The 6-Step Process to Converting More Buyers

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Today’s real estate buyers have a lot of hesitation; they’re often afraid of the current market conditions and what might happen in the future. This might make it hard to convince them to purchase a property.

Thankfully, Dirk Zeller of Real Geeks has a definitive process for converting more buyers.

 

Preliminary Considerations

Before you start trying to convert leads, make sure you’re focusing on the right ones. Here are some tips to get on the right track:

 

Check Your Pending Inventory

It’s hard to determine your buyer pool without measuring it, so make sure you’re checking your pending inventory for the week or month. It’s the best indicator of the current buyer pool. Use this information during buyer consultations to help them understand what the current market is like, and not what it will be in the future.

 

Choose the Steady and Compliant

The DISC classification for buyers goes:

  • Dominant
  • Influencer
  • Steady
  • Compliant

Aim for buyers who fit the last two, since the six-step process better fits their motivations, fears, and habits. Steady buyers are more likely to buy in the current market, while Compliant buyers are better at following procedures.

Learn the Factors Affecting Longer Sales Cycles

There are a few reasons why buyers take longer to make decisions. Learn about them and find ways to get around each. These include information overload, misconceptions about the market, and the emotional aspect of home buying.

Determine Whether the Buyer is Apathetic or Feeling Urgency

Whatever the market conditions are is merely the current playing field; it’s up to you to adjust your strategy based on the court. Learn if the current marketplace is building a sense of apathy or urgency for your lead, then tailor your approach based on that.

The Six-Step Process for Converting More Buyers

This six-step process is designed especially for steady or compliant buyers who are already in the “maybe” zone. With this, they can gain a sense of clarity and make a decision, especially if the current market gives them a sense of urgency.

  1. Differentiate Their Personal and Marketplace Reasons: Are they hesitating to buy because of their personal life or because of their perception of the market? Separating those two will decrease the wait time, especially if many reasons are market misconceptions.
  2. Check Their Commitment: Determine who they’ll go to in the future for real estate transactions. If you ask the right questions, you’ll understand whether their commitment is strong. If it is, you’ll have a better chance to convert.
  3. Learn Why They’re a Long-Term Buyer: Ask why they're taking their time. Why is their timeline like that? Why is X time the right one for them?
  4. Find Out the “What”s: Ask them what influences their current mindset. What are they hoping will change between now and their chosen time? What kind of service is valuable to them now and then? This will help you define their terms and conditions.
  5. Give an “If” Situation: Use a situation as bait to test the waters and see if there's anyone willing to take it. Keep the momentum going by giving Steady and Compliant buyers things they can analyze.
  6. Ask “What's the Plan?”: Understand if they have a process or a plan in place to reach their real estate goals. Most of the time, they don’t have any.
 

What to Do Next?

 

With their answers and the data from your pending inventory, you can craft a tailored strategy that will move them further down the sales funnel. If you do it right, you’ll convert these leads in no time.

 

Published on Jun 17, 2022 under , ,

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What Do We Do If The Real Estate Market Starts To Shift?

What Do We Do If The Real Estate Market Starts To Shift?

5.3.22 what if the market starts to shift

A shift in the market may start to worry real estate agents. For one, it can affect their commission rates. Secondly, it can lead to their clients losing interest in a property.

In this episode, Abe and Greg examined what it really means when the market shifts. Abe defines “shift,” or correction, as a slight change of position, direction, or tendency. A shift shouldn’t be equated to a market “crash.”

A shift shouldn’t be a cause of concern in itself. In fact, a shift can even bring benefits to an agent.

So, what do we do if the real estate market starts to shift? Discover the current state of the real estate market and how agents should react if there’s a market shift.

"I'm starting to hear agents get concerned. I'm hearing agents worrying ... a shift could be a slight change, not a crash, but just with a slight change, agents get worried. --And I think when agents get worried, How they respond to that determines whether or not their personal business crashes. So it's not necessarily the shift ... it's the reaction to the shift that could have negative results to an individual agent. In the same shifting community or market on agent could be accelerating, and one agent could be falling backward. " Greg Harrelson.

Current State of the Real Estate Market

"A shift is a slight change in position, direction, or tendency." - Abe Safa.

Abe begins the discussion by distinguishing and defining appreciating and depreciating markets. When a particular market rises in value. The latter, market’s value falls.

When a market appreciates, the first market that’ll rise is single-family homes, as it’s more in demand. The second to rise will be condos on “golf courses” or those that are located in a hot area.

Then, the final wave of appreciation will affect those that are less in demand or desirable. Even if they’re not in demand, these properties will still be pushed by the market.

In light of the current state of the real estate market, Abe reports that there has been a noticeable and significant appreciation on oceanfront condominiums since April 15th. If this trend continues, then it’s a clear sign that a market shift is happening.

What If There Is a Market Shift?

An agent’s reaction to market shifts will determine the outcome of their business. So, if ever there’s a market shift, real estate agents should focus on the following things:

An opportunity to Set Yourself Apart

 

Mindset Shift

A mindset shift begins by not panicking or worrying. In fact, some agents/corporations attribute their success to when the market is down. This means that there’s actually an opportunity for grabs when the market is down. A shift in the market doesn’t necessarily mean that your business will go down, too.

