One of the most frequent complaints that I hear from my clients is that the leads from their website never pan out into anything. People fill out their lead capture form, but when they try to call or email them to follow up, they are met with disinterest or silence.
But internet leads are fundimentally different from traditional real estate leads, and unless you start developing a long-term follow-up strategy to handle them, you will lose out on this very important and valuable source of business.
One of the more popular recent statistics claims that only 3% of Internet leads turn into closed deals.
Does this mean that only 3 percent of Internet seller leads sell their house?
Of course not. It's more like 30 or 40 percent…but only if you follow through with your follow-up.
According to realtytimes.com, of more than 1 million leads captured online:
7.3% sold within 3 months
22% sold within 12 months
40% sold within 28 months
Rory Wilfong and Dave Conklin, founders of GetMyHomesValue.com, have this advice:
"Agents just have to remember there's a door to every house and if it's not knocked on, they have no idea if it's a good or bad lead," cautions Wilfong, "You have to shake that person's hand, then be the judge."
"If Rory & I were to become active agents again, we would subscribe to a lead generation service," adds Conklin, "but we wouldn't expect to make any money for six months. The problem is most agents expect to make money next month with the people they meet today. It rarely happens that way. The Internet has made it easier for buyers and sellers to find agents very early in the game, whereas a person used to just come to the real estate office when they were ready to act."
What does this mean for you, as a real estate agent? Persistance is key in making internet leads pay off for you. Internet leads will close, but not necessarily in the timeframe that you are expecting. In order to incubate the lead until they are ready, it is imperative that you have good lead follow-up systems in place.
Drip email campaigns are a MUST!
Thursday, February 22, 2007
Monday, February 19, 2007
Testimonials: Selling Yourself with Authority
5 Tips for Getting And Using Testimonials in Your Business
Tip #1: "How do you get testimonials?"
Well, the answer is easy. It starts with your commitment and willingness to get them. Once you make the decision you're gonna go after them, the rest is almost an afterthought. No kidding.
The first step is to put the "testimonial gathering process" into your business sequence. What does this mean? It means that sending a testimonial request letter should be part of your post-closing checklist...right next to "send a closing gift" and "change the home status in MLS."
The second step is simply to ASK. The trick is when and how to ask.
I personally recommend asking for testimonials immediately after a successful close - especially if it was a difficult close that required a lot of your attention and skill to complete successfully. This is the time when your client's "happy gas" is flowing and they're really excited about buying or selling their home.
Tip #2: How do you ask?
That's simple too. Create a simple one page letter (with a second sheet attached for their testimonial) that explains WHY you want a testimonial. Open your letter with something like:
Dear [client name]...
" In today's world it's difficult to know who's a true professional...who you can trust...and who's most competent to help with your home buying/selling needs. My strategy is not to talk about myself or my company, but to share comments about my service performance from my best clients.
And that's why I'm writing to you today. Would you mind sharing some of your thoughts about your experience in working with me? Your comments will help others who were in your situation to better understand why I am their best choice for real estate services."
Next, you'll want to lead them into how they should write their testimonial - so you get strong comments. Do this by sharing questions with them: How much money did I save you? Did I help make the process easier for you? Was my knowledge helpful? Did I go above and beyond to help you? The more specific they make their testimonial, the better.
Next, you want to include with your request a Pre-Address, PRE-STAMPED envelope so they can simply drop their comments back to you (and by enclosing the pre-stamped envelope, they're not about to throw a good stamp in the trash - so they'll be more motivated to fill it out. Psychology at work, my friend.)
And here's another idea: A lot of smart agents will meet their clients and take a photo of them in front of their new (or now-sold) home. Then they'll ask for a few comments they can use. Now you have a photo, AND a comment - even more power.
Tip #3: Make your testimonials believable.
Don't get a great testimonial and weaken it by putting their first and last initials. It causes skepticism in the reader. Put as much information as you can get away with in your testimonials: first and last name, photo, city, state...some agents even put in their client's phone number. WOW! That's a real, believable testimonial, don't you think?
Tip #4: Accumulate as many testimonials as you possibly can.
You can never have too many testimonials. Also, your testimonials will each demonstrate a different benefit or experience people had with you. So you can sort your testimonial bank by the type of benefit people received from you: Saved time, saved money, arranged special financing, solved a specific problem, revealed how you are different, etc.
Tip #5: When you get 'em, FLAUNT 'em.
Don't be shy with your testimonials. Use them in as many places as you can imagine. Want a few ideas to stimulate your mind? OK, how about...
• Use them in your ads, farming letters, post cards, articles you write, etc.
• Put them on your business cards, stationary, and other visible places.
• Put them on the wall in your office: create a "Wall of Fame."
• Use them in all your sales letters - especially farming letters or newsletters
• Integrate testimonials into your listing presentation - many agents use a "success book" that's a 3-ring book of testimonials they leave with their client after their presentation (if they don't get the listing right there). It'll force you to go back, plus your clients will be amazed at all the positive comments and benefits (proof!) of working with you.
