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How To: Shorten Response Time and Convert More Leads

June 02 2011

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Studies have shown that, the more time elapses between receiving a lead and following up on a lead, the less likely that lead will convert to a sale. In fact, research indicates that increments as small as 5 minutes can make a big difference in lead conversion. If you think about it, it's easy to understand why. You have only to look at your own life for inspiration.


Let's create a hypothetical here, just to demonstrate the point. Suzy Homebuyer is looking at a property listing on your website. She likes the location, the price, and the aesthetics. She wants more information and sends you an email to get it. Of course, she'd prefer to get the information right away, while she's still in front of her computer. If she doesn't get the information until hours later, she'll have moved on to something else and will probably have forgotten about the property. She's lost interest, and may never regain it.

The Challenge for REALTORS®

"Great," you might be thinking. "In theory, I'd love to respond quickly to all leads. But it's not always possible in reality." That's very true. REALTORS® today are faced with one primary challenge that can keep them from responding promptly. The challenge: email.

I know – you couldn't live without email. We couldn't either. But, when it comes to responding to leads, email leaves something to be desired. You see, there's a very good chance that you won't even open the emailed lead (after all, only an average 25% of emails are opened) or that you won't open it until after the lead has gone cold.

Services That Can Help

One company that offers a solution is IfbyphoneIfbyphone. We were interested in learning more about this new service, so we sat down with Irv Shapiro, the CEO of Ifbyphone.

"We see our role as threefold," explains Mr. Shapiro. "We help REALTORS® generate leads and then we help them respond quickly to these leads. In addition, our service enables REALTORS® to look at their marketing channels and discern which channels are delivering the best results for their clients."

Our focus today is on how Ifbyphone enables agents to respond to leads quickly. The agent is notified immediately when a lead comes in from phone or internet. If the lead is coming in via phone, the caller can be connected to the agent for immediate response. Even if the lead comes in through email, Ifbyphone can call the agent with the lead details – if the agent wants to talk to the lead immediately, Ifbyphone automatically calls the lead.

If the agent cannot answer their phone, they can arrange for an assistant or colleague to respond to the lead for them. Under these circumstances, Ifbyphone provides a valuable trail. Agents can keep track of the leads they've referred to other agents and be certain that they receive the credit for that referral.

Ifbyphone tracks where leads came from – whether online, from a flyer, or another source. "There tends to be a gap between the marketing channels that REALTORS® know will be successful, and the marketing channels that sellers think will be successful," Mr. Shapiro explains. "This gap can be expensive and time-consuming. Ifbyphone tracks the source of each lead and 'whispers' that source to the agent. This information is helpful to the agent in their follow-up with the client, and will help the agent develop a marketing plan."

Ifbyphone is one way to help agents respond quickly. We're interested in hearing about any other products or systems that have worked for you.

Learn morea bout Ifbyphone.

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