10 Real Estate Lead Statistics You Need To Know

10 Real Estate Lead Statistics You Need To Know

There’s arguably no one as dependent on lead statistics as real estate agents.

After all, your livelihood depends on numbers like how many homes are sold in a quarter, your commission rate, and the all-important lead stats.

Any change in such variables has the potential to impact your life.

The statistics, especially when it comes to leads, are informational. They serve to help you understand the industry and then go forth and craft a strategy that will boost your bottom line.

So, what does the year ahead look like for your market? Fortunately, most agents in the industry are optimistic about 2018, according to one special report from Inman.

But, it’s not optimism that’s going to keep the market going.

So, to help you clearly define the industry, we present 10 lead stats you should know about and how you can turn them to your advantage.

1. Homebuyers that Find the Homes They Purchase Via an Agent

The number here is 33%. Despite the fact that just over 40% of buyers tend to find their homes online, agents still account for a third of home discovery. So, if you’re not marketing yourself and garnering new leads, you need to be.

2. Millennials Selling their Homes

A staggering 75% of this generation who are selling their home are actually first-time sellers. They’ve likely only owned the one home up to now. Here’s an exceptional opportunity for you to present yourself as the seller’s agent in the area, specializing in Millennials.

3. Homebuyers Who Purchase a Multi-Generational Home

13% of baby boomers whose children have either moved back or who are looking after elderly parents account for the majority of multi-generational property sales. There’s a great opportunity for you to garner leads in a rather niche market. In fact, it’s worth noting that baby boomers make up the largest section of the market at just over 20%.

4. Average Time it Takes to Find an Agent and Buy a Home

The answer here is anything from several weeks to several months. We know that this industry comes with a rather long sales cycle, but you only have a small window in which to get your foot in the door. So, start thinking of ways to leverage your marketing strategy to reach leads when they very first begin looking for a property.

5. Drone Use

Here’s a stat worth knowing: real estate is expected to account for more than 20% of all drone use by 2020 – that’s just two years away. Yet, more than 55% of real estate agents do not yet make use of drones, with around 22% of agents reporting their agents do use drones.

What’s more, more and more buyers are expecting video footage of properties, which can be difficult to capture for higher-end listings like farms, commercial properties and those larger estates on your books.

Yet, drones can effortlessly convey the enormity of a property and offer potential buyers the perfect bird’s eye view, while helping you and your team stand head and shoulders above the competition and help to skyrocket your business.

6. Buyers and Sellers Most Likely to Find You Via a Referral

100% of all buyers and sellers, regardless of their age, are most likely to find you through a referral. Word-of-mouth remains extremely important, as does social and online marketing in this day and age. Don’t miss out on the golden opportunity to potentially triple your leads.

7. Homebuyers That Notice Yard Signs

50% of homebuyers notice yard signs. In fact, while 44% of homebuyers do find their next home online, more than half of buyers search for yard signs as information resources. In any case, the majority of online searches lead to a drive-by anyway. So, make sure you’re putting those yard signs where they can be seen and that they include the relevant contact details.

8. Renting Before Purchasing

Did you know that a rather large 44% of homebuyers actually rented before they bought the home they now live in?

Just because your leads and prospects are renting, doesn’t mean they are not ready to buy a home. That means you can start developing targeted marketing campaigns to send to those renters who are more than ready to be homeowners.

9. Response Rates to Direct Mail Campaigns

In the past year, customer response rates have increased by a whopping 43%.

While many agents continue to clamor for space on Zillow and leverage social media platforms, the savvier of agents are sticking with tried-and-true marketing methods to entice and reel in leads.

10. Photo Listings Really Do Sell

Listings that have high-res photos tend to sell about or just above the list of the price around 44% of the time. What’s more, 64% of the time those properties will sell within just six months.

This means you need an excellent camera and high-quality printing, so your listings can be displayed in brilliant detail.

Make These Statistics Work for You

With these stats, you can go forth and develop a well-targeted, solid campaign that will reel in those leads and convert them to homebuyers or sellers.

Need help nurturing your leads? Get in touch with Verse today.

Lead Engagement, the Surprising Cost of Slow Response

Lead Engagement, the Surprising Cost of Slow Response

As a real estate agent, time is certainly money. And, if there was some way to conquer both, you’d probably be a millionaire by now.

If you’re frustrated about the amount of money you’ve (potentially) lost out on, you are not alone. One of the greatest distinctions between teams that have loyal clients and those who battle to retain them seem to be the speed of customer service – or lead engagement.

After all, the need for immediacy spans across all verticals, but in our industry it’s just common sense. In fact, marketers around the world are tasked with various online lead generation goals and are then judged by both the volume and quality of leads they generate.

But, the lead quality deteriorates when we fail to respond in a timely manner.

Why is Slow Lead Engagement a Problem?

In general, leads may receive staggeringly slow responses from your sales agents.

Consider these figures from lead response studies conducted by Harvard Business Review:

  • 42 hours – the average lead engagement time
  • One hour – just 36% of companies respond to leads in an hour
  • 23% – the number of companies that don’t respond to leads

To put it simply, the quality of a lead degrades the longer it takes you to engage with them. A good lead right now can quickly become a bad lead in three days’ time.

What’s more, people consume content differently these days thanks to the internet. With millions of website’s worth of information out there, your leads can spend hours online conducting research before they ever contact you.

According to a Google and CEB white paper, the majority of customers are almost 60% through the sales process before even engaging a sales agent.

