The Do's and Don'ts of Working Online Leads

The team at BrokerBuzz has been working internet leads since 2008. While much has changed, many core fundamentals remain the same. Here are some best practices we've learned over the years:

Do expect that you can succeed with internet leads. Success requires working systems coupled with persistent and consistent effort. Internet leads can be a viable platform to fuel your business, but it takes knowing what to do and what not to avoid to have the best chance at success.

Don’t expect high conversion rates. In fact, most internet leads convert around only 1-3%. However, a properly optimized online lead generation system compensates for lower conversion rates with  a consistent, higher frequency and lower effort leads flow. 

Do expect to nurture leads thoroughly to get the ROI from your online leads budget. Online leads are increasingly expensive. Robust follow-up and nurturing processes ensure you convert not only “now business”, but also leads primed to transact 3, 6 or even 9+ months later. This maximizes the ROI on every lead source dollar spent. Maximize your time, efficiency and results with a CRM and automated drip marketing. 

Don’t expect leads to eagerly respond to every outreach. Imagine a system where a vast swath of leads will come and go. They’ll sign up, show up as a new lead in your inbox, with no or low engagement from then on. It’s frustrating but commonplace. Resist the temptation to conclude these systems don’t work. Know  that a strong connection process coupled with consistent follow up and follow through will pull the gold nuggets out of that volume of leads that come and go. 

Do structure inbound calls effectively:

1. Step 1 - Professionally introduce yourself. Let them talk, listen intently and answer questions. It’s all about them initially (Pro tip: the more you let the prospect talk and the more they open up to you, the more they feel they are making a connection with you).

2. Step 2 - ask “how long have you been looking? Just getting started or you’ve been at this for a while?” (or some prefer: “what steps have you taken so far in the home search process”). This can buy you time if you’re looking up a property or other information, but even more importantly will give you important background information to help you score the lead on the fly. Be sure to remember to ask if they are under signed, written agreement, if that is a requirement in your state. 

3. Step 3 - get the meeting (or if you’re not able to get the meeting, know that getting your foot in the door and building the relationship are the next best outcomes). If the prospect calls to see a property, don’t screw it up. Make it convenient and easy to say yes. If they called about a property but haven’t inquired about a meeting, a handy line is “by the way, I’m going to be out in that area later in the week (ex. pick an open-ended time frame that likely works for the prospect). If you want to see the property we can make that happen. How does Friday at 2pm work for you (ex. suggest a specific time frame). 

Don’t expect to convert leads instantly over the phone. In sales, you can only ask in commensurate with the value you have established in the prospect’s mind. The top reason agents fail in converting internet leads is because they break the relationship  over the phone, before it’s even had a chance to form, by asking too much from the prospect right off the bat. The prospect has a question or wants to see a property, and if they’re compelled to speak with your lender first or jump through other hoops or hassles, they’ll likely move on to the next agent. 

Typically conversion is a two-step process where you open up the relationship over the phone and finalize the conversion when meeting or beyond. There will be non-viable leads and no-shows, and that’s just the cost of doing business with online leads.  

These are just some tips and best practices for converting internet leads. As you can see, while online leads can provide steady business, successfully transforming prospects into clients requires both art and science - good systems combined with tenacious yet personalized follow-up. It's not a fit for every agent, but this lead format "clicks" for some. Hopefully this information helps you determine if you want to work internet leads and provides useful general best practices as well.