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Real Estate Broker Develops Lead-Tracking Model

Response time is a crucial factor. This two-day approach proves best.

(Boonton, NJ, December 30, 2013) — Larry Dean had tried tracking how effectively his agents followed up on leads, attempts that ended in frustration. An Excel spreadsheet filled with information proved “unmanageable,” says Dean, managing broker at the 20-agent Hanson Real Estate in Escondido, CA.

Now, with the help of lead-tracking software, Dean controls how leads are distributed and tracks such metrics as response times, follow-up calls, and conversion rates.

Through Dean’s tracking of leads, patterns emerge. Ideally, here’s how an agent should respond when a lead arrives:

  • The agent follows up the lead five minutes after it arrives.
  • If the first attempt doesn’t work, the agent follows up again with an email or voicemail, about 30 minutes to two hours later.
  • The third attempt should be made about four hours after the lead arrives.
  • The day after the lead arrives, the agent shouldn’t attempt to contact the prospect at all.
  • Two days later, the agent should try again.

Dean’s data shows that through six contact attempts, the conversion rate keeps rising dramatically.

How the agent communicates in the initial message is equally important, Dean says.

The full article, with Dean’s communication tips, appears in the December issue of Real Estate Broker’s Insider.

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