Greg highlights some effects of a changing market:

  •     You gain market share in a declining market
  •     You fight to maintain market share in an increasing market.
  •     The majority of agents lose market share in a hot market since there are a lot of licensees that get into the business.

Bring Certainty to the Consumer

 

Future Pacing

 

Shift Conversations

“Approximately 6 million houses are sold every year.” - Abe

With knowledge and real data, you don’t have to worry about what the media presents. Having actual data is important since consumers, who are not experts in the field, need certainty. This means they need to rely on people like you who know the facts.

Greg presents two tips when talking to a client during market shifts.

  • Future pacing: Assure clients that you’re constantly monitoring the market.
  •     Blame the market:  Don’t tell them to change the price without data. In other words, act as an interpreter of the shift, then inform them that the price is suited for the current market shift. 
 

3 Things We Do If the Market Shifts

 

Increase Activities

This involves tracking your numbers, like conversions and ratios. After getting the number, increase your amount of activity/lead generation by 25%. This way, your business can survive despite market shifts.

You can’t control the real estate market or the economy. Don’t sit and fret about the market shifting. Instead, capitalize on what’s going to change and when it’ll change. By doing so, your real estate business will still grow.

(Coaching) (Dirk Zeller) (Real Estate Lead Generation)

How to Increase Lead Conversion By Stretching Out the First Call with Dirk Zeller

How to Increase Lead Conversion by Stretching Out the First Call

Lead conversion is one of the most important aspects of running a successful business. After all, without leads, you wouldn't have any customers! 

The first call is often the most important part of the lead conversion process; it's your chance to make a good impression and turn a prospect into a paying customer. So, how can you increase lead conversion by stretching out the first call?

Focus on confirming the appointment and frame all additional questions.

 

Client vs Customer

 

Roleplaying

 

The Brush Off

Before we move on to the tips, let's address one common response when talking to a lead for the first time: the brush-off. You know, when they say things like "I'm not interested" or "I don't have time for this."

These responses are totally normal! In fact, research shows that 60% of customers say ‘no’ four times before they say ‘yes’ to a purchase. The key is to not take it personally and to keep pushing forward. Remember, you only need that one ‘yes’ to make a sale.

Typical Objections

There are a few objections you'll likely encounter when talking to a lead for the first time. These include:

  • I don't have time
  • This isn't a good time
  • I'm not interested
  • I need to think about it

The best way to deal with these objections is to acknowledge them and then move on. For example, you might say something like:

"I completely understand that you're busy! Can we schedule a time for a brief call later this week?"

By acknowledging their objection, you're diffusing the situation and opening up the possibility for further conversation.

Objection: They committed to another agent:

 

Objectives of the Brush off Prospect

As real estate professionals, we know that the first call is important. It's our chance to make a good impression and start building a relationship with the lead. However, oftentimes we get brush-offs and objections from potential customers.

Leads might give you the brush-off for two main reasons: disengagement and discouragement.

When a lead is disengaged, they aren't interested in what you're saying and they want to end the conversation. They simply want to get you off the phone so they can go about their day.

Leads may also try to discourage you as an agent and to make you believe that they're not interested in working with you to prevent you from calling them back.

Brush off Objections

When you're talking to a lead, it's important to sound confident and helpful. Below are the common objections of leads who try to brush you off:

  • “I'm just looking / not ready for a Realtor … "
  • “Working with another agent … "
  • “I'm busy and can't talk … "
  • “I just like to look on my own … "
  • “I'm not ready for a real estate agent … "
  • “I'm not really looking to buy … "
  • “I'm just curious … "
  • “I'm looking for a friend … "

The goal is to sound helpful without being pushy. You want to come across as an expert in your field who can help them solve their problem.

Overcome the Objections of the Brush Off Lead

When you're attempting to overcome the brush-off, it's important to sound confident and instructional without being bossy. You want to come across as an expert in your field who can help them solve their problem. See some examples below:

  • "Please tell me … "
  • "Share with me … "
  • "Give me an idea … "
  • "Please explain how … "

This may sound small, but it can make a big difference in the way you're lead perceives you.

The first call is important because it's our chance to make a good impression and start building a relationship with our leads. However, we often get brush-offs and objections from potential customers.

There are a few reasons why leads might give you the brush-off; they may be disengaged, trying to discourage you, or they might not be ready to work with an agent yet.

That's why it's important to learn how to stretch out the first call. By stretching out the first call, you increase lead conversion by giving yourself more time to build rapport and trust with the lead, increasing the chances that they'll work with you down the line.

(Coaching) (Keeping It Real)

Keeping It Real: The Resources To Equip Your Real Estate Team for Success with Sascha Chatman

Keeping It Real: The Resources To Equip Your Real Estate Team for Success

 

 

In this episode of Keeping it Real, Sascha Chatman and  Frank Klesitz, CEO of Vyral Marketing, break down how you can equip your real estate team for success.

