Because most of you here at AR are web-savvy real estate professionals, the majority of you know that the sales cycle is much different now-a-days as most new business is now generated on the web. This biggest difference between today's real estate lead and the real estate lead of old is that we are contacting the lead much earlier in the sales cycle, so early in fact, the leads aren't even at the point where they are ready to talk to a realtor. This causes frustration for the real estate agents that do lead follow-up using traditional methods. It used to be that real estate agents didn't see or hear from prospective buyers until they were ready to start seeing homes. Now because of the nature of the web, we are getting lead information on buyers that are just starting the research phase of their home search. This results in leads being unresponsive to realtor contact causing the realtor to devalue the lead.
This type of behaivor on the part of the realtor will result in a significant loss in business. See my post on The REAL Sales Cycle of the Real Estate Web Lead on LouLynch.com
Hi Lou. The process is a longer one indeed.
Ken
oooh...I'm not sure I agree. I think it is more dependent on how the lead is approached and what is offered. I have seen that my lead conversion is increasing due to the ability to reach them sooner in the cycle. I can keep them focused on my value so that when they are interested, I'm the only realtor they know to talk to.
Karen, Yes, I believe you are correct...we can catch them early in the cycle--but many buyers are not honest...not totally honest about how much they want to spend or when they want to buy...some of my leads were people who have not even been preapproved by a bank....communication with prospective buyers is good--just try to understand where they stand--or if, in fact, they are sitting on the fence and may not be able to get off!!
I think that the lack of response from the lead may very well be that they are contacted by so many agents. I've found the on line leads to be more cautious and they take a little longer to build relationships with because they are overwhelmed and have so much and so many to sort through. IMO
@ Karen - You got the right idea! We are on the same page I think.
If you get some time, check out the full post over at LouLynch.com. It is absolutely important (imperative even) that they are contacted early in the sales cycle, my point is for the real estate agent not to become frustrated when some of them are initially non-responsive.
Thanks for the comment (@Ken too)
True, it is frustrating when the lead doesnt' get back to you for a while, It looks like they are gone or no longer interested and then they pop up again. Have faith......It will happen
Patricia Aulson Portsmouth NH Real Estate
Many buyers have become like first time agents. They have a ton of data, but don't know if they have it all, or if they have enough to make a good decision. Plus there are some sources that are out dated, incomplete, or have some other problem that must be filtered or deciphered. This has extended the buying cycle.
Happy listing and selling!
I think you focus on the right idea of sales cycle.
very nice post...... Thanks for share with us......