With estimates suggesting that 48% of buyer leads never receive a response after calling a realtor, a lot of business potentially falls through the cracks. Responding quickly and professionally will allow agents to showcase their service skills while securing more business.
We take you through a few tips for mastering your first conversation.
HOW TO MASTER THE FIRST CONVERSATION (FROM A PHONE LEAD)
According to a whitepaper by WAV Group*, 48% of buyer leads are never responded to. Even more alarming, the average response time for agents to respond to online leads is over 15 hours. If you’re looking to close deals from the leads you receive on Bayut, it is recommended to respond to your phone call today.
It is well known that a phone lead is more valuable than an email lead. However, you need to engage with that lead in the first place. Although it is nearly impossible to answer every phone call you receive, keeping an eye out and having a plan in mind may be of help.
How soon you respond to a missed call is incredibly important. Studies show you are 100 times more likely to get a prospect on the phone if you return a call within 5 minutes versus 30 minutes** after they call you.
A strong plan to respond to every lead in a timely manner is critical for an agent to succeed in today’s market. Leads become prospects and prospects become clients, but only if there is a professional and engaging conversation.
DO: MASTER QUICK RESPONSE TIMING
- Aim for a response time of five minutes or less.
- Set up an auto-reply text. “Real Estate is active as I am currently with a client. I will call you within an hour.”
- Train administrative assistants to effectively respond to new leads
- Use the voicemail feature on your smartphone to tell clients you are currently showing property and provide a list of services you provide, along with mentioning that you will call them back.
DON’T
Let a lead slip by or go unattended. If you don’t respond, someone else will.
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DO: BE PERSISTENT AND MAKE CONTACT MULTIPLE TIMES
- If you do not make contact on the first call, keep trying.
- Many people prefer text. Send a text to introduce yourself and your company name and to set up a time to speak on the phone. Use correct spelling, punctuation and capitalisation.
- Break through the noise and send a personalised video introduction via email or text.
DON’T:
Assume one or two attempts are enough as a sign that the client is not interested. Try different methods of initiating contact.
DO: FOLLOW OUR TIPS FOR THE INITIAL CONVERSATION
- Speak Clearly. Prospective clients subconsciously judge you and compare you to other agents so speak clearly and at the right pace.
- Showcase Your Local Expertise. Remember, you do not want your prospect calling other agents to gather the information you did not provide, so make sure you focus on your expertise and service levels.
- Don’t Focus Specifically On The Property. The first call is to gather information, understand client needs and secure a face-to-face meeting.
- Be Positive. Be yourself, ask questions, be friendly and leave the client with the feeling that they have just found a professional agent to help them with the entire process.
DON’T:
Be a yes/no agent. “Is this property available?” “No, it just sold.” This is not going to win you many if any, sales.
DO: GUIDE THE CONVERSATION
- Qualify: Asking how long a client has been looking will help you understand where in the buying decision process and how serious they are. Asking if anyone has walked them through the purchasing process and mortgage process, should they be taking out a loan, will allow them to provide you with valuable information and is the perfect way to secure a face-to-face appointment.
- Location: Ask if they are interested in other neighbourhoods?
- Price: Make sure you mention the price and ask “does this fit within your budget?”
- Time: Ask if they are currently in a lease and when is the deadline for moving.
- Options: Give options for a meeting. “I am available tomorrow between 10:00 AM and 3:00 PM. What time works best for you?”
DON’T:
Ask, “Is this a cash or mortgage purchase?” This sounds as if you question their ability to move forward and is quite harsh.
The goal of your first call is to get a face-to-face meeting and to begin building a relationship. Remember, people do business with people they like. Every lead will not turn into a sale or rental but every lead can refer qualified buyers and renters your way. And referrals are the most valuable lead there is.
Make the most of every conversation with a potential customer with our exclusive tips and insights into the real estate industry. If you’re looking for more ways to take your career forward, join us for our interactive workshops at Bayut Academy, where we take an in-depth look at ways to improve your skills.
*Wav Group 1/13/2014 Agent Responsiveness Study Reveals Critical Flaws in Real Estate Lead Response
** MIT study on internet leads (Massachusetts Institute of Technology)