• Use testimonials on your web site. One agent had a great testimonial she used as the headline of her home page! It said (I'm paraphrasing): "You Are the Only Agent I Would Trust for Our Real Estate Needs..."
source: Broker Agent News
Tip #1: "How do you get testimonials?"
Well, the answer is easy. It starts with your commitment and willingness to get them. Once you make the decision you're gonna go after them, the rest is almost an afterthought. No kidding.
The first step is to put the "testimonial gathering process" into your business sequence. What does this mean? It means that sending a testimonial request letter should be part of your post-closing checklist...right next to "send a closing gift" and "change the home status in MLS."
The second step is simply to ASK. The trick is when and how to ask.
I personally recommend asking for testimonials immediately after a successful close - especially if it was a difficult close that required a lot of your attention and skill to complete successfully. This is the time when your client's "happy gas" is flowing and they're really excited about buying or selling their home.
Tip #2: How do you ask?
That's simple too. Create a simple one page letter (with a second sheet attached for their testimonial) that explains WHY you want a testimonial. Open your letter with something like:
Dear [client name]...
" In today's world it's difficult to know who's a true professional...who you can trust...and who's most competent to help with your home buying/selling needs. My strategy is not to talk about myself or my company, but to share comments about my service performance from my best clients.
And that's why I'm writing to you today. Would you mind sharing some of your thoughts about your experience in working with me? Your comments will help others who were in your situation to better understand why I am their best choice for real estate services."
Next, you'll want to lead them into how they should write their testimonial - so you get strong comments. Do this by sharing questions with them: How much money did I save you? Did I help make the process easier for you? Was my knowledge helpful? Did I go above and beyond to help you? The more specific they make their testimonial, the better.
Next, you want to include with your request a Pre-Address, PRE-STAMPED envelope so they can simply drop their comments back to you (and by enclosing the pre-stamped envelope, they're not about to throw a good stamp in the trash - so they'll be more motivated to fill it out. Psychology at work, my friend.)
And here's another idea: A lot of smart agents will meet their clients and take a photo of them in front of their new (or now-sold) home. Then they'll ask for a few comments they can use. Now you have a photo, AND a comment - even more power.
Tip #3: Make your testimonials believable.
Don't get a great testimonial and weaken it by putting their first and last initials. It causes skepticism in the reader. Put as much information as you can get away with in your testimonials: first and last name, photo, city, state...some agents even put in their client's phone number. WOW! That's a real, believable testimonial, don't you think?
Tip #4: Accumulate as many testimonials as you possibly can.
You can never have too many testimonials. Also, your testimonials will each demonstrate a different benefit or experience people had with you. So you can sort your testimonial bank by the type of benefit people received from you: Saved time, saved money, arranged special financing, solved a specific problem, revealed how you are different, etc.
Tip #5: When you get 'em, FLAUNT 'em.
Don't be shy with your testimonials. Use them in as many places as you can imagine. Want a few ideas to stimulate your mind? OK, how about...
• Use them in your ads, farming letters, post cards, articles you write, etc.
• Put them on your business cards, stationary, and other visible places.
• Put them on the wall in your office: create a "Wall of Fame."
• Use them in all your sales letters - especially farming letters or newsletters
• Integrate testimonials into your listing presentation - many agents use a "success book" that's a 3-ring book of testimonials they leave with their client after their presentation (if they don't get the listing right there). It'll force you to go back, plus your clients will be amazed at all the positive comments and benefits (proof!) of working with you.
• Use testimonials on your web site. One agent had a great testimonial she used as the headline of her home page! It said (I'm paraphrasing): "You Are the Only Agent I Would Trust for Our Real Estate Needs..."
source: Broker Agent News
Friday, February 09, 2007
Internet vs. Traditional Home Buyers
Have you made the move to embrace the internet as a means of conducting your business, or are you still working entirely in the offline world? Here are some statistics that should give you pause:
From a recent study of the 2006 California Real Estate market by Leslie Appleton-Young, chief economist and vice president of the California Association of Realtors® (CAR®):
- 92% of Internet buyers found their agent on a Web site; 63% found them through an Internet search engine; 0% of Internet buyers found their agent through brochures, flyers, yard signs or mailers to their home
- In 2000, 28% of people said that they used the Internet as an important part of their home-buying and selection process. In 2006, 70% said they did
- 86% of home buyers started using the Internet as part of their process before they started looking for a specific home; the other 14% did after they started looking, but before they contacted a real estate agent; that means that 100% of buyers surveyed started looking at homes first, agents second.
- fully 81% of Internet buyers stay with the first real estate agent they choose to contact
- Internet buyers spent an average of 4.8 weeks doing research before contacting an agent; traditional buyers only 1.7 weeks. That means an Internet buyer is better prepared and twice as less likely to waste your time
- Internet buyers bought a home on average after spending 2.2 weeks looking for a home with an agent; traditional buyers spent an average of 7.1 weeks
- Internet buyers previewed an average of 6.7 homes with their agent (they had already eliminated ones they did not wish to see), traditional buyers previewed 15.4 homes; an average of just under nine fewer wasted showings per customer
- Number of agents an Internet buyer interviewed, on the median: 1; Traditional buyers? 3.
