Lead Conversion Myths & Facts
Greg Harrelson & Abe Safa discuss lead conversion myths and facts and help you shift your mindset about leads and lead conversion.
Turning a lead into a customer can be one of the most complicated steps in the marketing and sales process. As a real estate agent, you may have your own strategies related to lead conversion as well as personal beliefs on how the system works.
However, there are some prevalent misconceptions about lead conversion that may hinder you from efficiently transforming prospects into interested buyers. Keep reading to discover common myths regarding lead conversion as well as the facts behind these misconstrued beliefs.
Myth #1: Fresh Leads Are Better Than Old Leads
Oftentimes, agents get excited when they encounter a brand-new lead to potentially convert into a loyal customer, and in the process, they may begin to ignore old leads.
However, leads as long as three years still have the capacity to be converted; it’s up to you, as the agent, to consistently communicate and follow up with leads.
In fact, new leads may be worse than old leads, as their name might already exist in other agents’ databases in the market. In other words, your “new lead” could be an “old lead” in someone else’s book.
The conversion ratio between the second and third years of having a lead is approximately equal to that within the first year. In other words, old leads can be just as profitable as new ones; communication will be the make or break in your success.
Myth #2: Some Leads and/or Lead Sources Are Terrible
As a real estate agent, you might have dealt with leads that didn’t match up with your own expectations. Some prospects may have been unresponsive or uncommunicative, and often the easy thing to do is brand these cold leads as “terrible.”
However, it’s a more effective strategy to change your outlook on these leads and patiently look at the bigger picture when going through the process of conversion.
On average, it can take about a year to officially secure a lead, beginning from when you first made contact.
Take the time to observe patterns in your previously successful leads, and don’t fall into the trap of craving a successful buy and sell immediately after acquiring a new prospect.
Myth #3: Calling Frequently Is a Bad Method To Keep in Touch
While constantly ringing up someone’s phone seems like it may just provoke a potential customer to hang up on your business, it actually may produce the opposite effect.
Research shows that calling a lead six or more times connects you with over 90% of your contacts, and 91% of people who got called the same number of times also mention that they would work with the specific agent that ringed them.
In other words, assertiveness can be appealing to the majority of leads, strengthening the advice that constant communication is key to successful lead conversion.
What’s Next For Me?
Overall, common myths about lead conversion revolve around one’s outlook and strategy on dealing with leads. The facts on lead conversion are clear — you must maximize effective communication and do away with the belief that certain leads are better than others to increase the chances of becoming more successful in your marketing endeavors.
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