E Lead Management TAR

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Information about E Lead Management TAR
Real Estate

Published on September 11, 2008

Author: jonathannicholas

Source: slideshare.net

Description

Presentation given at the September 2008 Texas Association of REALTORS by Jonathan D. Nicholas
http://www.jonathannicholas.com

Managing & Converting Your e-Lead Business: Cash Cow or Mad Cow? 06/04/09 2008 The Company CEO, Inc. Jonathan D. Nicholas, ABR, CRB, CRS, GRI 2008 President, CRB Council [email_address]

Cash Cow or Mad Cow? 06/04/09 © 2008 The Company CEO, Inc.

Cash Cow or Mad Cow? 06/04/09 © 2008 The Company CEO, Inc.

Technology Disconnect 06/04/09 2008 The Company CEO, Inc.

Technology Disconnect 06/04/09 2008 The Company CEO, Inc.

Technology Disconnect 06/04/09 2008 The Company CEO, Inc.

Don’t want to take notes? Log-on to www.jonathannicholas.com 06/04/09 2008 The Company CEO, Inc.

Don’t want to take notes? Log-on to www.jonathannicholas.com 06/04/09 2008 The Company CEO, Inc. Resources TAR Password CRB

Technology Disconnect The Internet Empowered Consumer Average Internet Buyer is: 29 Years Old Getting Younger Every Year 06/04/09 2008 The Company CEO, Inc.

The Internet Empowered Consumer

Average Internet Buyer is:

29 Years Old

Getting Younger Every Year

Technology Disconnect On the Flip-Side… Average Agent: 51 Years Old Not Getting Younger Every Year Average Broker is 54 06/04/09 2008 The Company CEO, Inc.

On the Flip-Side…

Average Agent:

51 Years Old

Not Getting Younger Every Year

Average Broker is 54

Course Objectives Understand e-consumer expectations Develop a lead management process Create conversion standards Understand the evolution of lead mgmt Consider additional e-lead generation options for greater return-on-investment 06/04/09 2008 The Company CEO, Inc.

Understand e-consumer expectations

Develop a lead management process

Create conversion standards

Understand the evolution of lead mgmt

Consider additional e-lead generation options for greater return-on-investment

Leads Management A system for tracking the life-cycle of a prospective customer, from source of contact through transaction completion (or abandonment) 06/04/09 2008 The Company CEO, Inc.

A system for tracking the life-cycle of a prospective customer, from source of contact through transaction completion (or abandonment)

Leads Management 06/04/09 2008 The Company CEO, Inc.

Disconnect Continues Comments heard in the office…. “ These internet leads are worthless!” “ They won’t return my phone call!” “ None of them are ready to buy!” “ They told me to leave them alone!” “ I’m not taking any more internet leads!” 06/04/09 2008 The Company CEO, Inc.

Comments heard in the office….

“ These internet leads are worthless!”

“ They won’t return my phone call!”

“ None of them are ready to buy!”

“ They told me to leave them alone!”

“ I’m not taking any more internet leads!”

Lead Conversion 06/04/09 2008 The Company CEO, Inc.

Lead Conversion 06/04/09 2008 The Company CEO, Inc.

Lead Conversion 06/04/09 2008 The Company CEO, Inc.

Lead Conversion 06/04/09 2008 The Company CEO, Inc.

e-Leads Are all internet leads bad?? Not if you take the time to understand a little more about them. 06/04/09 2008 The Company CEO, Inc.

Are all internet leads bad??

Not if you take the time to understand a little more about them.

Internet Consumers According to a NAR study on Internet Buyers and Sellers: They tend to have higher Incomes They tend to be better educated They have a shorter search time They view fewer homes They are more likely to use a REALTOR 06/04/09 2008 The Company CEO, Inc.

According to a NAR study on Internet Buyers and Sellers:

They tend to have higher Incomes

They tend to be better educated

They have a shorter search time

They view fewer homes

They are more likely to use a REALTOR

Internet Consumers According to a CAR study on Internet Buyers and Sellers: (2006) 92% found their agent on a web site 63% found through a search engine 0% found agent through brochures, flyers, yard signs or mailers. 100% started looking at homes first, for their agent second. 06/04/09 2008 The Company CEO, Inc.

