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The key to most lost leads: A slow response time


 

NEW YORK – Jan. 23, 2014 – Could you be missing out on new business? A study suggests many real estate pros overlook some leads, and suggests that a customer relationship management system could help agents make more money.

Missed leads are “a solvable problem if you have the correct systems in place and make the right investments,” says Victor Lund, partner at consulting firm WAV Group, who authored the study.

“Most lead routing solutions today give you the flexibility to ensure that a hot lead never goes cold,” Lund says. “If the listing agent is not immediately available, brokers need to ensure that (a client call) is transferred to another appropriate agent – someone familiar with the property type and neighborhood.”

WAV Group and Weichert, Realtors®,’ Lead Network evaluated the response rate of real estate professionals. They evaluated 384 brokers across 11 states by posing as consumers and inquiring about listings on broker websites, Zillow, realtor.com, and Trulia.

In the study, they found:

• 48% of buyer inquiries received no response
• 1.5: The average number of callback attempts by agents after an initial contact
• 2.07: The average number of e-mail contact attempts
• 917 minutes: (15.29 hours): The average agent response time

Missed leads “actually (represent) an important opportunity,” says Lund. “If brokers and agents take steps to rectify this problem, and respond more effectively to consumers, they are opening the door to a great increase in revenue.”

Source: “Agent Responsiveness Study Reveals Critical Flaws in Real Estate Lead Response,” WAV Group (Jan. 13, 2014)

© Copyright 2014 INFORMATION, INC. Bethesda, MD (301) 215-4688

Related Topics: Marketing