As real estate brokerages and professionals, we spend a lot of money on the Internet generating prospects and leads.
At Jack Conway, Realtor, we are keenly aware that our customers are beginning their search on the Internet. The most recent National Association of Realtors (NAR) survey suggested that 88 percent of customers start their search online, and I tend to believe that number is actually higher.
For most brokerages, the main online marketing tool is an upgraded website with an aggressive campaign for search engine optimization (SEO). In order for your website to be found, you have to be placed high on the results for search engines like Google, Yahoo or Bing.
Another way to drive leads is through third-party enhancements on powerful real estate websites like Realtor.com, Trulia and Zillow. Potential homebuyers and sellers looking for help use those sites and can contact agents and companies by filling out forms and requesting information.
But what happens to those customers? Do real estate agents and their brokerages serve the needs of the online consumer as well as they should?
The numbers indicate the real estate industry isn’t serving those customers well. As a result, prospects are lost in the shuffle and resources are wasted.
Savvy Customers
According to PCMS, a leading real estate consultancy focused on helping brokerages meet the growing expectations of consumers, 48 percent of Internet leads receive no response. That means half of the customers who contact an agent or broker, are ignored and will take their business elsewhere.
These online real estate customers are more savvy and demanding than ever. They expect an instant response and professional care. Further studies show that they tend to be loyal. About 75 percent of customers who began their search online used the first agent who responded to their inquiry.
Quick Response Key
What this all means is that speed is the most important factor in converting online leads.
A study done at MIT on the topic of lead response indicated that the odds of contacting a customer in five minutes versus 30 minutes dropped 100 times. Qualifying that same lead in five minutes versus 30 minutes dropped 21 times.
You must be quick to respond, especially since that customer is already engaged in researching real estate.
Just think, the customer is online, perusing your website. She fills out a questionnaire indicating interest in property for sale. You receive the lead form and return that call within five minutes. You’ve provided instant service, and established that you do business with speed and purpose.
While speed is the most important aspect of converting online leads, there are several other key objectives to closing customers from the Internet.
Communication Critical
It’s extremely important to communicate with the customer on their terms. Many online inquiries are delivered without a phone number and those customers tend to communicate through email. They provide only an email address because they don’t want to be called on the phone.
Email them back with answers to their questions. Eventually, they might be comfortable providing a phone number, but it’s important to answer those questions and prove your ability and interest in helping them.
Accurately answering questions is very important, but don’t stop the conversation there.
Provide detailed information. Prove to them you can help with the home on which they inquired, or any other. Be the expert that so many others won’t take the time to be.
Self presentation is important in real estate, and it’s no less important when communicating with leads over email from the Internet. Make sure your messages are clear and easy to read. Spell-check and proofread before you send. And if you have an auto response, make it clear that a more personal reply will arrive shortly.
Keep Following Up
After first contact is made, it’s also important to continue with a measured plan for follow-up. Whether the customer is looking to buy “right now” or in six months, there are proper steps and tools to use to keep the customer informed and interested in working with you.
Many agents sign up their customers for daily email alerts from MLS. Don’t stop there. Ask the customer if they’d like to receive your email newsletter. Set up scheduled follow-up times in a calendar and stick to the schedule.
Converting online leads can be a long process, with many small steps. But it’s not difficult, it just takes time. And if you’re collecting enough leads, it can be very lucrative.
Al Becker is the marketing director at Jack Conway, Realtor. Email: abecker@jackconway.com.
