Broker Best Practices for Converting More Leads

As a broker, you build value with your sellers and with your agents by acquiring and developing buyer leads into transactions. Lead generation is hard work, and it is expensive. The single most important factor that drives up the cost of leads is lead responsiveness and lead conversion.

This is a pretty elementary factor to understand, and I am sure that you have a sense of how it is working in your business today. If you are not checking the pulse of lead responsiveness and lead conversion in your business today, start right now.

• Pull up the number of leads generated three months ago.
• Look at the average responsiveness of your agents.
• Run the names of the leads created against your sales to find matches.

In an instant, you will see what is happening. The reality for most brokers is that lead conversion is not that great, but if you just make it a little better, your return on investment and broker dollar will increase enormously.

A lot of brokers are mad about lead responsiveness and lead conversion. The path taken by most is to send leads to a lead team. This is a highly effective strategy, but it challenges the relationship with listing agents. Listing agents expect that they get all of the leads on their listings. Be careful when you are taking leads away from listing agents. There is a better path.

Depending on your lead management software, you have options. Here are some best practices:

• Send the lead to the listing agent.
• Set an auto-responder to acknowledge that the customer's inquiry has been received.
• Set the lead-time to live according to your service standard. Most companies set the lead-time to live at 15 minutes. If the agent does not respond, the lead is redistributed within that time frame.
• Once the lead is created, the drip marketing solution is triggered to keep you in front of customers. It continues until is it turned off by the agent or the customer.

What techniques do you use to boost your lead conversion rate? Let us know in the comments below.