As we move into a more challenging market this summer with interest rates still on the rise, house prices relaxing and many buyers and sellers questioning whether now is the best time to move, agents will need to adapt to hit targets.
Gone are the days of listing and selling at record breaking levels for months on end with minimal effort, now it’s all about building trust and relationships. In this market, agents will need to work harder and smarter in order to match the same level of success that was readily available before.
So, what are the key skills agents should be brushing up on to thrive in this market? We spoke to ex estate agency owner Liza Daniels who currently manages The ValPal Network call service, booking valuations for members by calling and converting their leads.
Build relationships and nurture your leads
“At a time when every listing and opportunity counts, agents can’t afford to only go after the low hanging fruit, so the first thing that successful agents will want to change is their mindset.
“All enquiries have value, regardless of if they’re not as “hot” as we’re used to in previous markets, but work needs to be put into building relationships with people and even potentially being willing to offer guidance and support ahead of any potential deals to build trust.”
Leads generated through marketing, particularly from platforms such as Facebook, may not be ready to sign up right away, so it’s important to lead with value and build rapport, while also nurturing the lead and continuing to “show up”, so that when they are ready to sell or let their property, you’re the only choice to consider.
Speed to lead has never mattered more
“Looking back at my conversion stats this year when booking valuation leads for estate and letting agents in The ValPal Network, the majority of valuations have come from calling on day 1, 2, or 3 of a lead coming in, OR 1-3 months later, which just highlights the importance of getting on the phone as soon as possible to maximise your chances of converting opportunities into valuations.”
Research shows that responding to a lead within the first minute, increases the chances of conversion by 391%. If you contact the lead in the first 5 minutes, the chances of converting are 21 times more effective than responding after 30 minutes. But after 5 minutes, the odds of qualifying a lead drop by 80%. A single minute can make a massive difference!
Be persistent in your follow up process and mix up how you communicate
“While automated nurture via email and text message is proven to be effective, nothing is ever going to replace getting on the phone. To maximise conversions, the first point of contact needs to be a phone call.
“If you don’t get through, make sure you don’t waste the opportunity – be persistent in your follow up process and try mixing up the way you communicate. The worst thing you can do is continue to email a prospect and expect a response. As Albert Einstein said, “Insanity is doing the same thing over and over and expecting different results.”
48% of salespeople never follow up and 64% of companies admit they do not have an organised way to nurture a lead. The average company takes 72 hours to follow up a lead, so prioritising speed to lead and nailing your follow up and nurture process will put you ahead of the majority of your competitors.
According to sales trainer and entrepreneur Grant Cardone, it takes 8 follow up attempts just to qualify a lead, while 80% of transactions require five to 12 follow ups. Knowing this, how many opportunities are potentially being missed or wasted in your business?
How to approach the phone call and the key questions to ask to maximise valuations
“I definitely find that leading with a completely open-ended question is the best way to begin the conversation, regardless of what they’ve enquired about. Avoid questions that require a yes or no answer and you take away the opportunity for the prospect to tell you no and put down the phone.
“Rather, open up the conversation and get them talking about themselves and their circumstances. Once you’ve gathered enough information and qualified them, you will be better equipped to be able to offer the prospect exactly what they need rather than pushing the services you think they need.”
Liza has prepared her 9 key questions to ask to maximise your lead calling conversions – click here to request your free copy.
For more information or help with all things PropTech, Marketing and Lead Nurturing, feel free to get in touch for a no obligation chat! 0208 663 4930 team@valpal.co.uk
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