I've said it before and I'll say it again: Following up with your real estate leads is essential to closing more deals and outperforming your competitors. The follow-up process may vary for different agents or at different brokerages, but the overarching truth is this: Increasing and structuring your follow-up effortswill have a positive impact on your business. Your reputation will improve, your close rate will increase and your bottom line will be very happy. Don't believe me? The numbers don't lie.
5 Stats that Convey the Real Value of Real Estate Lead Follow Up
1. 70% of home buyers will buy from the first real estate agent they spoke with.(NAR)
Too often, real estate agents automate themselves out of deals. Automation, of course, is a great way to accelerate your career while still engaging with your leads regularly, but you can't lose sight of the personal connection part of the sale.
Buying a home is one of the most expensive and personal purchases most people will ever make in their lives — and they're not going to buy a house from an agent they haven't spoken to. Quickly following up on leads with a friendly phone call andservice mindset, will give you that much needed boost.
2. 47% of buyers ranked responsiveness above professionalism and expertise as characteristics they looked for in a real estate agent.(NAR)
If this stat doesn't blow you out of your chair, I don't know what will. You don't have to be an experienced agent, or even a very professional one — the mere act of responding quickly to leads will put you ahead of the game for nearly half of home buyers.
3. Responding to online leads within an hour generates 7 times the conversions.(Hubspot)
This should speak to the power of a timely follow up. By responding to inquiries within the first two minutes, not only are you more likely to be that first agent to contact them, but you'll also build a reputation for yourself as a responsive, reliable agent. The longer you wait, the less valuable that lead becomes.
Of course, it's not always possible to physically pick up the phone and call every lead within the first two minutes of their inquiries — that's where automation and smart technology comes in. With a streamlined CRM to manage, prioritize and follow up with leads more effectively, you can maximize your ROI.
4. Over 94% of consumers expect an answer in 1 hour or less, yet the same report indicates that only about 36% of agents actually respond within 1 hour.(California Association of Realtors)
In this age of instant gratification, buyers are becoming more and more impatient, meaning speed to lead should be your number one priority. Again, remember the service mindset; your job is to connect with leads, build rapport and help them find their dream home. The first step to doing that is making the call to engage with your leads as quickly as possible.
5. 48% of buyer inquiries were NEVER responded to.(WAV Group)
As a real estate agent myself, this fact hurts to read. Home buyers have made it clear that they value trust, responsiveness and personalization, and if you never respond to buyer inquiries at all, how can you ever expect to develop that trust and build a good reputation for yourself as an agent?
Think of it this way: By following up with leadsat all, you're already outperforming almost half of your competitors. By following up with leads in a timely and personalized manner, you're well on your way to real estate excellence.
It's a No-Brainer: Real Estate Lead Follow Up Can HaveHuge ROI
Like I said, the numbers don't lie. Taking the time now to reach out and connect with leads is a proven way to sell more homes, more often.
So... where should you start?
The process will be different for everybody. Starting a new diet and exercise routine will require a different level of effort for someone who's never worked out in their life vs. someone who's used to running marathons; it's a similar thing with real estate lead follow up.The key to effective lead follow up is developing a process, making it a habit and sticking it out for the long term.
Like diet and exercise, you're not going to see results overnight when you begin a more structured and consistent follow-up routine. Develop realistic expectations and be willing to put in the work; you're not going to close five deals in the first two weeks of doing this.
Additionally, the timeframe to those results will vary based on where your leads are coming from. If you're getting leads from sources like Zillow or Realtor.com, you'll see results much faster. If your leads are coming in from Facebook and Google ads, the timeframe may be much longer.
The point is, most agents aren't doing this — but the 20% who are have all reaped the benefits. If you're serious about accelerating your career and boosting your close rate, then it's time to optimize your lead follow-up process andincorporate it into your overall strategy.
Click here to download the guide: The Rule of Three
About Gabe Cordova
Gabe is an expert in residential real estate with over 16 years of sales success, team building, training, and system implementation. As the President of Firepoint Solutions, he focuses on building th...