Talk about a generation gap. The median age of Realtors is 57; the median age of first-time buyers is 34. If you want to effectively serve “Next Gen” buyers and sellers, it’s imperative that you learn to speak digital.
I recently heard Max Pigman, vice president of Realtor.com, outline how the real estate conversation of today has shifted dramatically from that of the past. While real estate is still discussed at all types of get-togethers, there is now a digital conversation that takes place in an entirely different way.
While it’s obvious that younger buyers and sellers are wedded to their mobile devices, most Realtors have yet to connect with their preferred means of communication. If you want to be more effective at speaking the digital language of today’s consumer, here’s how to do it.
Texting Is A Different Language
According to Pigman, 24 percent of today’s buyers and sellers would like to conduct transactions entirely by text messaging. Texting is really a mix of short messages coupled with links to pictures and/or videos. It requires an entirely different way of thinking about how you communicate, especially if you’re older.
As a rule of thumb, videos have the highest open rates, higher than open rates for links. If you have the choice between sending a link or an embedded video that only requires the user to click to play, always opt for the video.
In terms of open rates on other types of media, pictures are next, followed by words. The least effective method is leaving a phone message. Pigman cited recent research showing that many Millennials not only view phone messages unfavorably, they consider phone calls to be an invasion of their privacy.
More Images, Fewer Words
Speaking digital requires fluent presentation in visual formats. That means pictures and the videos are almost always more important than any text you may write.
Consumers raised on digital media have shrinking attention spans. If you compare today’s movies and television shows with those from the past, one of the most glaring differences is the quicker pace. Scenes are shorter than ever. Consumers are being trained to flit from image to image. They scan headlines; there’s a reason why Twitter messages are only 140 characters long.
That makes it wise to post on the major sites that feature images, such as Houzz, Instagram and Pinterest. In addition to posting multiple photos, remember to post your videos on as many platforms as possible as well.
Speaking Digital Demands Immediacy
Repeated studies have shown that if you fail to respond to a consumer inquiry within a few minutes, that lead is gone. An MIT study found that web marketers who respond to leads within five minutes have a 79 percent lead conversion ratio. For those that responded in 30 minutes, that conversion time dropped to 34 percent.
A Phone Call Is Akin To A 911 Call
According to Pigman, younger consumers will call on yard signs, although they prefer text messaging. Given their distaste for using the phone, however, when a Millennial does call, they are probably very interested in the home.
A Realtor.com study of 20,000 agents showed that 30 percent of the calls went to a live person, 45 percent went to voicemail, 17 percent had a busy signal or no answer, and 8 percent had bad contact information.
In terms of how the callers responded, they wait to hear if a live person actually said, “Hello.” Of callers who heard a recording, 25 percent disconnected. Callers who were greeted with a menu of choices also disconnected. As Pigman noted, “Merely saying ‘hello’ triples your conversion rate.”
A Quick Response
So what are your options, especially when you can’t be available 24-7 to respond immediately? One solution is Google Voice. Google Voice uses a single number that rings you no matter where you are. You can tell the system to ring you on your cell phone, at home, or just about anywhere else. The system also transcribes your messages and delivers them via text or email. The secret is to respond immediately.
A different alternative is to hire a virtual assistant to answer calls. You could also use a traditional answering service that takes messages. Unless these people are licensed, however, they cannot provide the caller with price and other important information.
Pigman suggested a different alternative. You can buy a pre-paid phone and use that number as your real estate hotline for sign calls. If anyone calls on that line, you know they are calling from one of your listings. The beauty of this approach is that if you are going out of town or working with a partner, you can hand off the phone when you take time off.
Bernice Ross, CEO of RealEstateCoach.com, is a national speaker, trainer and author. Email: Bernice@RealEstateCoach.com