According to a CAR study on Internet Buyers and Sellers: (2006)

92% found their agent on a web site

63% found through a search engine

0% found agent through brochures, flyers, yard signs or mailers.

100% started looking at homes first, for their agent second.

Internet Consumers According to a CAR study on Internet Buyers and Sellers: (2006) Internet buyers took 2/3 less time Internet buyers interviewed only one agent; others interviewed three Internet buyers were far more satisfied in every research category of satisfaction than traditional buyers were 06/04/09 2008 The Company CEO, Inc.

According to a CAR study on Internet Buyers and Sellers: (2006)

Internet buyers took 2/3 less time

Internet buyers interviewed only one agent; others interviewed three

Internet buyers were far more satisfied in every research category of satisfaction than traditional buyers were

Internet Consumers According to a CAR study on Internet Buyers and Sellers: (2006) 97% of internet buyers said that they would use the same agent AGAIN! Wow! They really are lower maintenance! 06/04/09 2008 The Company CEO, Inc.

According to a CAR study on Internet Buyers and Sellers: (2006)

97% of internet buyers said that they would use the same agent AGAIN!

Wow! They really are lower maintenance!

Internet Consumers Percentage of those who used the first Real Estate Professional they talked to: 80% of all Buyers 74% of all Sellers 06/04/09 2008 The Company CEO, Inc.

Percentage of those who used the first Real Estate Professional they talked to:

80% of all Buyers

74% of all Sellers

Generational Shift Gen-X and Echo Boomers (Age 14-43) 86% used internet to find agent 75% used it to find their actual home 66% used it to get financing 62% to get neighborhood information 06/04/09 2008 The Company CEO, Inc.

Gen-X and Echo Boomers (Age 14-43)

86% used internet to find agent

75% used it to find their actual home

66% used it to get financing

62% to get neighborhood information

Generational Shift Gen-X and Echo Boomers (Age 14-43) Teens – early 40’s Digital Lifestyle MySpace, FaceBook, LinkedIn, Twitter, etc. 06/04/09 2008 The Company CEO, Inc.

Gen-X and Echo Boomers (Age 14-43)

Teens – early 40’s

Digital Lifestyle

MySpace, FaceBook, LinkedIn, Twitter, etc.

Generational Shift Gen-X and Echo Boomers (Age 14-43) 45% used the internet to find a RE firm Use email 2 X’s more often than the phone Phone Calls are SO Last Century! Want their agent to have a website with listings posted to several other sites Want to be updated on the closing process by email 06/04/09 2008 The Company CEO, Inc.

Gen-X and Echo Boomers (Age 14-43)

45% used the internet to find a RE firm

Use email 2 X’s more often than the phone

Phone Calls are SO Last Century!

Want their agent to have a website with listings posted to several other sites

Want to be updated on the closing process by email

Communication Styles 06/04/09 2008 The Company CEO, Inc. Ages 44 to 62 years

Communication Styles 06/04/09 2008 The Company CEO, Inc. Ages 32 to 44 years

Communication Styles 06/04/09 2008 The Company CEO, Inc. Ages 14 to 31 years

Generational Shift Gen Y & Millennials 80% of under 24’s more likely to text than email Emails are SO Last Century! Average first time homebuyer is 22 years old Tribal – Community – Social Networkers 06/04/09 2008 The Company CEO, Inc.

Gen Y & Millennials

80% of under 24’s more likely to text than email

Emails are SO Last Century!

Average first time homebuyer is 22 years old

Tribal – Community – Social Networkers

Expectations? 15 to 20 Minute Response Time “ Connected” Agent All the information All the images The good, the bad and the ugly 06/04/09 2008 The Company CEO, Inc.

15 to 20 Minute Response Time

“ Connected” Agent

All the information

All the images

The good, the bad and the ugly

Terabitz 06/04/09 2008 The Company CEO, Inc.

Brokerage Realities 50% of leads are not responded to 50% of leads are responded to Took an average of 48 hours to receive response from an agent or brokerage 80% are abandoned after 6 days 06/04/09 2008 The Company CEO, Inc.

