Transforming Your Pipeline: Top Techniques to Increase Conversions in Real Estate
Lead conversion is something always being chased in real estate. Improving, increasing, and optimizing your lead conversion rate is a must. It’s how you ensure profitability, growth, and opens doors for repeat and referral business. It’s not enough to get leads in the door — you need to convert them at a strong rate, too. Here’s what you need to know to optimize your sales pipelines and boost conversion rates.
Harness the Power of Effective Lead Segmentation
If you want to increase your conversion rates, you need to make sure you’re getting the right message through the right channel to the right people. Rather than playing a guessing game on how to do this, you can simply use effective lead segmentation. Lead segmentation means grouping your leads by shared characteristics. Maybe you group them by qualities like:
- Lead source, or where the lead came from
- If they’re a referral or not
- Characteristics like first-time home buyer, seller, FSBO, and more
- Demographics
- Location
Grouping leads together helps you create super relevant, targeted messaging that’s likely to resonate with them. For example, you already know that messaging for a referral is going to differ wildly from messaging for a FSBO who reached out via email. Use segmentation to build messaging that resonates and inspires leads to take action from it. Once you see what’s working for your segments, you’ll be able to parse them out even more and get more granular — or simply keep scaling your approach.
Use Personalized Communication Everywhere You Can
Personalized communication is massively impactful for your lead outreach, follow-up, and marketing communications. A McKinsey study found more than 70% of consumers expect personalized communications. Integrate personalization into your marketing and communications by using CRM data. These insights help you tailor your follow-up and interactions to each lead specifically. From using their first name in the subject line to creating a customizable listing presentation, personalization goes a long way — and BoldTrail can help.
The platform’s AI-powered smart CRM gives you centralized insights to each of your leads. It also has a fully-automated marketing suite, which helps drive up to 10 times more engagement with your leads. How? By serving them dynamic, multi-channel campaigns tailored to them. This degree of impactful personalization, rather than a generic, rinse-and-repeat message, will help drive leads to convert.
Make Sure You Have Strong Follow-up in Place
Once the lead reaches your CRM, what processes do your agents follow? Having a strong plan for lead follow-up will help ensure the leads are reached quickly, nurtured accordingly, and boosts their odds of converting. Setting up autoresponders that greet the lead via email or text after their submission is crucial: studies show that responding to a lead within the first five minutes is 20 times more effective than responding after 30 minutes. Clearly, follow-up is crucial.
Moreover, you need to have a plan in place in case leads don’t respond to your outreach. This looks like setting up an email nurture campaign designed for them, such as the lead source they originated from, or any demographics or characteristics they shared with you. You’ll also want to define the cadence for phone call and text message outreach. Being persistent pays off: it shows your agents are available to help, willing to respond, and helps increase odds the lead actually converts.
Wish you could do this automatically for your brokerage? BoldTrail’s CRM can help here, too. The CRM uses a blend of AI and rich behavioral insights to engage 5 to 10 times more leads and contacts. Did a lead just view several properties? They’ll get a text with more info, automatically. Did they save a property as a favorite? They’ll get an email with similar homes, automatically. Save your agents valuable time while helping leads get closer to converting.
Always Watch the Data
How do you know what’s working well for lead conversion? By keeping a close watch on data analytics. As a broker, you can only make meaningful optimizations to your lead conversion rates by leveraging data analytics to make informed decisions. Use data to answer questions like:
- Where are your highest-converting leads coming from?
- What is your current lead conversion rate?
- How does your lead conversion rate compare to last month, last quarter, and last year?
- Which of your agents are seeing the most success with lead conversion?
The insights you gather from using data to answer these questions will help you carve a path forward on what efforts to increase, what to decrease, and what best practices to establish with each of your agents. If you need a centralized, easy to understand view of the data, consider BoldTrail’s Business Intelligence & Analytics. Get unprecedented visibility into marketing source performance, agent productivity, contact engagement and more in the platform.