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October 25, 2014

Seize the Opportunity: Be Responsive to Consumers

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Seize the Opportunity: Be Responsive to Consumers

Could you be missing out on new business? A new study suggests many real estate pros are overlooking some leads and emphasizes the benefits of customer relationship management as leads turn into prospects. 

Missed leads are "a solvable problem if you have the correct systems in place and make the right investments," according to Victor Lund, partner at consulting firm WAV Group, who authored the study.

"Most lead routing solutions today give you the flexibility to ensure that a hot lead never goes cold. If the listing agent is not immediately available, brokers need to ensure that it is transferred to another appropriate agent, someone familiar with the property type and neighborhood,” Lund said.

WAV Group and Weichert, REALTORS®,’ Lead Network worked to evaluate the response rate of real estate professionals. They evaluated 384 brokers across 11 states by posing as consumers and inquiring about listings on broker websites, Zillow, realtor.com®, and Trulia. 

In the study, they found: 

  • 48% of buyer inquiries were never responded to; 
  • The average number of callback attempts by agents after the initial contact was 1.5;
  • The average number of e-mail contact attempts was 2.07;
  • The average response time was 917 minutes or 15.29 hours

Lund added that the missed leads "actually [represent] an important opportunity. If brokers and agents take steps to rectify this problem, and respond more effectively to consumers, they are opening the door to a great increase in revenue.” 

Source: “Agent Responsiveness Study Reveals Critical Flaws in Real Estate Lead Response,” WAV Group (Jan. 13, 2014)

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