Here are the top three components of the bulletproof buyer conversion process.
Since 2012, our team’s buyer-lead conversion process has outperformed the industry five times. Our buyer process converted 5% of our online leads in 2014 when inventory was at an all-time high; price reductions were more common than listings, and interest rates were around five percent. Does that sound familiar to you?
You should read this article because you don’t own anything in real estate except for one thing.
You don’t own your leads.
Your competitors have the same information.
The average lead uses four websites during the home buying journey.
The major portals are actively trying to sell the lead to other agents.
The only thing a real estate agent or team leader owns is the way they do things. You need a proven and repeatable process that outperforms your competitors. A process that sets you apart in your marketplace regardless of your experience level, resources, and who you know.
Now, let’s dive into the top three components of our buyer conversion process.
Irresistible Value Propositions
The buyer on the other end of the phone, text, or website thinks all agents are the same. They see buyer’s agents as a means to an end. Put in another way, they are problem unaware. And it is your agent’s job to differentiate your process from all the other agents in the marketplace.
Your scripts and sales process must highlight three core differences between your service and the competition. Otherwise, the buyer will continue to use the portals on their own. You must articulate so much value in the first minute that they want to work with you.
You have heard speed to lead, right? Contact a lead in under five minutes. They don’t tell you what to say when you contact that lead. Be irresistible and add value to the first impression. It is not their job to remember you; it is their job to ensure they never forget you.
Wow, factor! Buyer Presentation
A large segment of the population wants an elite buyer’s agent. They don’t want an average agent with average skills that has no playbook process to follow.
When an agent’s first impression is opening a door at a showing, they have demonstrated nothing distinctly different from the average buyer’s agent. Anyone can open a door. People want an expert in their field that is sharp as a tack.
Your first appointment must include a detailed counseling interview session followed by a buyer value presentation. When working with a buyer, you need to take the same approach as a listing.
The buyer needs to walk away with all your services and how to get the most out of your agency! The more value a buyer extracts from the process, the more likely they are to you use your services again and refer you to their family and friends.
Execute the process
Once you realize the buyer’s agent is getting paid for the buyer’s experience, not for selling a home, your business will change.
Because buyer’s agents get paid by the seller at closing for selling their house, we optimize our process to sell listings to our buyers. That works in the short run, but that is not what the buyer wants. The buyer wants a house but doesn’t want to be sold. Agents are shooting at the wrong target and have a terrible goal. Selling a buyer’s home is a goal, but it is not the main thing.
The Main Goal is to provide the buyer with an experience riddled with expert advice that they become loyal and realize they will never use another agency again because it would be detrimental to their well-being and best interest.
As a team leader, you are responsible for the buying process and must detail and train all the steps to execute. You will never reach your potential as a team without a written-out buyer process that you can train.