“The Internet has more access to leads,” said Andy Herrington, an author, speaker and real estate coach, during his RealtorQuest seminar on converting Internet leads. “About 98 per cent of people start their search on the Internet.”
Herrington said between 15 and 38 per cent of Internet leads – depending on whether those leads were branded or not – will agree to a face-to-face appointment. That compares to just one per cent of cold calls and two to three per cent of farming leads.
Herrington went on to describe a typical four-month buyer cycle, and how agents can use their understanding of that cycle to better convert leads.
The buyer cycle, according to Herrington, consists of four questions. First, prospective clients will ask themselves, Do I want to buy? Once they decide that, yes, they do want to buy, they’ll ask themselves, Where do I want to buy?
And that’s where sales reps can jump in. Agents, Herrington said, need to harness the power of if. Enter that cycle by asking potential clients, “If you were to move, where would you go?”
From there, agents can guide those prospective buyers through the next two parts of the buyer cycle: Which home should I buy? and the process of making and firming the offer.
While repeat and referral business is likely an agent’s best source of consistent clients, new research shows the Internet is quickly becoming the second best place to get new leads – by a long shot.