The best way to improve any marketing campaign is to look at your data. Measuring things will help you make a better decision or change your actions if something isn’t working the way it’s supposed to.
If you have a real estate blog and an IDX system installed, would you be able to tell me your conversion rate for the last 3 months running?
Lead Conversion is a Two-Step Process
Step number one is tracking how many website visitors turn into IDX registrations. This includes consumers who submit an inquiry on a property or submit an online showing request.
So let’s say that for every 100 site visitors you get 10 new IDX registrations. That’s a conversion rate of 10%. Anything above 10% is good.
Let’s say you run a Facebook ad for $100. You get a 100 clicks and thus 100 site visitors as a result of that ad. But you only get 2 registrations. That’s a 2% conversion rate and each of those leads just cost you $50. That’s a little expensive (depending on your perspective) considering that those leads aren’t guaranteed to close.
Step number two in converting leads successfully is having a proper lead follow up process in place to follow up and connect with each and every single one of your leads that come in through your website.
Are you following up with new showing requests within the hour? Are you setting up new IDX registrants with new listing alerts so that they keep coming back to your website? Are you following up multiple times by phone and by email or do you give up after the first attempt?
A little bit of math …
For every 100 site visitors, you should be converting somewhere between 10 – 15% of them. This means someone submitted a showing request, registered to your IDX system, or asked a question on a property.
Then, out of those new leads you generate you should be converting somewhere between 3 – 5% into closings.
So, to get 1 closing you need:
150 site visitors x 15% = 22.5 x 5% = 1 closing
150 site visitors converting at 15% equals 22.5 leads. Then, 22.5 leads converting at 5% equals 1 closing.
Where are you at now?
What does your current online conversion rate look like? Are you generating 10 – 15% new online leads every month?
What does your closing rate look like? Out of the new leads you’re generating every month how many of them are turning into actual closings?
Lastly, how can you improve your website and your follow up process to improve your conversion rate?