2019 is already shaping up to be one for the books. As we look upon Quarter 1, we can now lay claim to 6 comprehensive insights reports that date back to Quarter 4 of 2017 – each one providing a deeper dive into lead data and consumer behavior.
When we started the Verse Insights Report (AIR) over a year ago, it seemed like a titanic endeavor. All of that DATA: Endless phone calls, conversations, feedback from both agents AND leads, anecdotal evidence from our Concierges… Our scripts were continually refined, helping not only with our qualification, but also in our data collecting efforts to better understand leads.
5 quarters, 1+ year, and an endless number of lead conversations later – we’re excited to present you with some of our best insights yet, a la the 2019 Q1 Verse Insights Report. Real estate leads are an enigma. They’re never entirely sure about what or even when they want to buy or sell. They’re fed false information, hard to reach, quick to change their mind, and coming in at all times of the night. We’ve made it our business to solve the puzzle that is lead qualification – learning the best ways to filter out unqualified leads, while nurturing and qualifying the rest. Throughout our mission, we’ve come to identify the symptoms of a cold lead, the signs of a lead that is ready to buy, and the indicators of a lead that will be good in a few months.
Below is a sneak peek at what you’ll find in the latest report: Not all leads are created equal. Our analysis of over 1 million conversations has uncovered some very interesting findings. Specifically, the manner in which a lead is generated has some bearing on how viable that prospect is. For instance, Portal Leads have the highest engagement rate. In our estimation, we propose that is due to them being further down the funnel and closer to buying/selling – all of which results in an engagement rate of 77%!
With thousands of leads running through Verse daily, we have a unique glimpse into the minds of potential buyers and sellers. This presents another opportunity to assist those agents who purchase leads, because AIR Q1-2019 also includes the Top 4 Converting Lead Sources!
Our list of fun facts also includes other pertinent stats that help inform our business model and engagement strategy. One such vital tidbit is that 82% of leads who respond to our initial text are qualified after the following phone call. This kind of responsiveness inspired our push for Live Transfer, allowing agents to take advantage of these type of hot prospects and strike while the iron’s hot! As you know, Verse is 24/7 platform which services the entire U.S. market (and Canada, eh). As a result, this gives us the power to analyze the flow and performance of your leads,around the clock. For example, 57% of all leads are generated during nights and weekends. Digging deeper, did you know that during this time span , 53% of SMS conversations occur?
I know, that blew our minds too. Lastly, our extensive data, research and engineering has paved the way for a dashboard of insights that is personalized to you, our agents. This dashboard was inspired by all the impact and feedback brought on by AIR, and we’re excited to continue empowering agents to succeed!
To discover all of the helpful data that AIR has to offer, you can click below.
If you’re not already an Verse Member, you can boost your business by taking advantage of the service that yielded these insights. Get started by booking a demo below!
Every successful agent knows that the “follow up” to a lead can make or break its success in conversion. Like we’ve alluded to before, the entire sales cycle in buying a home can be long and arduous, and oft-times calls for an agent to nurture a lead throughout that time for both the buyer and the agent. On average, the amount of time it takes the buyer to go from online inquiry to actually signing on the dotted line is upwards of 1 year. So often during this exploratory time, the buyer is really just scanning the internet to see what the market might look like. Perhaps they put their information into a lead generating service like Trulia or Zillow. You then receive the lead and begin getting to work on following up with the lead. If you’re the average agent, chances are you’re going to attempt to contact the lead a measly 1.3 times. This number is far too low, and needless to say satisfy the amount of nurture that an average lead requires. Heck, if you’re lucky, maybe you’ll be the first agent to contact the lead. If so, studies indicate you have a 72% chance of working with that lead. Otherwise, surely some other agent is going to come in and scoop up your missed opportunity.
However, you’re a seasoned veteran in this game–you don’t want to leave your success to chance…
If only there was a service that did the heavy lifting for you. If only there was a company out there keeping these long-term leads warm for you with constant contact over the long haul so you don’t have to…If you’ve been a Verse user for some time now, you know what Verse is all about.
- With Verse you see a 300X higher conversion rate with your leads.
- You have power of a tech-powered, human operated inside sales team working on your behalf to contact and qualify your leads 24/7/365
- Your leads are being responded to 10 times over a 2 week span.*
- Every lead is responded to within 5 minutes.
- Whenever a lead is qualified you are notified immediately via SMS text message.
- If for some reason you don’t have the resources to completely follow up with the leads that are being qualified that you can refer the lead within a community of 30,000 connected agents and get a commission from that lead once it’s converted.
And if you haven’t worked with us… now you know. We’ve been helping top teams for a while now. After learning what works we noticed the massive opportunity that wasn’t being taken advantage of – one which we alluded to above.
Leads were far too often contacted within the first few weeks of inception but left to wither away as the months rolled along…
But that is a thing of the past now.
