Learn how to convert online leads for real estate agents by using these systems to contact and follow up with leads from a variety of different online lead sources.
There are multiple sources for online leads for real estate agents. Remember, online leads are not in your sphere of influence (SOI). Your SOI should always be your main focus as a real estate agent. First and foremost, you need to build your book of business — your SOI. If you try to build a real estate business based on online leads alone, you’re going to get really frustrated. The conversion rate is much lower.
All that being said, online leads can be an excellent second pillar of business. Let’s dig in to the four different sources for online leads, and how to convert them.
VIDEO: How to Convert Online Leads for Real Estate Agents
Four categories of online leads for real estate agents
If you classify online lead sources into four categories, they would be Facebook Leads, Google Pay-Per-Click Leads, Premium Portal Leads, and Google Local Services Ads Leads. Below, I’m going to break down the different lead sources, in order of lowest quality to highest quality.
1. Facebook Leads
Facebook leads are low-quality online leads for real estate agents. Many of these leads have no intention of buying a house. The conversion rate is so low because it’s likely that the lead was browsing Facebook casually and happened to click on your ad. This person may or may not even be in the market.
Facebook leads are forced-registration leads. “Forced registration” means that they wanted to see your content, so they were prompted to enter their name and email address to gain access. Many people will do this quickly and without thinking. They don’t actually want to talk to a real estate agent, they are just browsing.
2. Google Pay-Per-Click Leads
Google Pay-Per-Click Leads are a forced-registration type of lead, too. The conversion rate is a little higher than Facebook leads. This is because with these leads, they are likely typing in to the Google search bar, “house for sale.” The reason these leads are not high quality, however, is because these leads are usually at the beginning of their search. They probably haven’t talked to an agent yet, and they probably haven’t even looked on Zillow yet.
Pay-per-click leads are very early in the home search process. Over 80% of people start right there — Googling “house for sale.” These leads typically come in via email.
3. Premium Portal Leads
Two examples of premium portal leads would be paid leads from Zillow and Realtor.com. These cost a little more money, but they are a higher quality lead than Facebook leads or pay-per-click leads.
These leads are not forced registration. Therefore, these leads are expecting a call from an agent. These calls become a customer service call — you are checking in with them to see how you can help. Because of this, you will see a higher conversion rate.
Premium portal leads are voice-connect leads. You must answer your phone! If a premium portal (like Zillow or Realtor.com) forwards a lead to you, you’ll get a phone call. If you don’t pick it up, your rating goes down, and you will start receiving less leads.
4. Google LSA Leads
These are the highest, premium-quality online leads for real estate agents that money can buy. You have to sign up for Google Local Services Ads (LSAs), and its a process. If you want to learn more about how to sign up for Google LSAs, we have a whole course that will walk you through step-by-step.
Like premium portal leads, you must answer your phone. Google LSA leads are also voice-connect leads. If you don’t answer, your ranking will go down and you will receive less leads. Many of these Google LSA leads are listing leads. I’ll say that again. Many of these Google LSA leads are listing leads. If you miss these calls, you are missing out on listings.
Online Lead Source Funnel
Check out the graphic below. It’s a great visual that really breaks down the differences between these four categories of online leads for real estate agents.
Conversion Monster is here to help
At Icenhower Coaching and Consulting, we work with a number of affiliates that we think are just awesome. Conversion Monster is one of them. When you are working with online leads and you are getting so many of them that you can’t keep up, that’s where Conversion Monster comes in. (Enter code Icenhower-2019 for a discount when signing up.)
Conversion Monster will answer all of your incoming online lead calls. This is a vital service that will not only get you more business, but it will also increase your ranking for premium portal leads and Google LSA leads. The more you answer, the more incoming leads you will get!
Having a service like the one Conversion Monster provides will allow you to take lead calls 24/7. When it comes to Google LSA Leads, they come in based on the business hours you have set on your Google My Business profile. To get the most leads from Google, make sure you have your business hours set to 24/7. And, make sure you have a service like Conversion Monster available to answer those late night (or early morning) lead calls.
More reviews = more online leads for real estate agents
Google Reviews are the new online currency. As with almost any product you can purchase online, people look at online reviews when they choose their Realtor. The more Google Reviews you can get, the higher Google will rank you and the more Google LSA leads you will receive.
If you need more help generating Google Reviews to get your name to the top of the local search, take our online course.
From Lead to Appointment
There will come a time, after you have nurtured a lead, where you need to set the appointment. We teach all of our coaching clients here at ICC to set the buyer consultation appointment before showing any houses. If you want to protect your time, you need to qualify your lead with a buyer consultation appointment first. This is an in-person or virtual face-to-face appointment.
Here are things to go over at your buyer consultation appointment:
- talk them through the process
- set them up with a listing e-alert search
- qualify them as a buyer
- do a needs analysis
- set expectations and goals
- get the exclusive buyer agency agreement signed
Lead conversion systems
When a lead comes in from anywhere online, you must have systems in place. Especially if you don’t hire a company like Conversion Monster, you must have a system for how to contact and follow up with these leads.
Let’s say it’s a forced-registration lead. They are probably not expecting a call from you. If it’s a premium lead, they may be expecting a call. And, if the lead is coming from Conversion Monster, they may be a little more ready to speak with you. Online leads for real estate agents are not like SOI leads. These are people you don’t know. You must try, repeatedly, to get ahold of these leads.
At ICC, we use a 2-week assault plan. Set this contact plan up in your CRM and it tells you what you should do each day to reach out. Once you make first contact, you stop this plan and start a nurturing follow-up plan. Remember, most closings come from follow up. You can’t just make one phone call and call it done. You must keep working your leads or you are wasting your money!
Want to learn more?
- Take our Google Local Services Ads for Realtors online course.
- Read The High-Performing Real Estate Team. You can buy Brian Icenhower’s best-selling book on Amazon.
- Subscribe to The Real Estate Trainer Podcast. You can find it on Apple Podcasts, Google Podcasts, Spotify, Podbean, and anywhere you listen to your favorite podcasts.
- Join the Real Estate Agent Round Table. We are always posting fresh content, including market updates, free templates, and host dynamic discussions with the industry’s top producers.
- Subscribe to our newsletter. In the sidebar of this blog, you’ll see a form to fill out to subscribe. You’ll be the first to find out about our new resources, free downloads, premium online courses, as well as promotions.
- Reach out and talk to an ICC coach. Not sure which of our coaching programs is right for you? Let us help you.
