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Facebook Turns the Table on Lead Gen: You don't go after leads -- leads come to you
Online lead generation has created new business for many real estate agents for more than a decade. The major portals alone have collected hundreds of millions of dollars in annual ad revenue selling online leads to agents. Early on, agents who bought leads from the portals generated big business. But buying online leads from portals has become more and more expensive and can cost $200 per lead. And the national average conversion rate for internet leads is widely reported at only 2-3 percent. Social media sites, like Facebook, are turning the tables on traditional sources of online lead generation or lead gen. The old model of lead gen captures a lead, and then you go to them. With a social media channel like Facebook, your future leads are already checking you out, and when they are ready, they come to you. This shifts the focus from targeting people you don't know – online leads – to people who know and like you. The concept isn't new: historically, most agents generate the majority of their business from referrals, most often from past clients, friends and family, and others in their sphere of influence. Facebook makes this process possible online. Facebook and real estate According to the National Association of Realtors, 76 percent of members are on Facebook for professional use, and 78 percent use Facebook for personal use. However, NAR says only about one-in-five agents use Facebook to market their listings. Yet, the opportunity to generate leads from Facebook is enormous. Facebook continues its reign as the number one social media site. Nearly two billion people use Facebook every day worldwide. And the average time spent on Facebook exceeds any other social site, a whopping 58.5 minutes per user per day. Engagement on Facebook remains off the charts. Every minute, Facebook users create four million likes, and every second, more than six people sign up for Facebook. More importantly, for agents, 35 million people update their statuses on Facebook every day. Agents are attracted to Facebook, as it is the easiest and most efficient way to stay visible with their clients, friends, family, and community. The fact is most, if not all of them, are on Facebook. There is no more cost-effective way to use sphere marketing to reach clients and future ones than on Facebook. Facebook also meets HUD fair housing requirements for advertising as real estate agents must mark boosted posts as a "Special Ad Category" and select "Housing" from the pull-down menu. Facebook won't approve a real estate ad or boosted post without it. This makes certain agents are complying with fair housing rules that prevent specific geographic and demographic targeting. Turning the tables Perhaps the best part of using Facebook as an agent to generate leads is that in the long run, it is easier. Agents who are most successful in generating leads from Facebook do more than drive-by "liking" of other people's posts. The key is to share relevant comments and content. It's also essential for you to be you. Agents attract customers who are like them, as chemistry is vital in any business relationship. Through Facebook, people in your community get to know you, while your sphere gets to know you better. It's also important to be consistent. As a busy agent, it's sometimes hard to find a way to post to Facebook regularly. One of the best ways to be consistent is to use Facebook to market your listings. This includes paying for "boosted" posts. Paying Facebook to expose your listing post to more people helps your exposure in the market. More importantly, you are delivering value to your sellers by increasing exposure to more potential buyers. What changes is the way you generate leads. Using Facebook to promote your listings and expose your sphere to you and your business, you maintain top-of-mind awareness. When someone in your sphere is ready to buy or sell, they are more likely to contact you because of your Facebook activity. That turns the tables because instead of paying someone to send you an online lead and tracking them down to see if they are interested in working with you, Facebook leads are people who already know you. And they contact you, instead of the other way around. Isn't that the kind of lead every agent wants? Final advice: if your MLS or association offers Tech Helpline from Florida Realtors as a member benefit, you can get technical assistance with Facebook. If your MLS or association doesn't provide Tech Helpline, encourage them to contact Tech Helpline at [email protected] Tricia Stamper is Director of Technology at Florida Realtors®, which owns and operates Tech Helpline and Form

How Long Does It Take to Convert Online Real Estate Leads?
Feeling frustrated that your online real estate leads aren't converting? Or does it seem like they're taking forever? Here's the truth: online real estate leads take longer to convert than other sources and may convert at a lower rate than other sources like referrals, call-ins, etc. The average incubation rate for online real estate leads is anywhere from six to 24 months. The national average conversion rate for online real estate leads is usually reported to be between 2-3%. However, The National Association of Realtors® disclosed that the rate is actually closer to 0.4% – 1.2%. So, that means for every 100 leads you generate and work, you may convert two or three, and it may take a while to see it happen. I know what you're thinking—but don't be discouraged! With a seamless system in place designed to work and convert those leads, online leads can still be a lucrative part of your business. The name of the game is to leverage automation tools and technology services that allow you to work these leads without investing too much of your own valuable time. Build a Seamless Online Lead System First, make sure you have all of the necessary elements in place to turn those leads into closed deals. We recommend focusing on these three things: Speed to Lead It's critical to reach out within five to 15 minutes of the lead registering on your site. This is your best opportunity to make an impression! However, this is where many agents drop the ball. At BoomTown, we conducted a study of 40k+ agents and found that the average response time for an online lead was nearly 90 minutes. Yikes! That's enough time to lose an opportunity. It's impossible to stay glued to your desk all day. It's simply not the best use of your time! Plus, some leads might register on your site during the middle of the night or while you're on vacation. So this is a good area to rely on technology or a new hire in order to give focused attention to reaching out to leads. With BoomTown's Lead Concierge Service, Success Assurance, we generate and qualify your leads on your behalf (24/7 in as little as 90 seconds) and nurture them for up to one year. This way, no lead gets left behind. Qualification Have a plan for qualifying your leads and tagging/categorizing them appropriately within your CRM. The goal is to get as much useful information as you can as soon as possible. Like, LPMAMA: Location, Price Range, Motivation, Agent (are they working with one?), Mortgage (are they pre-approved?), and Appointment. (Note: If you're leveraging a Lead Concierge Service or an ISA, this should be a part of what they handle for you!) Pro Tip! Leverage your technology partner to embed qualifying questions within your IDX website. For example, when they're sharing their contact information with you, including the questions, "Are you pre-approved?" and "Do you have a house to sell?"  Follow-Up and Long Term Nurture Plug your leads into the right nurture plan to continue delivering timely soft touches with helpful information. You should be able to automate this within your CRM! Trust the Process If those three strategies are in place, the next thing you should do—be patient and trust the process. Yes, yes, I know it's not the sexy answer but it's the right answer. Online leads are "top-of-funnel," which means many of them are just beginning their search. They may be months away from being ready to transact. In fact, the average is six to 24 months. So you need to understand the lead funnel and the process of slowly moving leads through it, nurturing them so that when they are ready—you are their go-to agent! Remember: Your database is a powerful tool. Keep fueling it, keep working your pipeline. Stay on top of your systems and trust the process. To view the original article, visit the BoomTown

Improve Your Networking Skills: Follow These Tips and Watch Your Network Grow
Networking is essential in the real estate industry. Having an extensive, strong and continuously expanding network is the key to lead generation and obtaining referrals. Your network keeps you in business. So constantly working to improve your networking skills comes highly