50% of leads are not responded to

50% of leads are responded to

Took an average of 48 hours to receive response from an agent or brokerage

80% are abandoned after 6 days

Brokerage Realities Alarming Reality $2 Billion was spent to drive online leads We are only nurturing 10% of the pie We lost out on the other 90% due to our own bad habits 06/04/09 2008 The Company CEO, Inc.

Alarming Reality

$2 Billion was spent to drive online leads

We are only nurturing 10% of the pie

We lost out on the other 90% due to our own bad habits

Brokerage Realities The Internet Pie 189 Million Daily Unique Visitors 115 Million Average Daily Visits 455 Million Daily Page Views 10 Billion Daily Hits 28.1 Minutes per Visit 06/04/09 2008 The Company CEO, Inc.

The Internet Pie

189 Million Daily Unique Visitors

115 Million Average Daily Visits

455 Million Daily Page Views

10 Billion Daily Hits

28.1 Minutes per Visit

Brokerage Realities The Internet Pie VS. REAL ESTATE 189M Vs. 44M Unique Daily Visitors 115M Vs. 5.4M Average Daily Visits 455M Vs. 2.8M Average Daily Page Views 10 Billion Vs. 171M Daily Hits 28.1 Minutes Vs. 9.1 Minutes 06/04/09 2008 The Company CEO, Inc.

The Internet Pie VS. REAL ESTATE

189M Vs. 44M Unique Daily Visitors

115M Vs. 5.4M Average Daily Visits

455M Vs. 2.8M Average Daily Page Views

10 Billion Vs. 171M Daily Hits

28.1 Minutes Vs. 9.1 Minutes

Brokerage Realities 06/04/09 2008 The Company CEO, Inc. Media Metrix July 2008

Website Standards 06/04/09 2008 The Company CEO, Inc.

Website Standards 06/04/09 2008 The Company CEO, Inc.

Website Standards 06/04/09 2008 The Company CEO, Inc.

Website Standards 06/04/09 2008 The Company CEO, Inc.

Website Standards 06/04/09 2008 The Company CEO, Inc.

Website Standards 06/04/09 2008 The Company CEO, Inc.

Website Standards 06/04/09 2008 The Company CEO, Inc.

Website Standards 06/04/09 2008 The Company CEO, Inc.

Website Standards 06/04/09 2008 The Company CEO, Inc.

Website Standards 06/04/09 2008 The Company CEO, Inc.

Brochures are OUT! 06/04/09 2008 The Company CEO, Inc.

Standards? 06/04/09 2008 The Company CEO, Inc.

Website Standards Advanced Search Ability 06/04/09 2008 The Company CEO, Inc.

Advanced Search Ability

Website Standards 06/04/09 2008 The Company CEO, Inc.

Website Standards 06/04/09 2008 The Company CEO, Inc.

Website Standards 06/04/09 2008 The Company CEO, Inc.

Website Standards 06/04/09 2008 The Company CEO, Inc.

Website Standards 06/04/09 2008 The Company CEO, Inc.

Website Standards 06/04/09 2008 The Company CEO, Inc.

Website Standards 06/04/09 2008 The Company CEO, Inc.

Website Standards 06/04/09 2008 The Company CEO, Inc.

Website Standards 06/04/09 2008 The Company CEO, Inc.

Website Standards 06/04/09 2008 The Company CEO, Inc.

Website Standards 06/04/09 2008 The Company CEO, Inc. Minimum Standards: Quick Search and Advanced Search Interactive Mapping & Community Content Emphasis on Visual Content including Video, Pix, Tour Consumer Dashboard Content Rich Lead Generation Forms Syndication Lead Management Module Follow an e-lead Management Process

Minimum Standards:

Quick Search and Advanced Search

Interactive Mapping & Community Content

Emphasis on Visual Content including Video, Pix, Tour

Consumer Dashboard

Content Rich

Lead Generation Forms

Syndication

Lead Management Module

Follow an e-lead Management Process

e-Lead Process 06/04/09 2008 The Company CEO, Inc.

e-Lead Process 06/04/09 2008 The Company CEO, Inc.

e-Lead Process What are you doing to generate traffic? Google Adwords Media driving to URL Syndication Listing Updates Drip Campaigns Social Media 06/04/09 2008 The Company CEO, Inc.

What are you doing to generate traffic?

