Shocking Real Estate Facts that will change how you do Business

It’s so important to take the time to think and put ourselves in the shoes of our customers rather than thinking like a realtor and what we need and want all the time. This week we look and see the trends of our customers and how to model what they want and need from us. So let’s get started….

#1.) Follow up web leads and make contact with them in under five minutes (speed to lead). We know 50% of sales will go to the first person to make contact with them and the agent that makes at least 6 follow up contacts has a 90% higher chance of getting a response and chance of converting the online lead. (Source Insidesales.com )

#2.) The best time to make email contact with a customer is at 8:00 A.M. in the morning and 3:00 P.M. in the afternoon. (Source GetResponse)

#3.) The best time to make follow up phone calls with a customer is between 4:00 P.M. and 5 P.M. in the afternoon. Second best time is between 8:00 A.M. and 10:00 A.M. and the worst times are 11:00 A.M. and 2:00 P.M. (Source InsideSales.com)  

#4.) The following are the best days of the week to follow up with contacts. Thursdays are the best follow up and prospecting days. Wednesdays are the second best follow up and prospecting days and the worst day to follow up or prospect according to InsideSales are Tuesdays.

#5.) The owners of real estate and high probable home selling clients are using the social media site LinkedIn at least 6 hours a week. Are you? (Source Jill Konrath)

#6.) Back in 2007 it would take 3.68 cold call attempts until you found a client prospect and today it is taking at least 9 cold calling attempts to find a prospect and lead. (Source Ovation Sales Group)

#7.) The average real estate agent only makes 2 attempts and 45% only make one attempt to follow up a client lead and would increase their conversion rate by 9 times if they increased their follow up attempt to only 5 times. (Source Sirius Decisions)

#8.) Agents only have a 2% chance of converting a cold call to an appointment. Lesson is to stop making cold calls and make warm calls using new ways to reach the decision-makers. (Source Leap Job)

#9.) An average agent can make about 8 prospecting contacts per hour and prospects for 6.25 hours to set one buying or selling appointment. So remember the magic number for prospecting is 50 prospects to set one appointment. Are you making enough contact when you prospect? ( Source Ovation Sales Group)

#10.) The highest response rate of communication with consumers is a text and 97% chance of getting a response. Lesson is to make sure you have the customers cell phone number!! (Source GetResponse)

#11.) Nurtured leads have a 47% chance of making a large buying decision versus a non-nurtured lead. (Source Annuitus Group)

#12.) When communicating or making a sales presentation, Visuals are processed 60,000 times faster in the brain than text. Use visuals and don’t tell but show and sell! (Source Neo Mamallian Studios)

#13.) The most memorable part of all sales presentations for the customer is the last five minutes. So always end all your sales presentations with a bang!

#14.) 91% of our current and past customers say they would give a referral to an agent but only 11% of agents ever ask for a referral. (Source Dale Carnegie)

#15.) Each year agents lose 14% of their customers a year. The biggest reason is for not keeping in touch. Lesson is to keep in touch and always be prospecting. ( Source Businessbrief.com)

So there you have it. Some crazy statistics and trends all agents need to be aware of and take action and implement new strategies to buck the trend! We dare you to take a few of these tips and implement and execute them and let me know how they impact your business in 2017?!

 

Are you the Agent the Leads think of first?

Are you the first agent your leads think of when they want to buy or sell a home?   There are many  agents who are driving down the street and see a house they know sold by another agent or someone an agent knows bought a house from another agent. You CAN stand out among the competition when you follow the 4 Step Lead plan!

What is the 4 Step Lead plan?

It is a simple 4 step plan you can do to stay top of mind with all your leads…

The top of mind 4 step lead plan for more Referrals is:

1. Call or Text

You want to connect with your clients every 90 days. Don’t just call to talk about real estate. Bring relevant news, check in, and have it be to the point your database expects your call! Stats say you get a 23% chance of response with email, 43% chance of contact with a call and 97% chance of response with a text! Do you have your leads and databases cell phone numbers?!

2. Weekly Email

Send weekly emails for open house invitations, events, and other updates. Emails need to contain value add and focus on content that offers insight to the challenges in today’s market or something every consumer has questions about. Email is not about spamming but enhancing, pulling and adding value to the leads and thinking that was really great and helpful content you sent.

3. Two Direct Mail Pieces

Send out two direct mail pieces every month. One of them should be a “just listed/just sold” or “we have a buyer”. If you’re new to real estate you can use your company’s stats, listings, sales, buyers (just be sure it says that on the mailer or get permission from the agents. Your other mailer can be: “Curious about the value of your home?” This makes you the expert they think of and you provide them with the information they are looking for.

4.  Activate Your Base, the Secret Weapon

Do a Facebook Live video and you’re instantly connecting with your leads.  Show your base you are the local market expert.

4.1 Know Your Unique Selling Factors

There are four things you should know to boost your confidence and swagger. You may not use all of these stats, but you should have them ready when you talk to customers.

1. We sell (x) times more…

2. We sell our homes (X) times faster…

3. We sell our homes for (X%) more on average…

4. We have (X) more five star reviews than any other agent in the marketplace.

When you use these unique selling points you can use a script like this….

“Clients work with us because we have the experience, we sell homes faster, and get our customers more money. We pride ourselves on customer experience and relationships, and we have 7x times more five star reviews than any agent in our marketplace. Our number one aim is to make sure you are our next five-star review and we want to deliver that experience to you. These are my competitive advantages (mention points above) that you can hold me accountable to.”

Remember if you are a new agent, you can use the stats from your office/team. You can leverage their numbers to support more customers.

Are you following the 4 Steps Lead plan? Or are you comfortable having $15 billion being spent from really large companies who want to take your clients and have them go somewhere else? Remember your strategy matters, and now more than ever, your ability to stay top of mind absolutely rules!