Today’s Consumers - Know What They Want ...........but Want It Now!
Hello again blog followers. Dave Holbrook here again keeping you informed of the Fort Leonard Wood real estate market and general information about buying, selling, or investing in real estate. Welcome back to those who continue to follow my blogs and stay informed. First Timers.... Welcome and I hope you will visit previous blogs to find out how the market has been doing over the past year and get caught up on all the information about the Fort Leonard Wood market.
Below are some statistics that may help buyers and agents understand the demands of buyers and requirements for agents. These statistics come from a recent Market Leader informational email sent to all their clients. I wanted to share this with both agents and consumers in an attempt to better understand each others positions.
Agents spend a lot of money in an attempt to be the first agent a buyer or seller hears from. This is called lead capture and a web presence is vital to an agents success because 90% of real estate buying decisions are starting online.
The Importance of Quick Contact:
A real estate would have to work 24/7/365 to capture all the leads that hit their website. Most consumers surf the internet to browse for homes. The consumer is hitting several websites in attempt to find that perfect home. Most buyers and sellers do not understand that agents who use IDX (internet data exchange) have "every" home listed for sale on their websites. This information is pulled from their local Multiple Listing Service (MLS) and all homes, including those listed with other agencies, should be accessible on their site. If not the agent is normally doomed for failure by not giving the consumer access to all properties with one search. In that regard agents must respond quickly to capture that consumer and provide them the additional information they cannot find on a website "knowledge of the market".
♦According to Forbes, “The odds of making contact with a new lead are extremely high if you reach out within the first 5 minutes of submission and the odds drop off dramatically by the first 30 minutes
♦Research shows that 35-50% of all sales go to the First Vendor who responds
♦Following up with an online lead within 5 minutes increases your chance of converting them by 9 times!
♦74% of buyers are choosing the sales professional and company that was the first to add value and insight into the buying journey.
♦On average, companies take an average of 46 hours and 53 minutes to respond to a lead
The Importance Of Repeated Follow Up:
In today's environment the consumer does not want to spend a lot of time on the phone discussing a home. An agent should have a lot of information about the homes listed on their website. This eliminates some of the questions a consumer may have about a property. If a buyer asks a question through your website it is vitally important for the agent to follow up with them as timely as possible. If a buyer or seller lands on an agent website and the buyer/seller does not respond in the first attempt to contact them - Don't Give Up! An agent should continue to follow up with a buyer/seller until they reach them. Some consumers won't answer phone calls from phone numbers they do not know but continued attempts may cause them to answer or send you a text asking who the number is from. Follow up, Follow up, Follow up - the customer deserves it.
♦According to NAR, 50% of leads are never followed up with/ and another 25% of leads are followed up with too late (following up after 12 hours is too late)
♦80% of sales are made between the 5th and 12th follow up attempt
♦Roughly 80% of all calls go to voicemail and 90% of first time voice mails are never returned
♦44% of sales people give up after 1 follow up attempt
♦The average sales person only makes 2 attempts to reach a prospect
♦71% of qualified leads are never followed up with
♦90% of consumers say they would use their agent but only 10% do
Stay Top of Mind and Stay in Business:
A real estate business is built on aggressive agents who are responsive to inquiries and contact every lead as if it were the last lead they would ever receive. If agents keep that in mind the next call could be a buyer or seller ready to give you their business. The reason the agent got the business was because they were the first person to call the buyer/seller when they began their search.
♦25% of business should come from new leads and 75% should come from follow up
♦10% of the agents in real estate make 90% of the money
♦According to Tom Ferry, a well-known real estate coach, 87% of real estate agents fail in the first 5 years
If you are in the market to buy or sale please call, text, or email. You can also get a free market analysis from my website to see if the market is right for you. Continue to follow my blog to stay informed on the Fort Leonard Wood housing market. Things are looking up and when it is time for you to invest, buy, or sell you’ll be better informed to become a winner in Real Estate by following my blogs. Use one of knowledgeable agents at Realty Executives for all your housing needs.