Learn more about the resources needed to manage your own team of real estate agents. Of course, a capable workforce is one thing for generating leads and obtaining success in the real estate world. However, having the right resources available is one of the critical factors needed to equip your real estate team for success.

Recruiting Presentation 

Transforming Your Success into Their Success

Creating a Schedule

Buying this Year vs Next Year

Discovery Phase

The discovery phase is meant to determine whether or not the agents being recruited are the right fit for their real estate team while providing the necessary details for the agents to know what their team is about. Sascha first discusses their team goals and strategies to ensure agents know exactly what they're walking into. He also discusses other matters, such as expectations from the agents themselves and their commissions.

The discovery phase may be one of the most important parts of knowing how to equip your real estate team for success. In order to succeed, you need to have a reliable workforce on your side that shares the same goals and is willing to cooperate with the rest of the team to move forward. Having a compatible and efficient team is one of the best resources you can have in real estate, as it can significantly affect your business' productivity.

Ad Educated Buyer is Easier to Work with!

Agent Utility Belt

This is the highlight of the entire video. Sascha compares his utility belt of resources to Batman's belt of tools and trinkets. This belt essentially exists to store all resources and keep them within reach. Don't get the wrong idea, though. It's not an actual belt. Instead, it is usually a cloud or a compilation of all your valuable resources, such as videos, links, and other agent tools. Having a utility belt that is curated specifically for your team and your needs could help increase the productivity of your workflow because you won't have to scavenge for resources when you need them.

Not only does it make you more productive within your workplace, but it also gives off the sense that you are reliable and organized. When clients ask for something, you will easily have it within reach. 

Clients understandably have many questions before closing the deal, so one of the best ways to answer them is to grab a resource from your utility belt. For example, you're talking to a client about title insurance. Instead of answering their questions yourself, you could take an informative video from your utility belt and ask them to watch it. This makes it easier to understand and relate to.

Having a utility belt is a great way to equip your real estate team for success. It also comes in useful during business transactions. All in all, it's one of the best resources that a real estate team can have.

Having the right resources is essential in equipping your real estate team for success. Create an agent utility belt that caters to your team by signing up for the Real Geeks platform today. We provide valuable resources that you and your team can use to achieve the best possible outcome in every situation. Get started with us today!

Real Geeks' Real Estate Cost Per Lead Breakdown

Throughout our masterminds, exchanges with real estate industry professionals on The Keeping it Real podcast, and our every day, — a metric that everyone agrees is key to formulating your route to success as a real estate professional is the cost per lead metric.

Understanding your cost per lead metric will help you assess the amount of inventory in your market, understand your clients’ and prospective clients’ needs, assess where clients fall in their buying or selling cycle, and better understand your market. With your cost per lead metric, you can create a budget and a plan for any market or season you find yourself in.

Fill out the form below to receive an instant download of The Real Geek’s 2022 CPL Report that breaks down the cost per lead in the top 10 most prominent markets of the last year, the top 10 lowest cost-per-lead markets of the previous year, and the cost per lead breakdown of the 50 largest markets of the previous year.

Through our work managing Google and Facebook ad accounts for hundreds of real estate teams across the USA and Canada, Real Geeks can get a unique perspective of the market as a whole. Based on what we’ve seen, now is the best time in history to start investing in PPC leads.

Once you have assessed the cost per lead in your market, there are many ways to apply this metric to your strategy. Last week's Keeping it Real: How to Generate Seller Leads in Low Inventory Market w/ Lisa Chinatti & Jason Posnick, Lisa and Jason address the current issue of low inventory markets. As well as, break down the most effective approaches to 5 different lead sources and how to create a plan that meets your needs regardless of which market you are in.

 

 

In addition to constructing a strategy in response to low inventory markets and examining different lead sources, lead flow is also a factor to consider. If you have a small real estate team or have become overwhelmed with the number of incoming leads, you can deploy a texting assistant like Real Geek's Robin Geek AI to your workflow. Also, check out Keeping it Real's: How to Hire a Virtual Assistant to Cold Call Homeowners for Seller Leads w/JP Wells.

 

 

If you are getting started with building a workflow, check out: 4 Drip Campaigns You Can Activate Today and Get Huge Response, where Greg Harrelson & Abe Safa break down their favorite drip campaigns you can activate today using your Real Geeks workflow library, as well as a drip campaign of their own. 

There are plenty of ways to take your cost-per-lead metric and create a bulletproof lead workflow that works for you or your team. Check out our Keeping it Real: Bulletproof Real Estate Lead Follow-Up Plan w/ Brendan Bartic. We sat down with Brendan to discuss how his Denver real estate team sold 230 homes last year. He broke down his "bulletproof" real estate internet lead follow-up system.

 

 

If you’re spending money to generate online buyer and seller leads and are not happy with how many people respond to you or book an appointment, you’ll learn how to improve your results with our Keeping it Real: How to Convert More Online Buyer and Seller Leads to Appointments w/ Anna Krueger.