So, there I am...sitting in the drive-thru at McDonalds. (Not that important really...everyone reading this has been there more than once, I'm sure. So, you know what I'm talking about.)
I pull up to the little speaker and bark out my order from memory (probably a bad sign considering...) and wait for the voice of approval to squawk back at me with my total amount owed and telling me to pull forward to the first window...which I do willingly and with much anticipation (OK, so I might be over-exaggerating that 'anicipation' part. I mean...this is McDonalds...).
I sit in my Sport Family Truckster (that's what I call my Dodge Caravan Sport...its better than saying I drive a mini-van, isn't it??) and politely hand the dude on the other side of the sliding glass window my debit card. Swiped and freshly charged $4.35, he hands it back to me...and without a word, shuts the window.
Puzzled...I sit there.
And....I sit there.....
And..........I sit there.........
And..................I sit there....................contemplating why I didnt just go to Burger King....I mean, its been a long time since I have been there. It's just right up the street. And, the service there is always faster anyway. Dang it. Should have gone to Burger King...I could just drive away right now...After all, it's only $4.35...Not much of a loss...Yeah, that's what I will do...I will just drive away...OK, one more minute...
And...................I..........sit..............there...........waiting..........for what must have been a good three, maybe even four minutes!!!
I KNOW!!
The horror!!
The drama!!
The unmitigated gall!!
Making me wait that long...what were they thinking??? Don't they know that I want what I want and I want it right now??? Isn't that the entire point of using a service like this???
Suddenly, the window flies open and Silent Bob hands me my food and WHAM! door is closed again and I drive off feeling like I just wasted 4 minutes of my life. (This had better be the best breakfast burrito I have ever eaten, damn it...)
Now, correct me if I'm wrong...(and I'm willing to bet dollars against donuts that I'm right)...but, there are WAY more real estate agents in your town than restaurants. Knowing this, and knowing that all of you have said "yes" to those last two questions I asked about wanting what I want and that being the entire point of using their services...Why on Earth would you wait to follow up on a client??
By hitting your website and requesting information...aren't they sitting on the other side of that sliding glass window in your drive-thru lane just waiting for you to hand them the bag full of goodies they requested??
Let's examine a couple things to prove my point...
Did you know that the average real estate agent waits 54 hours to follow up on an internet inquiry?? 54 hours!! In case you aren't that quick at math, that is over 2 days!! (If you remember from the example above, I was ready to leave after 4 minutes...)
According to a recent study done by Kellog and MIT, you are 21 TIMES more likely to turn an internet inquiry into a client if you contact them the first time within the first 5 minutes of them being on your website versus waiting only 30 minutes.
And, that percentage chance drops to single digits if you wait longer than 90 minutes.
Let me give you a quick example of what that difference is...(There is some physical involvement here. Trust me, this little exercise will drive my point home nicely...)
Find a box of paperclips.
Once you have done that...take out one paperclip and lay it down on your desk. Now, take out 21 paperclips and lay them out end to end across your desk in front of you.
See the difference??
21 TIMES MORE LIKELY TO GET A CLIENT by calling them back in 5 minutes versus 30!!
So, why would you wait over 2 days?? Or, 90 minutes?? Or even 10 minutes?? In the internet world, 90 minutes is an entire ice age!! What do you think making them wait for over 2 days seems like?? Yeah...in the internet world, that's an eternity!!
Bottom line -- If you do not have systems in place to allow you to respond to an internet inquiry within the first 5 minutes of having it, you are losing clients. They are leaving your site and heading to another site that will give them what they want with the response times they require. Your clients want the same thing you do while you sit in the drive-thru. They want what they want and they want it right now. And, if they cant get it from you, they are going to find somewhere else to get it.
* For the record, The chart I used above is from the Kellogg Lead Response Management Study.
** Also, for the record, the McDonalds and Burger King logos were posted on other blogs that I read and were posted with permission from those other bloggers.
*** Oh yeah...In the interest of full disclosure and a generous dose of CYA... All opinions with regards to either restaurant's quality, speed, location, value, taste, convenience, or any other noun you can insert here are STRICTLY MY OPINIONS. They are not fact. And, should not be taken as such.
If you would like more information about Real Estate Client Referrals and how we can help you make more money, please contact Clint at 800-977-7058. If you would rather stalk us voyeuristicly, you can fan us on Facebook or follow Clint on Twitter.
Great post and good information. As much as I try to avoid the fast food giants, every now and then I just have to have one of their burgers. Thanks
Jay -- Thank you very much!! Yeah, im not proud of my addiction either. ;-)
Clint - an excellent analogy, even though I never sit in fast food lines anymore. Gave that up years ago. But the point is well taken.
