Are all internet referrals worthless? Of course not. At least, not when you know how to identify where they are in the buying cycle and how to use this knowledge to your advantage when working with a prospect. This blog post will show you how.
First, a common misconception among real estate agents is that Internet referrals are only out to waste their time. If you approach a buyer who has contacted you on the Internet - realize that they're likely still in the very beginning of the homebuying process -- looking at what's for sale, figuring out how much they can afford, and so on.
If you jump in and offer to take them around to open houses, shove paperwork in front of them and start talking about making offers and signing contracts - chances are the buyer will suddenly turn cold and unresponsive. The truth is, no matter how eager they may sound to buy a home - it's a major decision, and at this stage, they're just not ready yet.
Let Them Dream a Little
The worst thing you can do is "crush" you prospect's dreams at this point. If they're talking about a five bedroom home in the country, but their credit report is less than spectacular, you can't just jump in and drag their head out of the clouds. Give them room to dream. Reality will set in as you come closer and closer to making an offer, and they'll eventually be faced with the hard facts. At this point, you simply offer to answer any questions they may have, offer to give them a free list of homes for sale on the market and give them more information on the area itself.
Become More Proactive as Prospects Become More Active
Offer to give them recommendations on things they'll need such as a relocation service, a lender, a home inspector or appraiser as they come closer and closer to making a decision. You may not think you're being proactive enough, but as the prospect's interest increases, you become more and more active in helping them. Remember, the absolute worst thing you can do is put pressure on a buyer to make a decision before they're mentally ready to do so. It's the patient agents that become the rich agents!
What Else Should I Know when Working with Internet Buyer Referrals?
These tips and many more are available in our guide "Patient Agents are Rich Agents: How to Work Effectively with Internet Referrals" that we provide free of charge to each agent that signs up for Real Estate Client Referrals. - With the market in such a downward trend, agents today cannot afford not to use technology to its fullest. This free guide shows you how to work with Internet Referrals and become more productive in your office overall through web prospecting. For more information, visit www.realestateclientreferrals.com/news/
Colleen "Fish"
www.ColleenFish.com www.MapleValleyRealEstate.com
That's really informative! I haven't had any sales via internet but I have leads that have gone cold. So I appreciate that insight on internet leads. We have classes how to generate but not to service them!
Matthew -- Congrad's on the i-net sales! Give me a call if you would like to build that stream of income further.
Colleen -- You are completely correct! Agents like you are the ones that keep my company rolling. You would be a good fit for us.
Jimmy -- a good point...we teach people how to get them, but not how to work them. One thing my company is really good at is teaching agents HOW to work with internet leads once they have come to you. And, lets face it...that is the key to being successful.
Thank you all for your comments.
Statistics show that most internet leads will buy within 12 months of contacting you. If you don't patiently work the lead, this doesn't change the stat. It just means they will buy from someone else. Great post!
www.MeghanMullee.com
Meghan,
Thanks! One thing we have seen through our network is if the agent is diligent about following up with people and willing to work with them at their pace, they can expect a closing ratio of about 1:5 or even higher. There is a huge difference between getting "internet leads" and getting "internet referrals".