With Verse Nurture, you are exposed to all of the benefits described above. On top of that, you are also aided in the long term nurture of any and all leads that come your way. With Nurture we respond to leads on your behalf for up to 6 months! After Verse’s initial engagement process has ended, you now have the ability to Nurture the lead over the long haul.
With Verse, you now position yourself to be the first agent to contact the lead (within 5 minutes), VASTLY exceed the industry standard of the amount of attempts, and you are keeping the lead influenced with your expertise for the entire length of the sales cycle.
Once you’re ready to upgrade your lead strategy, click here
Verse, the leading sales productivity platform for real estate agents, today announced that it has received $12 million in Series A funding to enhance its already robust lead qualification process and referral network. The funding round was led by Defy.vc, with participation from existing investors including Freestyle Capital and Moderne Ventures, a major real estate technology fund. Silicon Valley Bank, Simplexity Ventures, and OurCrowd also participated. With the new financing, Trae Vassallo, Co-founder and Managing Director of Defy.vc, will join Verse’s board…
In addition to its funding, Verse also announced that it has signed a marketing agreement with Realogy, a global franchisor of some of the most recognized brands in the real estate industry…
Read more by clicking below.
Verse, the leading sales productivity platform for real estate agents, today announced that it has received $12 million in Series A funding to enhance its already robust lead qualification process and referral network. The funding round was led by Defy.vc, with participation from existing investors including Freestyle Capital and Moderne Ventures, a major real estate technology fund. Silicon Valley Bank, Simplexity Ventures, and OurCrowd also participated. With the new financing, Trae Vassallo, Co-founder and Managing Director of Defy.vc, will join Verse’s board.
In addition to its funding, Verse also announced that it has signed a marketing agreement with Realogy, a global franchisor of some of the most recognized brands in the real estate industry, including Coldwell Banker Real Estate, CENTURY 21®, ERA Real Estate and Better Homes and Gardens® Real Estate, to bring a better consumer experience and increase sales productivity to its 192,000 agents nationwide.
The new funding and marketing agreement will further Verse’s growth as it redefines the sales funnel for time-strapped real estate agents by giving them the power of an on-demand inside sales team. Agents cannot keep up with the barrage of cold, un-scrubbed leads that come through sites like Zillow, Realtor.com, Trulia, Facebook, and Google, yet they spend more than $10 billion a year on these sites to market themselves and meet new clients.
“For real estate agents, time is their most valuable resource and they work in a world where consumers expect their attention and instant response 24/7. They need to leverage technology and services to meet stringent demands and maximize their productivity,” said David Tal, CEO and co-founder of Verse. “Agents are 21 times more likely to convert cold leads into clients if they engage within the first five minutes of those leads reaching out, but most agents don’t have the bandwidth to make that happen. Many need hours, sometimes days, to comb through their lead flow, respond, and follow up, losing lots of potential clients in the process. Verse is committed to helping agents solve this problem by giving them the power of having their own, on demand, inside sales team, that’s always on, and never lets a client slip through the cracks.”
With its new round of funding, Verse will offer expanded services for larger teams and brokers and streamline the technology for faster response times and higher returns across the sales spectrum. Named in 2017 by San Diego Business Journal as one of the best places to work and one of the fastest growing companies in San Diego, Verse grew from 30 to 140 employees in the past year and plans to use the funding toward further hiring.
Verse also includes a built-in referral network that has closed $1 billion in transactions. The network allows agents to monetize the leads they can’t take on themselves and refer them to other agents in their markets. According to the National Association of Realtors, 45 percent of internet leads never receive a response. Rather than ignoring leads agents don’t want or can’t handle, they can refer them with the click of a button. Verse pays out a 25 percent referral fee for each closed referral.
“We invest in authentic entrepreneurs solving problems they understand better than anyone else,” said Trae Vassallo, co-founder and managing director of Defy.vc. “David and his team understand the real estate market and agents and they also know that connection and empathy with the customer really matters. Rather than automate the human experience out of the system, they are using technology to increase agent productivity for a better customer experience.”
In case you haven’t heard, we were designated the #1 Real Estate Company to Watch for in 2018” by Real Talk!
With 2018 Q1 already behind us, we take stock of all that we’ve accomplished so far this year.
This year, we launched our latest Dashboard for Agents: Nova. In our continual rollout of this streamlined interface, we’re providing agents with updated platform that will allow agents to more easily take advantage of our robust features.
Working seamlessly across all devices, Nova provides the same high level of control and utility – now tailor made for the agent on the go! Agents can more easily monitor, take over, customize and even rate the engagement with all their leads.
This is just one example of the high level of control and personalization that Nova offers, where you can specify how our concierge will represent you or your team (and even which name they use to do so).
Agent Lead Preferences
This newest feature has allowed us to better customize the service that we provide for our agents. The same way that one shoe doesn’t fit all, we understand that every lead is uniquely (un)qualified depending on an agent’s preferences. This is yet another way we aim to bring our agent’s the highest quality leads.
These are just some of the few ways we seek to continually improve and innovate. Never one to rest on our laurels, we have even more in store for the rest of 2018 – more worth watching for.