The same is true, I dare say, if folks send us a text message, an email, or, heaven forbid, call and leave a message because we are not aswering the phone. We all experience this friustgration ourselves when we call or email agents with listings, needing to get information or access to the property. Why, then, do we not seem to understand the consumer's persepctive?
Jeff
Great info. Couldn't agree more. I think even Mc D's can take something away from this post :)
Jeff -- Thank you very much, Jeff. :-) I have to admit, I need to give it up. And, with regards to the other examples you just listed...AMEN!! Absolutely true. And, thank you for bringing it up!
Brandon -- Thanks, man...LOL @ McDs line. hehe
Love the post man, great example of what our society expects now! Immediate gratification! I could have guessed the faster you respond to a lead the better your chances at turning them in to a client, but 21 times more likely?! Wow, I think I might have to step my game up with those kind of numbers!
PS. Don't feel bad, everyone (me) eats too much fast food, you are not alone.
Clint, I know only too well the huge number of agents that will not respond in a timely manner. It's so frustrating for me but I can only imagine just how frustrating it is for clients.
When I first started studying for my license, my former boss asked me if I was learning how not to answer the phone evenings and weekends. He told me that if I ignored that lesson then I would make it in real estate. Well I did ignore that lesson and I learned a very different one instead. And that is, if we promptly respond to all our customers and clients, as well as fellow agents we will make it. And guess what, I'm still here.
Great post.......
:)
If I was an agent and was serious about growing my business I would be investing in a Personal Assistant or team ASAP. The numbers you throw out are not something to sneer at, they are grounded in fact and by bringing in the Drive Thru analogy you should have every agent reading this understanding and hopefully mitigating their failures.
When you are talking about commissions in the thousands of dollars being left on the table, planning not sloth should be your motto...
Travis -- Thank you! Very happy to hear that. Yeah...21 times more likely. HUGE difference...HUGE!
CR -- Hi! Happy you are still here also! :-) Awesome comment...Thanks for sharing that one!
Tom -- Dude...another comment on ActiveRain??? Did you lose a bet or something?? LOL!! Thanks for the positive comment, brother....Yeah, the numbers pretty much speak for themselves. Especially the $$$ left on the table...
Clint,
And I had been thinking within 30 minutes was fabulous! (Well, compared to 54 hours it is!) Need some major improvement - so thanks for alerting me to really important info.
I flip Hootsuite on and see this from theRealClint:
and all I can think of is the Kool-Aid man busting through the brick wall screaming, "Oh YEAH!"
Before picking up the phone, @ProfessionalOne and I ensure that we are hopped up on the lovely java of St. Arbucks (conveniently located one block from said RE office). This allows us to nearly predict when and whom to dial, BEFORE the lead actually hits our smartphones.
Now, I will admit that I get the leads faster *cough* crackberry RULES *cough* because I'm not just eye candy. But responding ASAP to any contact, and specifically a contact that has come off the 'net, is THE priority. When you can talk with folks that are still on your site searching for homes, you are meeting their expressed needs in the moment!
It truly is a thing of beauty!
All messing about aside: consider our own propensities as we use the net and our appetite for information. If we don't get what we want know, we move on.
54 hours to respond?!
Sounds to me like most agents are REAL busy to not respond to a lead for 54 hours.
Irene -- Well, yes....compared to 54 hours, 30 minutes is fabulous...but, faced with the 21 times ratio...yeah. I surely hope it helps your conversions!
Hey Clint,
Great points made! I have a client who uses me for this very thing. My main purpose is to make sure these leads are contacted back in some form or another as soon humanly possible. Sometimes this means calling them myself, sometimes I forward to the appropriate agent and sometimes I put them in the "system" so the follow up happens automatically.
I think in real estate more than most industries people want it now. Before I was in the industry, if I was looking to get info from an agent and I called and got voicemail, I just moved on to the next one on the list.
Thanks again for a great article!
Todd -- Todd, my good man. ;-) Good morning! LOL @ St. Arbucks. Never heard that one before. ;-) I know you guys ROCK the inbound inquiry thing...and I think I have written about you and your follow up skillz before...so, I skipped you in this post. ;-) But, yes...you are a model that most should aspire to be like when it comes to lead followup.
Jenifer -- You have a client...so, youre a VA?? Awesome!! And what a PERFECT thing to have a VA for!! :-) Superb info! Thank you very much!
The Internet and our current environment have caused everyone to get immediate satisfaction in most aspects of their lives. This applis to real estate and food!