Google Adwords

Media driving to URL

Syndication

Listing Updates

Drip Campaigns

Social Media

e-Lead Process 06/04/09 2008 The Company CEO, Inc.

e-Lead Process What are you collecting from the traffic? Data Who, when, how long, what, where, how much Referring URL ROI Source Leads 06/04/09 2008 The Company CEO, Inc.

What are you collecting from the traffic?

Data

Who, when, how long, what, where, how much

Referring URL

ROI

Source

Leads

e-Lead Process 06/04/09 2008 The Company CEO, Inc.

e-Lead Process Scrubbing the Leads: Were lead generation forms submitted? Segment & Qualify Touch Base Assess urgency 06/04/09 2008 The Company CEO, Inc.

Scrubbing the Leads:

Were lead generation forms submitted?

Segment & Qualify

Touch Base

Assess urgency

e-Lead Process 06/04/09 2008 The Company CEO, Inc.

e-Lead Process Who is worthy? Office Policy or Company Culture Certification on Internet Consumers Internet Division Standards & Accountability What’s best for the consumer What’s best for your reputation 06/04/09 2008 The Company CEO, Inc.

Who is worthy?

Office Policy or Company Culture

Certification on Internet Consumers

Internet Division

Standards & Accountability

What’s best for the consumer

What’s best for your reputation

e-Lead Process 06/04/09 2008 The Company CEO, Inc.

e-Lead Process Incubate the leads that are not ready Drip Campaign CRM Activity Plan Communicate as the lead requests Cultivate relationship Provide resources and information 06/04/09 2008 The Company CEO, Inc.

Incubate the leads that are not ready

Drip Campaign

CRM Activity Plan

Communicate as the lead requests

Cultivate relationship

Provide resources and information

e-Lead Process 06/04/09 2008 The Company CEO, Inc.

e-Lead Process Track Who has the lead? Did they respond, and how long did it take? What is the status – weekly report? Quartile – Immediate, Incubate, Dead, Test Where are my best leads coming from? What is paying off? 06/04/09 2008 The Company CEO, Inc.

Track

Who has the lead?

Did they respond, and how long did it take?

What is the status – weekly report?

Quartile – Immediate, Incubate, Dead, Test

Where are my best leads coming from?

What is paying off?

e-Lead Process 06/04/09 2008 The Company CEO, Inc.

e-Lead Process Assign the leads When they raise their hands Are qualified Show urgency Come List Me Evaluation Relo Lead-assignment criteria 06/04/09 2008 The Company CEO, Inc.

Assign the leads

When they raise their hands

Are qualified

Show urgency

Come List Me

Evaluation

Relo

Lead-assignment criteria

e-Lead Process 06/04/09 2008 The Company CEO, Inc.

e-Lead Process Sold/Abandon Only know if you track the status Did you sale them or did they buy? Did agent abandon them? Where they not qualified? What is the result? 06/04/09 2008 The Company CEO, Inc.

Sold/Abandon

Only know if you track the status

Did you sale them or did they buy?

Did agent abandon them?

Where they not qualified?

What is the result?

e-Lead Process 06/04/09 2008 The Company CEO, Inc.

e-Lead Process Follow-Up Debrief Study the data and look for the story Discover trends Improve the process Increase your ROI Know the numbers 06/04/09 2008 The Company CEO, Inc.

Follow-Up

Debrief

Study the data and look for the story

Discover trends

Improve the process

Increase your ROI

Know the numbers

Evolution of Lead Generation The Opportunity Desk Footprints in the Store The Concierge Online Information Repository Social Media Intuitive Search & Sell Virtual Realty Reality 06/04/09 2008 The Company CEO, Inc.

The Opportunity Desk

Footprints in the Store

The Concierge

Online Information Repository

Social Media

Intuitive Search & Sell

Virtual Realty Reality

Remember the notes! Log-on to www.jonathannicholas.com 06/04/09 2008 The Company CEO, Inc. Resources TAR Password CRB

Questions & Answers 06/04/09 2008 The Company CEO, Inc.

Managing & Converting Your e-Lead Business: Cash Cow or Mad Cow? 06/04/09 2008 The Company CEO, Inc. Jonathan D. Nicholas, ABR, CRB, CRS, GRI 2008 President, CRB Council [email_address] Thank You for Attending!

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