With so many lead sources online, leads are coming at you fast. And, as you all know, those leads range from consumers who are ready to buy, to those who are just browsing. How you work with each can mean the difference between converting more leads and losing them.
Let’s face it, converting internet leads is difficult and time-consuming. But the payoff is huge. I’ve found that it takes 100 calls to have 40 conversations and 40 conversations to close one transaction.
More than that, you must determine where the consumer is in the sales funnel and communicate appropriate information. To review, the five stages are: consideration, online research, active search, transaction and post transaction. I’m only addressing the first three stages here.
Thinking about it
A buyer or seller at this consideration stage is about 16 months away from closing. He just started browsing online to get an idea of what’s available. Some signs that you should be looking for at this stage are people who are complaining about their current living situation on social media, those who are getting married or having children and those relocating or looking for a new job.
This consumer likes to communicate via the web and email. They need expertise.
Make sure your website has deep data on listings including comments, schools, demographics and value estimates. If they are receptive, or have opted in to your email contact list, send email with relevant information such as details about homes on the market, buying tips and market condition to stay top of mind. If your search is mobile as well as web-based, the consumer is four times more likely to purchase a home.
Just looking, thanks!
This buyer in the throes of online research is a ready-to-wait buyer. This contact will be your first with the lead. These are buyers who are 7 to 11 months from buying. Be known to them, but let them browse. Aid them in their knowledge quest by providing information that will help them determine what they want and how much they can afford.
They are more likely to communicate via the web or email. They’re not ready to choose an agent, but they need expertise.
Make sure your website is a source of solid information for them. Don’t rush a meeting or hit them with a sales or marketing pitch. Simply provide relevant information about the process and develop trust. This is a great time to give them tips on buying a home, neighborhood and school information and an idea of what homes are worth in the area. This is a good time to put them in your drip marketing campaign.
On the hunt!
During this active search stage, you’ll have the ready-to-go buyer. This buyer converts within one to three weeks. They are internally motivated and according to studies, some 88 percent will work with the first person who responds to them. These buyers are ready to meet you. Be available to tour homes with them. Be aware of what they want and what they can afford. Don’t be afraid to make recommendations based on your experience.
Your goal with this buyer is to meet face-to-face, pick up the phone whenever possible, respond in the same way a lead contacts you and make sure the lead knows how to best contact you. The quicker you respond to an email, phone call or social media message, the more likely you are to convert that lead into a client.
The key to more closings is to identify what consumers want at each stage of the listing. Whether it’s through your website or face-to-face, keep engaging.
Be strategic, be patient and above all, be persistent!