Internet Lead Conversion: It's Just Like Dancing!
No, I'm not going to be doing a dance for you today! Although, if you give me a good song, I'll make up a great dance move just for you!
I view my internet leads like dancers who just stepped on my dance floor. Some of them are experienced and some of them are so new, they don't even know where to face. I'm the lead dancer and my client is the follower. (Not sure if those are the proper terms! Any dancers in the audience? Can you help me out with the terminology? Thanks!)
Start the Music!
Before I start this dance, let me start by saying I get my internet leads almost the same way a real estate agent does, but my leads have a slightly different agenda. Most of my leads are shopping for a rates, not homes. That's usually the first thing that comes out of an internet lead's mouth, "What's the rate?!"
In the real estate agent's world, the new lead wants to know about so much more and is usually focused on the look of the house they found on line and it's price. So, in some aspects realtors and loan officers have to deal with similar challenges when it comes to converting internet leads into clients. However, I know most of my techniques are loan officer related. Hopefully, some of my "dance moves" will inspire you to come up with new lead conversion techniques of your own.
And so, the music begins and a lead steps onto my dance floor and starts to move. What am I going to do?
The Rate Shopper = The Flash Dance
If the dancer is a rate shopper who's already owned a home and is only looking to save some money on their mortgage, then I show them my "Flash Dance" moves! It's quick and it's fun. When a rate shopper contacts me by phone or by email, I won't show them the goods until I get some information from them. I will send back an email with a list of questions:
- How much do you owe?
- What is your house worth?
- What's your fico score?
- What kind of house do you own? Is it a condo or a Single Family Residence?
- Is this an owner occupied house or is it a rental?
- How long do you plan on staying in the home?
If the client questions my motives, I tell them, I'm narrowing down the types of loan products and pricing to be accurate with my rate quote. Once, I get the questions, then I let them have it! Look out, here come the moves! Bam! There you go. There are the rates. How do you like it? Does it meet your needs? No? Then, we need to practice the moves. I will determine the client's time frame to achieve his or her refinance goals and I will put his or her information in ACT! and set up follow up triggers. My triggers can be time based or rate based. If the internet lead is open to a little shimmy, I'll sign them up on our automated emails that go out whenever rates make a significant change. It's been said that leads don't convert to client until the 5th to 12th contact. In this case, the lead is just not going to convert until the right price or dance move gets their approval. Once they've reached their rate goals the flash dance melts into a fox trot until we close the deal.
The Home Buyer = The Samba
Whenever I get an internet lead that's a home buyer, I end up dancing the Samba with them. The lead will step on the dance floor with some notion of where to begin, but doesn't know which foot to start with. So, I will usually lead the client on a journey of discovery until the client finds his or her footing. This usually involves more probing questions. I will tell the lead I can help them achieve their goals if I new what those goals were. Hands together, and begin:
- How long do you plan on living in the house?
- How much money do you have for the down payment?
- How much money do you have to close the transaction?
- What kind of property do you want to buy?
- What is your comfort level in terms of money debt?
Now, please keep in mind these are not all the questions that I ask, but you get the idea. I will ask the client more questions than they do! That's because I'm trying to show them I care about the outcome of their journey as much as they do. If the client sees that I have their best interest in mind, they will usually start the application with me. If the client doesn't get it, then I will usually put them on a weekly reminder call in outlook to see if they found a better dance partner. When the reminder comes up, I'll email the lead and follow up with a phone call an hour later to ensure they got my email. Again, I'll put the lead into ACT! and set up the follow up schedule based on the client's time frame.
"For other methods of converting internet leads, be sure to check out giftofshift.com/activerain where you can purchase a limited edition hardcover of Gary Keller's book SHIFT, which comes with a free version of the eBook Soci@l: Attract Friends, Followers and Connections to Your Business, written by Ben Kinney and Jay Papasan (in which Ben shares his 'ten days of pain' lead conversion method) as well as free audio versions of Millionaire Real Estate Agent and Millionaire Real Estate Investor all for $19.99."