I'm still laughing over the "Sport Family Truckster" - Your Caravan. Must be a guy thing?
Great post! I have had potential clients comment on their amazement that I contacted them so quickly. Quick follow up is a great way to build confidence - you WIN everytime!!
Keep on trucking
Melissa -- Exactly...and the very reason for the analogy that I used here. ;-)
Trisha -- Superb!! I am happy to hear that.
Terri -- Hey! Its a SPORT edition...I still have mag wheels. :-) And, thank you for the kind words. And, you are dead on correct...It is the best way to help build confidence when there is no confidence built. Your response time is the ONLY thing you have at that point.
When I have told other agents why I have been successful with internet leads, some have said they is no reason to be that connected. Commission checks say otherwise!
Great reminder. With I-Phones and Blackberrys and the like there is not reason not to get back to sommeone almost immediately.
I love when I can someone and they saym, I just sent that e-mail!
Clint,
No one expects to wait anymore. This is our American culture, in a hurry, toe tapping, fingers drumming, eye rolling impatience.
Great post. I loved the chart.
LOL I could just picture you sitting there waiting and waiting! Talk about customer service...where was the smile? How about a thank you? 5 minute respond time sounds about right to me and is what I usually expect when I'm on the recieveing end. Boy am I bad!
So, how was the breakfast burrito?
I saw this as a re-blog. Great, great, great! Very funny and so true! I catch myself going through the motions sometimes and it's a great reminder not to.
Hi Clint. Hope that was a good breakfast burrito!
They are tasty and delish. I am a big McD's fan. When they sell their large Coke for $1, that might be the best value in retail!:)
Anyway, yes, we should all strive to respond quickly to our leads...
Thanks for sharing your morning,
Ken
Andrea -- Commission checks are usually the best way to prove if it works! ;-)
Donna -- Absolutely!! :-)
Deborah -- Thank you so much! Yeah, that chart is really powerful.
Monika -- LOL! I dont think you are as bad as you think you are...but, if that thought crossed your mind...time to step up your game. ;-)
Lisa -- Not as good as it should have been...
Karen -- So happy you came over here. And happy you enjoyed the post!
Ken -- LOL!! I will remember that! ;-)
Clint ---- Congratulations on your feature post --it is an excellent point that you make here -- time is everything when dealing with internet leads -- thanks for reminding the Realtors out there how important this is.
Liz -- Thank you so much! I am happy that you liked the post. Timing is everything...and, in this case, the only thing. :-)
Quick response is where its at now days. I liked your analogy!
I check my email often. I don't expect to catch every fish that swims by. But, then again, I am not making much money selling real estate. Now, or, when I was with real estate dot com. I'll think about it. I'll re-read it. I'm sure I am missing something.
Rob -- You got it. And, thanks!
Gregory -- I hope what you are missing shows itself.
Another great post! Always love reading your posts. A little humor helps to drive home the point. I'm delighted that we will now have a call capture system with our new brokerage affiliation. And the suggestion was that when we get a text message that a potential buyer has texted for info on our listing, that we should texted them back, immediately. I agree. The ERA staff person said that calling a person that texed for info was off-putting to them. It's that old saying about responding in kind. I like that suggestion. Text back, right now. Because when I call people that come on my website, they are usually taken aback and don't really want to talk to me. But, a text message or an email, opens the door for your follow up call, which I do within a 12 hour period. So, I'm contacting them immediately by text or email, and follow with a phone cal in 12 hours. I've heard it's the 4th or 5th contact with them that gets them to be open to you.
Marianne -- Thank you. Im glad you like the post and my "voice" on here, as it were. ;-) Call capture is really important...Are you working with RealtyConnect or Goomzee for your text options?
Clint - I go to MacDonald's (not that often) because they don't have that really strange King. But I like the extra hot sauce on my breakfast burrito.
Email response is as critical as answering the phone. If they don't get you right away, they move on to the next agent. Great way to make your point.
I love your analogy! But I always go to BK over McD's . . . I most probably say "Number 1, cheese, no onion, diet Coke" in my sleep. Like you, not proud of that, but it's true.
If we don't strive to give 100% of our callers.emailers 100% of our fast and courteous attention, perhaps we should be working in fast food instead of real estate.
Great analogy. As Exclusive Buyer Agents, we are quick to contact all interested buyers, as we only represent buyers and never take listings.
But if they had given you your food in the same manner but faster would you have felt any different? So we need to respond fast and be good at it!
In 54 hours I already have the listing under contract and marketing started. In 54 hours I have already gotten the buyer with a lender and taken them out to see houses. 54 hours is all it takes for brokers to go out of business.
