idea, it can become a bit complicated, unless you have sophisticated software to help you with the process. However, tracking return on investment is relatively easy, and is a great place to start tracking leads, if you havenâ€™t already.
If youâ€™re a real estate broker, manage a team of agents or a solo agent, the first step is to itemize your lead sources.
Common sources include referrals, sign calls, ad calls, purchased leads, and web leads. Itâ€™s a very good idea to be as detailed as possible when categorizing lead sources. If you purchase leads from multiple sources, you obviously want to know how much each source produces.