4 Questions To Ask When Buying Leads
As a real estate agent, you know how important it is to have quality leads. So it’s frustrating when you run into wrong numbers and bad information that waste your time. Keep reading to discover what makes some lead companies better than others and where to find the best information.
1. Is the Data Fresh?
One of the most important things your leads can be is fresh. Leads that are even a few days old can put you behind your competition and at a serious disadvantage when you try to get the listing. The sooner you get the lead, the quicker you can make the call, and the better your chances of getting the appointment.
So how do lead companies get the freshest information as soon as possible? They work around the clock. For example, the REDX data team works 24/7/365 to provide data on time, every day. These people combine multiple data sources and add a human element to ensure you have the best leads at the earliest time, saving you the hours it would take to do it yourself.
Calling that lead as soon as you wake up can make all the difference for your business. It gives you the first chance to talk to the homeowner and make a lasting impression. When choosing a lead company, make sure they give you the freshest data as possible so you can focus on making the calls.
2. Do You Deliver All of the Available Leads?
Did you know that some lead companies choose which leads to give you and which to hide? Some lead companies will only deliver the phone numbers they are very confident in. This means if there is any doubt that you can’t connect with a homeowner, they won’t even give you the information. While your connection rates will seem fantastic, there are a lot of leads you won’t ever see. This could mean you miss out on a ton of leads without even knowing.
As a prospecting agent, you know the amount of conversations you have is directly correlated with the amount of listings you close. So if you want more deals, it’s important to choose a lead company that will give you all of the information instead of just a piece.
If you’re spending your hard-earned cash on leads that will help you generate business, you want to get the most phone numbers, with the most accurate contact information, so you spend the most amount of time talking to homeowners.
3. What is the Connection Rate?
Running into wrong numbers and voicemails is inevitable in your prospecting session, but they shouldn’t be the only thing you experience. Different companies have different connection rates that determine how many people you have to call to get someone on the other line.
So on your next prospecting session, calculate your connection rate to determine if the time you’re spending is worth it. With REDX’s standard product, you can expect the average connection rate to be 10:1. This means every 10 phone numbers you dial, you will connect with one homeowner.
If you use a dialer, you could dial up to 80 leads in an hour and with a connection rate of 10:1 you have the potential to speak with 8 or more homeowners in a single hour. A connection rate that high beats other lead generation tactics that take months (and a lot of money) to find qualified leads.
When choosing a lead company, you want to make sure they are always trying to improve their products and data. They should be continually updating algorithms, testing phone number quality, and putting in the work to make sure you have the best connection rate for your prospecting sessions.
To help illustrate what this looks like, the REDX data team recently completed a comprehensive study. They made more than 10,000 outbound calls and tested the products against other companies. With the goal of making sure you connect to more homeowners than ever before, they used this study to upgrade the algorithm and data to ensure every agent spent more time talking to potential clients.
The changes implemented at REDX resulted in a 30% increase in conversations. By just being a customer of REDX, their data was automatically upgraded allowing them to talk to 30% more people every time they pick up the phone. See the new data in action when power agent Kent Brown prospects live!
Find a lead company that will do the work for you so you can focus on what’s most important: building your pipeline.
The Leads You Choose Determine Your Success
There are a lot of things that go into determining which lead company will be the best for your business. You want to find one with the best numbers, a high connection rate, and that is continually improving their processes to make your job easier.
You work hard each day to help your clients succeed so it’s only fair to find a lead company that will do the same. Time is money in real estate so the amount of transactions you do every year largely depends on the tools you use to find them.
Choose a lead company that will help you find those clients quickly so you can spend more time being a reliable real estate agent.
REDX offers real estate professionals a complete all-in-one prospecting platform for generating listing appointments. The platform includes seller leads, a dialer with up to three lines, and a lead management tool for simple follow-up. REDX maintains the position that all agents should be compliant with state and federal telecom laws – learn more here.
Call (800) 731-7339 option 1 to learn more about prospecting FSBOs, Expireds, FRBOs, Pre Foreclosures, GeoLeads, and our Power Dialer, or click here to get the LCA discount at REDX.
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