What type of contact? I know that might sound stupid but email? phone call? What? I respond withing the hour by email. Just yesterday I followed up with a phone call because I didn't understand the request so email and phone.
54 hours is bad obviously but whats the best first contact?
Hey Mike! -- Amen on the email response. Absolutely true.
Richard -- Thank you very much! Not a bad point, my friend...
TNR -- Thank you. Regardless of buyers or listings, it is important to follow up.
BRE -- Faster is always good. If all I want is a to have my inquiry responded to, time is the only thing Im concerned about. Now, if I was asking specific questions, I would inluce the level of response as part of that also...time is less important at that level. good point.
Ashley -- Exactly!!
Lyn -- Any type of contact. Phone. Email. Text. Any form of return contact....in 5 minutes or less.
Clint - great analogy. Responding quick is the key. That tells the potential client how you work. Thanks for the great post.
Interesting take on the whole subject... I agree 2-3 days is way to long.... But don't you agree if someone makes an internet inquiry (even if you have your mail on your phone) you are surly not going to interrupt the person you are showing homes to, to respond to them are you? 5 minutes may not be viable, more than a day murder to your business - amybe somewhere there is a happy medium.
Mike -- Thanks! Glad you liked it...and "get" it. ;-)
Barbara -- I think there is always exceptions to the rule. But, in an extrememly time-sensitive and volitile arrangement like this is...I would make an attempt to get back with them as fast as possible..even if its a text saying I got your info...I will call you in 30 minutes. Anything is better than nothing.
Great post! Sorry, but I gotta ask: How are your cholesterol levels?
Kirsten -- Thank you so much!! I just had a physical and I am well within the normal range. But, thank you for asking! :-)
Clint.....good post! On first read, I was filled with anticipation as to what was going to happen next. I am all too familiar with service like that. Take this for example...... I walked into a Dunkin Donuts the other day to order a gift card. As I walked up to the counter the D&D manager (MANAGER no less) was talking with a customer (later to be determined a friend) off to the side and no other associates were around. As I was patiently waiting, the customer turned around and said, "oh, I'm sorry....I'm not ordering." At this time, the manager walked away.....and seriously, about 5 minutes later, the manager walked back to the customer and said lets go. The manager then grabbed his coat and proceeded to the back..... His friend then said, "Dude, you have a customer....you have a customer here!" The manager said, "I've been here all day....it's time to go." He then left leaving me at the counter. It wasn't until a few minutes later did someone else help me. ARE YOU KIDDING ME!!!! You have to love service oriented people..... I am actually glad people feel that they can act that way......it only makes me stand out more for providing the service that I do. Hey man....great post!
Brian -- Holy cats...i would have had to help myself to some vanilla cream filled donuts while I waited...LOL! LOVE those ones...If you ever feel the need to send me a care package...Vanilla Creme filled donuts from Dunkin Donuts will do just fine. A dozen, please....maybe two. ;-)
Great analogy with the restaurants, Clint. I think your CYA covered everything, although I am not an attorney nor do I play one on TV.
Dawn -- I just wanted to make sure someone doesnt try to claim I was crossing the line. ;-) A little CYA is always a good thing. ;-)
I saw this post referred t on Twitter (talk about your real estate drive thru) and I had to take a look. Here is my contrarian point of view (and forgive me if it's been stated before but I didn't read all the comments. I got here late.
I understand the "need for speed". However, but, and in any case, I am sick and tired up to my eyeballs of running my life to jump like a bunny at every available lead. Nine times out of ten they just want to know the price or they expect my to jump in my car to run over and show them the house they saw on the Internet regardless of their financial ability (or lack thereof) or they want a 7000 sq ft house with a pool and tennis courts for $149,900 and all closing costs paid by the Seller.
Sure. Sometimes, that Internet lead is a hot one with good chance of becoming a client who will sell or buy a house with ME. The Internet lead will be respectful of my experience and expertise and understand I have a life outside of real estate. This fantasy lead will appreciate that I got back to them in a timely manner and answered there questions knowledgeably and thoughtfully. [end of dream]
Why do I have to sacrifice my sanity and dignity to be the first one to respond to them within 10 seconds OR ELSE they will just go to Burger King instead.
I'm sorry, Clint. I love ya, dude. I hear this BS all the time about how you really, really, really need to be the first one there or else.
Here's a more important question: do you want to be a slave to the Internet lead or do you want to enjoy your life.
