I’m putting together stats from the past year and have come across two important stats that I wanted to share with everyone. Hopefully it will show the importance of building relationships quickly.
2008 or earlier - 15%
2009 - 22%
2010 - 27%2011 - 37%
Look at the numbers from 2010 and earlier, 63% of our sales are because of our systems of listing updates and follow up phone calls. This is all that matters. If we did nothing with those leads, we would get exactly that from them....nothing!
This one is based on the 37% of our buyers this year that bought from leads in 2011.
41% bought within 90 days
38% bought within 180 days
21% bought within 365 days
What does that tell us? To me it looks like most buyers are buying within 90 days even though our average has been consistent at 233 days the past couple years. This means if we do a better job of getting hold of our leads sooner verse later, we can turn sales quicker. Also, for those Agents that only try to get hold of a lead once, this should show you that you need to be on top of your leads and call multiple times to earn their business because if they are going to buy in that 90 day window, you don't have much time.
As much as follow up with leads is crucial for long term conversion, be sure that you are calling your new leads at least 3-4 times to get hold of them. The stats above say we are probably missing a ton of sales by not getting hold of these leads quickly and building a relationship with them.
If you have an LCA, once you know the Agent has made contact, follow behind them and give the lead a quick call to introduce yourself and let them know that you and your “assistant” will be doing everything we can to help them find their home. Ultimately they have to like you, the Agent, if they are going to use you. If there relationship is just with an LCA, then you have not built any trust or relationship which will lower their loyalty level to you.