For the Real Estate Agents: Rethinking Your Conversion Rate

Many people underestimate the value of their lead generation. All too often, valuable leads end up in some database deep freeze to never be worked again. If someone is interested enough to email or call for information, they have value. Yet, agents in Dubai tend to compute conversion as clients who have called and closed within a 30-day timeframe. Sales people will protest that leads aren’t serious or qualified as they only want leads that are ready to buy NOW.

However, these leads (aka B leads) offer a tremendous opportunity for sales agents that understand the consumer buying cycle and see the value of fostering an on-going relationship with these prospects. So what is the difference between an “A” lead and a “B” lead? The answer is Timing!

“A” leads are already shopping and ready to negotiate and “B” leads are in the initiating stage. Savvy agents, the ones that are top producers, work with clients from the dreaming stage (“C” leads) through the transaction and owning stage.

The Opportunity of B Leads

How many of your leads are the coveted “hot” prospects? If your company is like most, your “B” leads far outnumber your “A” leads. The conversion rate of B leads is lower and their timeframe is slower but the sheer volume creates value.

Here is the typical scenario:

You generate 1000 leads.

100 are hot

700 leads are “B” leads

200 are not worth the time

If you convert 5% of the “hot” leads you have 5 customers.

If you convert 2% of the “B” leads you have 14 customers.

The Do's and Don'ts of Receiving a Phone Lead — Agent conversing with ‘B’ lead

How to work the “B” leads

Develop and keep in touch with them. These leads will not buy right away but some of them will buy. You want them to contact you when they are ready to buy. Keep in touch with them and offer them personalised communication. These are the leads you put in an email database, schedule a monthly call, send new properties and market updates to on a regular, but not pestering, basis.

So how to re-engage with these leads?

Sample Scripts / Emails

Hello (client name)

Jack here with (agency name). It’s been a while since we connected but I want to let you know there are a lot of new listings coming out and they are moving quickly.

Are you ready to start looking at homes again? I have some time this weekend to show, so give me a ring if you want to get the ball rolling. Remember you can reach me at 055 55 555 5555. Thanks.

Option 2

Hello client,

This is Jack with (agency name). I know your time frame to buy property is still a few months out but the market has changed since our last meeting and I want to make sure you are aware of new market conditions and handovers. If you are interested, let me know as I’d love to share some information with you. Give me a ring back at 055 555 5555.

Option 3 for a seller

Hello client,

This is Jack with (agency name). It’s been a while since we connected, but there are a lot of buyers out there looking for a home like yours. If you are closer to selling or have any questions, give me a ring and we’ll discuss how to get a better offer on your home. Give me a ring back at 055 555 5555.

have you heard OF BAYUT ACADEMY?

If you are a real estate agent whose agency is doing business with Bayut and if you want to learn more on lead generation and improving your soft skills, book your next training session with our Training staff via academy@bayut.com.