If you aren’t tracking your efforts and key metrics, you don’t know your Lead Generation Conversion Rate. Here are some tips for tracking appointments and gauging your success.
Today, ICC Executive Coach Brad Baldwin is walking us through how to track and gauge your lead generation conversion rate. We will be calculating how many contacts per hour you need to make to get the appointments that will get you listings … to get the amount of income you need to hit your goals. Whew! It’s a real mouthful, but we’re diving in!
VIDEO: Lead Generation Conversion Rate
How many contacts should I be making?
This is probably one of the questions we get asked the most. It’s a loaded question because there are a lot of factors to consider. First off, this will largely depend on your experience as a real estate agent. Needless to say, with experience (and, spoiler alert, coaching), the lead generation conversion rate gets better.
Conversion Rate for new real estate agents
Let’s say you are a brand new agent. You just got your license and your background is not in sales. This is common. You are just starting to do some outbound prospecting — that could be FSBOs, SOI database, expireds, circle prospecting, or online leads (forced registration leads, specifically). When you are starting out, you don’t know what to say! You’ll need to learn some helpful scripts and prospecting techniques through training.
As a new agent, you can expect to make 1-5 contacts per hour. Through our research, we’ve found that the beginner can expect to make 150 contacts and only get one appointment out of all those calls. For every 10 appointments a beginner makes, you’ll get 4 listings. Not great numbers, but again, you’re new!
Conversion Rate for real estate agents with moderate experience
At this level, you’ve taken courses online to help you with your scripts. Maybe you participate in some of our role-play groups or have joined our Real Estate Agent Round Table Facebook group. Your sales experience is starting to improve. This is the level that most of our coaching clients are at when they start with us.
As a moderately experienced agent, you should expect to make 6-8 contacts per hour. Your lead generation conversion rate is much better — for every 70 contacts you make, you’ll get a listing appointment. For every 10 listing appointments, you’ll take 6 listings. This is not bad at all when it comes to a lead generation conversion rate. You are average, and you can make a decent living at this level.
Conversion Rate for real estate agents who are being coached
Coaching will take you to the next level. When you’re being coached, we consider you to be at an “expert” level when it comes to real estate skills. Not only do you have the experience, but you have a coach in your corner to push you and keep you accountable, too. You’re able to feed off of their expertise and learn at a much faster rate. At this expert level, you’re mastering scripts, you’re learning objection handling skills, you are active in role-playing groups and our Facebook group, and you are growing your business by leaps and bounds.
At the expert level, coached real estate agents are making 9-11 contacts per hour. Now here’s where it gets interesting. For every 10 listing appointments that you set at an expert level, you are taking 8 listings. This is huge. This is an amazing lead generation conversion rate.
Improve your lead generation conversion rate by improving your skills
Proper coaching and training is key for developing your skills to improve your lead generation conversion rate. It is all about knowing what to say, when to say it, and learning better ways to communicate and handle objections. This is your catalyst for improvement and change! And, ultimately, your income will grow as a result. If you’re looking to tighten up your business and make your lead generation and prospecting time each day more efficient, this is how you do it. Talk to an ICC coach today.