The Technology Focused Lead Gen Team
Oh irony, how I love thee.
I once wrote a post for inman reviewing an inman event discussing inclusion. That event was literally held in a walled garden.
I was reminded of this today when the hot off the press Swonepoel T3 Trends Report was delivered to my door step. The 216 page publication focuses on trends and technology and comes to you via snail mail in the form of a printed and bound coffee table book. Yet, despite its old school approach I eagerly await its arrival as the people at T3 are very thoughtful most of the time. It’s the kind of publication that you want in your lobby … or these days, on the shelf behind you during a zoom meeting. People in the know read the T3 Trends Report.
I’d like to examine one of their top 2021 trends today. While this was originally composed for a real estate broker / team / brand audience, the lesson is applicable for our mortgage industry readers as well.
Trend #2 “The lead generation focused business opportunity.” Written by Jack Miller and Paul Hagey – two leaders I’ve had the pleasure of knowing for more than a decade in the industry.
I should note that they used some nice photography of a 30ish year old racing sailboat and a 100 year old wooden yacht – presumably to highlight the teamwork angle. However, they missed a huge opportunity to highlight the actual 36th America’s Cup boats that are currently sparring in New Zealand (it’s summer there and they don’t have covid). These boats are astonishing 75 foot technical flying wonders. Marvels of technology, teamwork and efficiency power these boats at speeds greater than 50 knots on hydrofoils in only 20 kts of wind.
Impossible you say? Sailing is boring you suggest?
(see… I geek out on lots of different technology that focuses on efficiency. I love this stuff)
Swanepoel suggests that like sailing, or… like the AC75 crews, your team needs a few specific things to ensure it’s operating at peak effectiveness and efficiency.
Here’s my thoughts on their 5 “Key Elements” suggestions that are designed to help teams or brokerages work as a well integrated unit.
-Management and Division of Labor
Leadership ought to guide, measure and track. Team members should execute and staff ought to support the team (transactions, property & brand marketing, lead gen and design). You can coach and train some of these roles – but some require special expertise and are key to the program’s success.
-Measurement and Accountability
This is hugely important. Management guru Peter Drucker is often quoted as saying that “you can’t manage what you can’t measure.” I believe this to be one of the most important principals driving growth of companies. In the past, leads were distributed without accountability. Today, it’s important to track, measure and manage followthru, quality and cost.
-Technology and Conversion Engine
A flexible, adaptable system (LOS or CRM) is a requirement. Locked down systems without an API are a hindrance to developing growth and tracking successes.
-Marketing and Advertising
There is no magic bullet here. While some have found success on Facebook or Google, others use radio and billboards. Most of our clients have combined Revaluate data with whatever system/platform they’ve had success with previously, in order to increase effectiveness. The answer is keep refining what works.
The goal is to remove tasks that can be automated and proceduralized from the agents’ daily task list. Think Henry Ford mass production vs building a car by yourself. Turn your team into an assembly line and increase productivity and production.
The Trends report specifically called out these Conversion rates that are really interesting. It illustrates the power of the above process and system is up to 5X greater.
Data on Lead Conversion Rates:
1% or worse when leads are sent to individual agents
2%-3% for agents on an e-team with systems in place
4%-5% for an agent team with weekly accountability meetings + a tracking system
On the high end, T3 reported that some extremely efficient teams achieved up to 20% conversion rates. That’s outstanding. Wouldn’t you like to know who they are and what they do? In the report there are several case studies for your review. (Get yours here.)
The CRM Graveyard Opportunity
What’s abundantly clear, is that more than 95% of the leads that are paid for, do not initially convert. The tremendous opportunity is to leverage these dead leads as an asset – rather than throw them out with the bathwater.
If you are in the business for the long haul, or perhaps you want to sell your book of business in the future – this data is valuable.
1) Build: Keep those leads as contacts in your CRM (you paid for them after all!)
2) Track: Measure and monitor the contacts in your CRM by Revaluate move propensity
3) Nurture: Connect and build rapport with your contacts
4) ReEngage: When the leads become more likely to move, reach out
5) Bonus Round: Enjoy your enhanced ROI efficiency on those old leads while watching Billion dollar sailboats efficiently fly over the gulf in New Zealand while sipping a well earned beverage.
It’s pretty clear to see that a well run machine requires better systems, processes and teamwork. Perhaps you already use all these suggestions. But if not – If you were to apply Revaluate and the T3 Key Elements to your business, would it move the needle?
If you’d like to discuss more, reach out to me. I’d love your feedback and comments below as well.
Disclaimer: I am not paid to include links nor write about T3 they are just wicked smart.