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You're Losing Lead Conversions Because of These Mistakes

July 13 2022

lead sales mazeAgents often complain about lead quality, but in reality, they're the ones missing out on conversion opportunities because of simple mistakes.

To help you overcome the myth of "trash" leads, gaining a better understanding of online leads -- and how to best work them -- can help you boost your conversion rates and supercharge your business.

Let's review three of the biggest, and most common, mistakes that agents are making that cause them to lose lead conversions.

#1. Not Reaching Out at the Right Time

To lock in the chance to do business with a prospect, it's all about making the right moves at the right time.

One of the most common mistakes that agents make when working their leads is missing the right timing. Specifically, by not reaching out at the opportune moment — when the lead is actually browsing transaction resources and is interested in speaking with an agent.

While reaching out too soon is considered warming colder leads, reaching out too late can be considered losing business.

Optimizing your lead response time can help agents convert more online leads into transaction opportunities. Doing so will allow you to meet customer expectations even before they've agreed to hire you as an agent.

According to NAR's 2021 Home Buyers and Sellers Generational Trends Report:

  • 90% of all buyers said that responsiveness was the most important agent skill and quality.
  • 89% of all buyers said communication was the most important agent skill and quality.

When choosing an agent to work with, today's clients want someone who can prove to them that they're going to maintain strong communications throughout the transaction.

From first contact to closing, following up on time is critical for rolling out the red carpet for your leads.

Pro Tip: According to Zillow and MIT, responding instantly to inquiries from online leads can increase conversion rates by up to 391%.

#2. Not Leveraging Personalized, Prescriptive Outreach

Another common mistake that agents make is sending out general messaging to keep in touch with their leads.

While this does technically count as reaching out and getting in your leads' inboxes, it's far less effective than if you were sending out personalized content.

Remember, you always want to provide your leads with real value that's relevant to their sales position, needs, and questions.

When you send out dry copywriting and general resources, you're missing out on the chance to build trust and show the lead that you're a service-driven, solution-oriented agent.

Pro Tip: Make it easy to personalize your outreach by organizing your CRM contacts into separate groups.

For example, you can separate your CRM into categories, such as buyer leads, seller leads, past seller clients, and past buyer clients. Doing so will allow you to leverage bulk actions that save time and improve the quality — and conversion potential — of your outreach.

Another way to help your CRM facilitate customized outreach is to tag your clients with important personal facts that you've learned about them.

For example, you can tag quick conversation points like "loves to golf" or "is planning on getting married" to help you stay current with your sphere.

When sending out an email, you can quickly reference their CRM contact and include a custom message based on your notes. Incorporating a one-line opener like, "How's it been out on the green?" or "How are the wedding plans going?" can transform low-quality content into an engaging, personalized outreach.

#3. Not Following Up at All

The biggest mistake that agents make when dealing with online leads is not following up at all.

According to NAR, 90% of real estate agents will give up on a lead after the first four touches — despite the fact that 70% of the time, that lead will go on to buy a home within a year, just with a different agent.

Another study reported that 80% of prospects are labeled bad leads, yet they still go on to purchase a home within 24 months.

Following up is critical for staying top of mind with prospects and warming cold leads until they're ready to convert.

Remember, only 25% of your CRM leads are ready to buy at any given time and the leads that are nurtured go on to make 47% larger purchases than those that buy immediately.

In other words, not following up is like defaulting on transaction opportunities.

Instead of trying to manage lead follow-up on your own, outsourcing the task to a best-in-class software that covers lead generation and outreach can help you access the opportunities hidden in your CRM.

To view the original article, visit the BoomTown blog.