e lead management tar

Managing & ConvertingYour e-Lead Business:Cash Cow or Mad Cow?

04/08/23 2008 The Company CEO, Inc. 1

Jonathan D. Nicholas, ABR, CRB, CRS, GRI2008 President, CRB Counciljonathan@jonathannicholas.com

Cash Cow or Mad Cow?

Technology Disconnect

Don’t want to take notes?Log-on to www.jonathannicholas.com

Resources TAR Password CRB

The Internet Empowered Consumer

• Average Internet Buyer is:– 29 Years Old– Getting Younger Every Year

On the Flip-Side…

• Average Agent:– 51 Years Old– Not Getting Younger Every Year– Average Broker is 54

Course Objectives

• Understand e-consumer expectations

• Develop a lead management process

• Create conversion standards

• Understand the evolution of lead mgmt

• Consider additional e-lead generation options for greater return-on-investment

04/08/23 112008 The Company CEO, Inc.

Leads Management

A system for tracking the life-cycle of a prospective customer, from source of contact through transaction completion (or abandonment)

Leads Management

Disconnect Continues

• Comments heard in the office….– “These internet leads are worthless!”– “They won’t return my phone call!”– “None of them are ready to buy!”– “They told me to leave them alone!”– “I’m not taking any more internet leads!”

Lead Conversion

e-Leads

• Are all internet leads bad??– Not if you take the time to understand a little

more about them.

Internet Consumers

• According to a NAR study on Internet Buyers and Sellers:– They tend to have higher Incomes– They tend to be better educated– They have a shorter search time– They view fewer homes– They are more likely to use a REALTOR

Internet Consumers

• According to a CAR study on Internet Buyers and Sellers: (2006)– 92% found their agent on a web site– 63% found through a search engine– 0% found agent through brochures, flyers, yard

signs or mailers.– 100% started looking at homes first, for their

agent second.

Internet Consumers

• According to a CAR study on Internet Buyers and Sellers: (2006)– Internet buyers took 2/3 less time– Internet buyers interviewed only one agent;

others interviewed three– Internet buyers were far more satisfied in every

research category of satisfaction than traditional buyers were

Internet Consumers

• According to a CAR study on Internet Buyers and Sellers: (2006)– 97% of internet buyers said that they would

use the same agent AGAIN!

Wow! They really are lower maintenance!

Internet Consumers

• Percentage of those who used the first Real Estate Professional they talked to:– 80% of all Buyers– 74% of all Sellers

Generational Shift

• Gen-X and Echo Boomers (Age 14-43)• 86% used internet to find agent

• 75% used it to find their actual home

• 66% used it to get financing

• 62% to get neighborhood information

Generational Shift

• Gen-X and Echo Boomers (Age 14-43)• Teens – early 40’s

• Digital Lifestyle

• MySpace, FaceBook, LinkedIn, Twitter, etc.

Generational Shift

• Gen-X and Echo Boomers (Age 14-43)• 45% used the internet to find a RE firm

• Use email 2 X’s more often than the phone– Phone Calls are SO Last Century!

• Want their agent to have a website with listings posted to several other sites

• Want to be updated on the closing process by email

Communication Styles

Ages 44 to 62 years

Ages 32 to 44 years

Ages 14 to 31 years

Generational Shift

– Gen Y & Millennials• 80% of under 24’s more likely to text than email

– Emails are SO Last Century!

• Average first time homebuyer is 22 years old

• Tribal – Community – Social Networkers

Expectations?

• 15 to 20 Minute Response Time

• “Connected” Agent

• All the information

• All the images

• The good, the bad and the ugly

Terabitz

Brokerage Realities

• 50% of leads are not responded to

• 50% of leads are responded to– Took an average of 48 hours to receive

response from an agent or brokerage– 80% are abandoned after 6 days

Brokerage Realities

• Alarming Reality– $2 Billion was spent to drive online leads– We are only nurturing 10% of the pie– We lost out on the other 90% due to our own

bad habits

Brokerage Realities

The Internet Pie• 189 Million Daily Unique Visitors

• 115 Million Average Daily Visits

• 455 Million Daily Page Views

• 10 Billion Daily Hits

• 28.1 Minutes per Visit

Brokerage Realities

The Internet Pie VS. REAL ESTATE• 189M Vs. 44M Unique Daily Visitors

• 115M Vs. 5.4M Average Daily Visits

• 455M Vs. 2.8M Average Daily Page Views

• 10 Billion Vs. 171M Daily Hits

• 28.1 Minutes Vs. 9.1 Minutes

Brokerage Realities

Media MetrixJuly 2008

Website Standards

Brochures are OUT!

Standards?

Website Standards

Advanced Search Ability

Website Standards

Minimum Standards:• Quick Search and Advanced Search• Interactive Mapping & Community Content• Emphasis on Visual Content including Video, Pix, Tour• Consumer Dashboard• Content Rich• Lead Generation Forms• Syndication• Lead Management Module• Follow an e-lead Management Process

e-Lead Process

What are you doing to generate traffic?• Google Adwords• Media driving to URL• Syndication• Listing Updates• Drip Campaigns• Social Media

e-Lead Process

What are you collecting from the traffic?

• Data– Who, when, how long, what, where, how much

– Referring URL

– ROI

– Source

• Leads

e-Lead Process

Scrubbing the Leads:

Were lead generation forms submitted?• Segment & Qualify• Touch Base• Assess urgency

e-Lead Process

Who is worthy?• Office Policy or Company Culture• Certification on Internet Consumers• Internet Division• Standards & Accountability• What’s best for the consumer• What’s best for your reputation

e-Lead Process

Incubate the leads that are not ready• Drip Campaign• CRM Activity Plan• Communicate as the lead requests• Cultivate relationship• Provide resources and information

e-Lead Process

Track• Who has the lead?• Did they respond, and how long did it take?• What is the status – weekly report?• Quartile – Immediate, Incubate, Dead, Test• Where are my best leads coming from?• What is paying off?

e-Lead Process

Assign the leads• When they raise their hands• Are qualified• Show urgency

– Come List Me– Evaluation– Relo

• Lead-assignment criteria

e-Lead Process

Sold/Abandon• Only know if you track the status• Did you sale them or did they buy?• Did agent abandon them?• Where they not qualified?• What is the result?

e-Lead Process

Follow-Up• Debrief• Study the data and look for the story• Discover trends• Improve the process• Increase your ROI• Know the numbers

Evolution of Lead Generation

• The Opportunity Desk• Footprints in the Store• The Concierge• Online Information Repository• Social Media• Intuitive Search & Sell• Virtual Realty Reality

Remember the notes!Log-on to www.jonathannicholas.com

Resources TAR Password CRB

Questions & Answers

Managing & ConvertingYour e-Lead Business:Cash Cow or Mad Cow?

Jonathan D. Nicholas, ABR, CRB, CRS, GRI2008 President, CRB Council

jonathan@jonathannicholas.com

Thank You for Attending!

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