Check out this webinar that we did together with Josh Cunningham, CEO or Rokrbox, which appeared initially on Rokrbox.tv.
Your ability to generate commissions in real estate stem from two things:
Your ability to generate leads.
Your ability to convert those leads.
Pretty simple when you put it that way, right?
So, what should you invest in?
Easy as well. More high quality leads, and systems to make sure that they convert. With both
Pt 1: Speed to Lead
Let’s start at the top: when a lead hits your CRM.
Did you know that many companies have a speed to lead time of up to 47 hours? (study). If you let a hot lead sit for 47 hours, it’s no longer hot.
The same study indicates that if you can get to a lead within a minute, the conversion rates are 391% higher, and they remain high for about 5 minutes until you start to see a dramatic drop off.
So, if you can be hitting leads as soon as they hit your CRM, you’re going to convert them much more frequently to the next stage of your buyers’ journey. Our friends at
Pt 2: Sales Conversion Ratios
So you nurture the leads (or train your agents to nurture their own leads) and plop them into your pipeline, ripe for the picking.
At this point, more than ever before, it’s important to know exactly what your conversion ratios
The only way to improve this ratio? Well, first you need to measure it.
What is your ratio of 1st time appointments SET to 1st time appointments MET/ATTENDED? What is the ratio of attended appointments to SIGNED clients? How many of those signed clients end up closing?
When you track these conversion ratios, it’s a quick glance at your dashboard to figure out which part of the chain is the weak link. Low appointment to signed ratios? Spend a few weeks training your agents to kill it in their 1st time appointments.
If you don’t know these conversion ratios, how can you coach your team? How do you avoid coaching based on your own biases rather than the actual numbers? These are the numbers that drive your business forward. If you don’t track anything else, track those.
Motivating a New Generation of Real Estate Agents
It’s not hard to figure out what motivates the new generation of real estate agents.
Just look at their upbringing—they grew up with beautiful visuals, technology, and a video game controller in their hands!
If you can use technology, gamification, and beautiful visuals as core to your team accountability and coaching, you’ll have a scalable system for motivating and inspiring your agents:
- Beautiful visuals that show, at a glance, pacing towards goals and production in any given period.
- Gamification that assigns point values, rewards, and incentives based on production.
- An easy to use mobile app that makes tracking as simple as possible.
The team leaders and broker owners who master these principles and pair them with an effective accountability system will see improved conversion ratios across the board.
To take a quick look at how Sisu improves conversion ratios, schedule a quick call with our team here.