Ken -- I completely appreciate your stance on this...And, I would like to thank you for posting a dissenting opinion. :-)
I think there are exceptions to every rule. And, being in lead generation, I understand that not every lead is stellar. But, being in the PRACTICE of treating them all like they are golden is what will win in the long run.
A man grew up his entire life hearing that the lake near his village had a magical rock on the shore...a rock that would grant his every wish. The person that found this rock would know it because it would smooth and polished...and warm to the touch. Now, having heard this story his whole life, he set out to find that rock. He started at one point along the shore of the lake and started picking up rocks...and as he checked them to see if they were the stone, he would disgard the bad ones into the lake. Thus making sure he never checked the same stone twice. Months went by of him picking up stones, checking them, and tossing them into the lake...then one day, he picked up a stone that was warm to the touch...smooth as glass...and he knew this was the magical rock he had been searching for for months....and he threw it into the lake out of pure habit.
Moral of the story?? If you go at them all thinking they are all going to be bad...they are all going to be bad. If you go into it thinking they are all gold, you know how to react when you do find the golden one.
Ken, that is a great post. Most my clients are from the Internet and there is definately a correlation to how fast you respond.
LOL...love the McDonalds scene & the Sport Family Truckster.
Jeff,
That is powerful info. The 5-minute rule is a lofty goal to achieve, but is something to aim at for maximum efficiency.
Great advice and well written post Clint. Over two days to return an lead? Duh! Obviously no one will be there!
Right on Clint! At the first sign of intent we must convert them immediately!! We ARE in an era of EXTRA EFFORT!
Clint -
As I read this I kept thinking to myself "dude was waiting at the wrong window for his food" :)
Seriously, though....what a great analogy....and I'm with you.....we need to respond quickly to our leads if we want to garner market share...which is why having a smartphone is IMPERATIVE in this business!
Not sure a smartphone could have sped up your drive-thru meat scenario, but still....
Hope you enjoyed your burrito thingy!
That's why we have all the tools so we can respond quickly. We need to appreciate the client on the other side of the glass.
OK, so I'm glad to see some references to the response being the same as the type of inquiry received. If someone asks for info via email, I assume that is their preferred method of communication. Same with text messages and phone calls. That said, response time is absolutely critical.
The only time I don't feel guilty about not getting to someone right away is when they are sitting at their computer in the middle of the night sending requests....they are responded to first thing in the morning, since I assume they work shifts and haven't found an agent who will answer email at 3 am (although I've done that too!).
Hey there - two points. We often have shocked prospects on the phone when we call them back instantly - happy but very surprised that somebody actually cared enough to call. Two - I get frustrated with our e-mail on occasion - sometimes mail doesn't go through eventhough we think it does. We recently sent a response to an e-mail from a seller - after a couple of back and forths - that we would come by to look at their home. Here were were thinking everything was fine and dandy as we had within minutes confirmed and acknowledged the time of the appointment. Which was set for 2 days later. Morning of the day when we were to visit the seller - we e-mailed the seller to confirm and got a very upset response back that they did not want to consider working with us because we hadn't responded - WHAT!!!??? We had. Instantly. and had thought everything was a go. sigh
21 times is unbelievable. Makes you really consider the benefits of a speedy response.
Thanks, Ted. Yeah, any agent that has any reliance on internet inquiries would agree, Im sure.
Jenna -- Love my SFT. ;-)
Esko -- Shouldn't all goals be lofty? ;-)
Kelly -- The era of extra effort........hmmmmm.....you may have just given me a title for a blog. ;-)
Colleen -- I know, right? I even have a smartphone...it is a MUST in my world. I cant imagine being an agent without one.
Terry -- Yes, yes we do!
Lisa -- Good morning, one of my favorite GRITS. ;-) Response time is critical. Yeah, if youre getting requests at 3am, I think sleep trumps a follow up call right then. ;-)
Rita -- Hi Rita!! Awesome points, my dear. With regards to your email issue you brought up.....one simple phone call would have saved that whole thing. :-) Just sayin...
Cheryl -- 21 times...Its an incredible difference.
We are a society that wants instantaneous satisfaction, and most of us feel as you do. It makes sense to contact the internet lead immediately or they'll move on until they find someone who does.
Good post.
It blows me away when agents don't return calls. How can they do any business
Christine -- Exactly. You have it all wrapped up. ;-
Marguerite -- I agree completely!
I'm sorry I've been slow to get back...been slammed lately. (Not complaining, just sayin') You asked, "Are you working with RealtyConnect or Goomzee for your text options?" I haven't heard of either of these, and am not up to speed with the system ERA uses...I'm still trying to figure out how to get my super profile done! Right now, I'm just using my regular carrier.