Not every contact you make will become a sale. In fact, it is going to take a lot of effort, marketing, and creativity to convert your leads. So, how many contacts should you make to increase your conversion rate and how can you improve these numbers? Let’s take a look.
How Many People Should I Talk to?
As a real estate agent, it is important you are persistent. Research shows that in sales, only 24% of all sales emails are opened and it takes an average of 18 calls to connect with buyers. In the real estate industry, you have to work hard — particularly if you are a beginner. Just like in other areas of life, as you become more experienced, your efficiency and success rate increases. A few numbers from agents we coached:
Can make one to five contacts per hour
Make 150 contacts for every 1 appointment
Can make six to eight contacts per hour
Make 70 contacts for every 1 appointment
Can make nine to 11 contacts per hour
Make 25 contacts for every 1 appointment
Keep in mind that your conversion rate will fluctuate depending on the current market and the time of year.
How to Improve Your Conversion Rate
There are several things you can do on a daily or weekly basis that will help you generate and close leads. Some of these are very simple.
Set Time Aside Every Day
Each day, set aside two to three hours for generating leads and promoting your brand. During this time, focus on a variety of marketing efforts such as improving your online presence, creating videos, door knocking, etc. Make this time a priority.
Today, individuals want information quickly. If they reach out to you, they want a response and information in a timely matter. If not, they will go somewhere else. For example, the Lead Response Management Study, conducted by researchers at MIT, examined response times and web-based leads. They discovered that the odds of responding to a lead in the first 30 minutes, rather than the first five minutes, decreased the chance of closing the lead by 21 times. Even reaching a lead in 10 minutes rather than 5 minutes decreased the chance to qualify a lead by four.
Be an Expert
Become an expert in the community and in the real estate industry. Spend time each day learning and educating yourself. A few things you should know well include:
* The current real estate market
* The best providers for various services
* Neighborhoods in the city and what they offer, amenities they provide, demographics, etc.
* Activities, events, businesses, etc., in the community that will attract potential buyers
You can become an expert in the community by publishing blog posts and posting on social media the above information.
Clients want to work with an individual who appears genuine and sincere. For beginners, scripts can be useful to help build confidence and ensure you address all essential topics, but you must showcase your personality and really connect with your clients. You can do this by asking questions, and really getting to know the lead and what they want or need.
Also, spend time in the community. Host events, sponsor clubs and organizations, etc. Remember, that you can be the smartest real estate agent but if you aren’t friendly and personable, clients will not choose to work with you.
Your success in the real estate world is dependent on the amount of work and time you put into generating and closing leads. Be willing to go the extra mile and that’s how you will stand out from the other agents in town.