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Quick question: What’s your lead-conversion rate? Not sure?
Winston Murray
Here’s a simple equation you can use to find out: Take the number of conversions divided by the number of leads, and you’ll have your conversion rate.
(Number of conversions) ÷ (Number of leads) = (Conversion rate)
So, say you purchased 500 leads last month and managed to convert five of them into clients. By plugging in the numbers, you’d find that you converted at a rate of 1 percent (5 ÷ 500 = 0.01).
After running your numbers, you might find that you’re not happy with your conversion rate — most real estate agents aren’t.
If that’s the case, I recommend listening to the podcast below with Winston Murray. Murray converts an average of 1 in 17 leads into clients (roughly 5.9 percent).
In the interview, Murray shares his team’s complete conversion system and offers advice to rookie agents. To hear all that and more, listen to the podcast below.
For details on Murray’s all-in strategy with Zillow leads, read on.
Going all in with Zillow
This strategy that can make or break an agent’s business.
And if you’re just starting out, you might not have much to spend on leads.
Murray didn’t. In fact, he only had $5,000 to spare. Still, he went all in, putting every dollar toward Zillow leads.
Doing this made it possible for Murray to scale quickly and enabled him to start building the relationships required to bring in more business.
But it wasn’t because of luck.
By treating these leads with care, just as he would when dealing with referrals or past clients, Murray managed to convert them at a much higher rate than the average agent.
If you’re considering an all-in approach with Zillow, here’s what you must do to make it work:
1. Contact leads quickly
First and foremost, you need to contact Zillow leads quickly, ideally in less than five minutes. If you or someone on your team, like an inside sales agent (ISA), can’t do that, don’t bother.
As an agent, it’s easy to get distracted, and not being able to respond to leads at a moment’s notice is understandable.
Still, it’s important to remember this: Consumers don’t want excuses — they want the best service possible.
You’re competing with countless other agents for these leads, and excellent service is one of the only things that can set you apart when making that initial contact.
2. Change your mindset
Mindset matters.
Striving to serve, making it your No. 1 goal to help clients, might sound cliche, but it’s actually a huge deal.
Consumers aren’t stupid. The average person can pick up on whether you’re genuine within minutes. That’s why you can’t treat prospects like dollar signs and expect to convert at a rate that’s anything above average.
High-converting agents like Murray operate from a place of service; it’s something that shines through over the phone and in person. In service-oriented industries like real estate, you simply have to put clients first.
3. Systematize follow up
After making that all important excellent first impression with a prospect, don’t let your budding relationship fall apart due to poor follow up.
Categorizing leads is one of the ways Murray ensures he’s always on top of follow up. From the initial conversation, he’s usually able to tell when a person plans to buy.
People planning to buy in the next few months are placed in category “buyer one.”
“Buyer two” leads are those who will likely buy within three to six months.
Finally, Murray’s “buyer three” leads consist of buyers who are six months or more from purchasing a home.
Murray has different action plans for each lead category, complete with task lists and reminders. Applying different follow-up strategies to each lead category ensures that Murray’s able to complete follow-up tasks more efficiently.
If you want to prevent tasks from falling through the cracks without overextending yourself, a follow-up system like Murray’s is just what you need.
Listen to Winston Murray’s podcast interview
Want to learn what else you can do to get better results with Zillow leads? Listen to the podcast with Winston Murray. In addition to expanding on the all-in strategy discussed in this article, Murray shares his alternative to scripts, tips on maintaining top-of-mind awareness and more.
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Pat Hiban sold more than 7,000 homes over the course of his 25-year career in real estate. Now, he dedicates his time to helping others succeed as agents and investors. As host of the Real Estate Rockstars Podcast, Pat interviews real estate experts to explore what works in today’s markets. He also founded Rebus University, an online training platform for real estate agents and sales professionals.