If that’s not scary enough, we’ve outlined the impact of slow lead engagement in this post to give you an idea as to why fast response times are so important.

1. A Damaged Reputation

Warren Buffet famously said that it “takes 20 years to build a reputation and just five minutes to ruin it.”

Your real estate business, and indeed your reputation, is extremely valuable. But, it’s also the first thing that takes a hit when you’re slow to engage your potential leads.

Today’s customers are quick to share bad experiences or move on to the next agent that is willing to engage them then and there. Social media is further a hotspot for venting frustrations and spreading negative reviews.

2. Slow Engagement Kills the Conversation

Poor customer service along with slow engagement kills a conversation, and this includes interactions with leads and prospects.

Think about the times you’ve reached out to a business online and never received a response. Frustrating, isn’t it?

Now, just imagine what buyers and sellers are thinking when they request a callback, or are looking for more information about a property, and are forced to wait. Another agent will undoubtedly be right there to comfort them and they’ll quickly forget you even existed.

Fast engagement times and superior customer service leaves a sensational first impression and gets your potential clients excited about doing business with you.

What Can You Do to Increase the Pace?

Providing high-quality and speedy customer service is essential if you want to improve customer experience and turn leads into valuable clients.

But, it all starts with speedy response times.

Here are a few tips to help you speed up lead engagement:

  • Be proactive: In a fast-paced industry, your customer service staff are likely juggling dozens of tasks each day. It can be a few hours before they even see a lead response notification. So, try auto-assigning leads for follow-up and cut down dramatically on lead response times.
  • Set up alerts: Use social media tools to specify which posts ought to be escalated and help your team keep on top of things.
  • Outsource: outsource lead engagement to a reliable third-party who has the skills and technology to respond to and qualify your leads for you, leaving you time to focus on motivated prospects.

Conclusion

The lead engagement landscape as a whole is changing as customer expectations progress. To ensure your real estate business effortlessly scales, be sure to think ahead about each and every aspect of your service, including speedy lead engagement times to reel in your leads and convert them into valuable clients.

Need help engaging and qualifying your leads? Get in touch with Verse today.

What Is a Real Estate ISA?

What Is a Real Estate ISA?

The Inside Sales Agent goes by many names. From phone animals to call crushers, whatever you call them, there’s no denying the role they play on a real estate team.

In fact, the Inside Sales Agent (ISA) team model is a popular way to structure a team for lead follow-up. But deciding whether it’s a good fit for your business in terms of generating more leads and appointments can be difficult. Let’s take a look at exactly what an ISA is and how one could help you or your team.

What Is an Inside Sales Agent?

According to data from the National Association of Realtors, over 5 million homes were sold in 2017. If you missed out on leads and sales, it could be because you haven’t had the right hands on deck.

We don’t mean a receptionist or personal assistant – as an ISA is often mistaken for.

At it’s very basic, an ISA’s purpose is to concentrate on inside sales. An ISA is very similar to an outside sales agent. But they don’t attend buyer appointments or walk the client through the selling process.

Rather, ISAs are highly trained and experienced salespeople. An ISA carries a license and can do exactly the same thing as an outside agent in terms of setting appointments and nurturing leads.

So, you may be wondering what the point is? Why not give the tasks to your current assistant?

Well, the key purpose of having ISAs on your team is for leverage. As an agency faced with a never-ending list of demands, having a dedicated ISA leveraging follow-ups, scheduling appointments, and taking care of lead generation means your business is likely to see as many as 70 additional transactions.

Talk to a Verse Lead Conversion Specialist to see how we can help

It’s All About Cultivation and Lead Generation

ISAs are truly masters of lead generation and cultivation. An experienced ISA can set appointments with even the hardest of cold leads. That takes some skill. It’s also what sets an ISA apart from a general assistant.

It should be noted that some agencies prefer to break the ISA model into inbound and outbound. The thinking behind this is that some personality types suit outbound while others are more driven to making cold calls.

It all comes down to the size of your team and the demands on your agency.

How Can an ISA Increase Sales for Your Business?

Many businesses hire salespeople with the purpose of increasing sales. It’s a dedicated department that concentrates on generating leads through cold calls.

However, an ISA is your business’s first point of contact for everything from inbound sales inquiries to listing inquiries, ad responses, and everything in between.

The best ISAs have ample sales experience, but they still need the training to conduct the kind of lead nurturing and setting up of appointments needed for this inside sales role.

A successful ISA will train on a regular basis. Tracking their activities and determining conversion rates for key metrics such as contacts-to-appointments are both great ways to motivate your inside sales agents. And motivate them to hone their skills.

As for nurturing your ISA, follow-up attempts, conversations, and response times should all be tracked for future use. You can then compare the tracked activities to preset goals in an effort to maintain accountability.

Are You Ready to Hire an ISA?

Are you struggling to reach out to your leads? Or maybe prospecting for new leads has become a complete afterthought in the struggle to keep up with a demanding industry. If so, an inside sales agent might be your next important hire.

Think of it like this: how much more productive could your current team be if lead follow-up and prospecting were taken off their hands?

Besides all that, evidence shows that hiring the right ISA can produce an exceptional return on investment for your real estate firm. When leads are followed up promptly, and you have a solid system in place for prospecting those new leads, your business can only continue to flourish.

Find out more about how Verse can make your professional life easier today.

Talk to a Verse Lead Conversion Specialist to see how Verse can help.

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