- 69% of Internet buyers said response time was extremely important.83% of those buyers chose email as their favored communication method with their agent. 0% chose "in person."
- An incredible 97% of Internet buyers said they would use the same agent again. Traditional buyers? 50%.
So what does this mean for you? Adapt or die. As more and more buyers go entirely online to find their next home, there will be fewer and fewer traditional buyers out there. Now is the time to shift offline marketing dollars (brochures, newspaper ads, etc) online, so that the internet starts making money for YOU.
No matter where you are, these data and trends are coming at you. You must get on board or you will be literally run over and left behind.
From a recent study of the 2006 California Real Estate market by Leslie Appleton-Young, chief economist and vice president of the California Association of Realtors® (CAR®):
- 92% of Internet buyers found their agent on a Web site; 63% found them through an Internet search engine; 0% of Internet buyers found their agent through brochures, flyers, yard signs or mailers to their home
- In 2000, 28% of people said that they used the Internet as an important part of their home-buying and selection process. In 2006, 70% said they did
- 86% of home buyers started using the Internet as part of their process before they started looking for a specific home; the other 14% did after they started looking, but before they contacted a real estate agent; that means that 100% of buyers surveyed started looking at homes first, agents second.
- fully 81% of Internet buyers stay with the first real estate agent they choose to contact
- Internet buyers spent an average of 4.8 weeks doing research before contacting an agent; traditional buyers only 1.7 weeks. That means an Internet buyer is better prepared and twice as less likely to waste your time
- Internet buyers bought a home on average after spending 2.2 weeks looking for a home with an agent; traditional buyers spent an average of 7.1 weeks
- Internet buyers previewed an average of 6.7 homes with their agent (they had already eliminated ones they did not wish to see), traditional buyers previewed 15.4 homes; an average of just under nine fewer wasted showings per customer
- Number of agents an Internet buyer interviewed, on the median: 1; Traditional buyers? 3.
- 69% of Internet buyers said response time was extremely important.83% of those buyers chose email as their favored communication method with their agent. 0% chose "in person."
- An incredible 97% of Internet buyers said they would use the same agent again. Traditional buyers? 50%.
So what does this mean for you? Adapt or die. As more and more buyers go entirely online to find their next home, there will be fewer and fewer traditional buyers out there. Now is the time to shift offline marketing dollars (brochures, newspaper ads, etc) online, so that the internet starts making money for YOU.
No matter where you are, these data and trends are coming at you. You must get on board or you will be literally run over and left behind.
Monday, February 05, 2007
Content Ideas: Guerrila Marketing For Blogs and Websites
According to Wikipedia, Guerrilla marketing is an unconventional way of performing promotional activities on a very low budget. Such promotions are sometimes designed so that the target audience is left unaware they have been marketed to and may therefore be a form of undercover marketing (also called stealth marketing).
The best Guerrilla Blog Methods for Real Estate:
1. Hold a contest to incite people participate. Sellsius recommends a home holiday decorating contest or look at Teresa's pumpkin contest. Or check out this SEO contest. I've also seen Realtors take pictures of various buildings in town and ask people the exact address for the contest.
2. Create a blog war to emotionally engage readers
3. Offer a day where you answer 5 reader questions as your blog post. This will incite readers to contact you directly to submit their questions.
4. Hold a weekly local trvia game in a post where you ask a piece of local trivia and see who gets the answer. It helps people participate and you learn some crazy facts in the process.
5. Hold a town tour of scary places with stories or important places with the historical value through either a vidcast or pictures. Do it once per week on the same day and you will be suprised how people respond. It will help you connect with the local community which is exactly what you want to do!
Friday, February 02, 2007
Are you chasing leads to exhaustion?
Are you spendinging all your time and effort always chasing new business? If so, you're wasting time and money.
Consider the following:
1. Repeat business costs about 60% less than generating new business.
2. Volumes of research shows how staying in touch is the best way to generate referrals.
3. Each transaction has the real potential of being the source of six more transactions when the agent diligently nurtures that initial relationship
4. Having a large database of past clients demonstrates to potential new clients your history of success, provides extensive testimonials and generates proof of ongoing business, which positions an agent to sell that book of business when he or she is ready to retire.
Check out this article from Realtor.org on the 5 Groups That You Should Be Contacting Monthly
Don’t underestimate the power of consistent communication. By contacting these five groups once a month, you’ll achieve a steady stream of referrals.
Consider the following:
1. Repeat business costs about 60% less than generating new business.
2. Volumes of research shows how staying in touch is the best way to generate referrals.
3. Each transaction has the real potential of being the source of six more transactions when the agent diligently nurtures that initial relationship
4. Having a large database of past clients demonstrates to potential new clients your history of success, provides extensive testimonials and generates proof of ongoing business, which positions an agent to sell that book of business when he or she is ready to retire.
Check out this article from Realtor.org on the 5 Groups That You Should Be Contacting Monthly
Don’t underestimate the power of consistent communication. By contacting these five groups once a month, you’ll achieve a steady stream of referrals.
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