Lead Management Cash Cow or Mad Cow - Century 21 Leadership Conference

Lead Management: Cash Cow or Mad Cow? Jonathan D. Nicholas, The Virtual CEO jonathan@TheCompanyCEO.com www.jonathannicholas.com Toll Free: (888) 800-8991 ©2009 The Company CEO, Inc. - All Rights Reserved

Leads Management ©2009 The Company CEO, Inc. - All Rights Reserved A system for tracking the life-cycle of a prospective customer, from source of contact through transaction completion (or abandonment)

Disconnect Continues ©2009 The Company CEO, Inc. - All Rights Reserved 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 stop stalking them!” “I’m not taking any more internet leads!”

Internet Consumers ©2009 The Company CEO, Inc. - All Rights Reserved 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 ©2009 The Company CEO, Inc. - All Rights Reserved According to a CAR study on Internet Buyers and Sellers: 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 ©2009 The Company CEO, Inc. - All Rights Reserved According to a CAR study on Internet Buyers and Sellers: 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 ©2009 The Company CEO, Inc. - All Rights Reserved According to a CAR study on Internet Buyers and Sellers: 97% of internet buyers said that they would use the same agent AGAIN! Wow! They really are lower maintenance!

Generational Shift ©2009 The Company CEO, Inc. - All Rights Reserved Gen-X and Echo Boomers (Age 14-43) 86% used internet to find a real estate agent 45% used to find a real estate company 75% used it to find their actual home 66% used it to get financing 62% to get neighborhood information

Expectations? ©2009 The Company CEO, Inc. - All Rights Reserved 15 to 20 Minute Response Time 15 Second Site Patience 4 Second Property Patience “Connected” Agent All the information All the images The good, the bad and the ugly

Brokerage Realities ©2009 The Company CEO, Inc. - All Rights Reserved 50% of leads are not responded to 50% of leads are responded to Took an average of 54 hours to receive a response from an agent or brokerage 80% are abandoned after 6 days

Brokerage Realities ©2009 The Company CEO, Inc. - All Rights Reserved 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 ©2009 The Company CEO, Inc. - All Rights Reserved The Entire 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 ©2009 The Company CEO, Inc. - All Rights Reserved 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

Website Standards ©2009 The Company CEO, Inc. - All Rights Reserved 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 ©2009 The Company CEO, Inc. - All Rights Reserved What are you collecting from the traffic? Data Who, when, how long, what, where, how much Referring URL/Source ROI Type of Form Leads Quality Verification (Password) Registration

e-Lead Process ©2009 The Company CEO, Inc. - All Rights Reserved Who is worthy? Office Policy or Company Culture Certification on Internet Consumers Internet Virtual Agency Standards & Accountability What’s best for the consumer What’s best for your reputation

e-Lead Process ©2009 The Company CEO, Inc. - All Rights Reserved 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 ©2009 The Company CEO, Inc. - All Rights Reserved 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 ©2009 The Company CEO, Inc. - All Rights Reserved Sold/Abandon Only know if you track the status Did you close them? Did agent abandon them? Did we re-assign? Was CPR administered? Were they not qualified? What is the result? Dead – Revived?

Lead Management Cash Cow or Mad Cow - Century 21 Leadership Conference

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Lead Management Cash Cow or Mad Cow - Century 21 Leadership Conference