Understanding Funnels

Happy Monday everyone,
Today we have something a little bit different for you. We are going to discuss Understanding Funnels

Most of our articles are tutorials focused on helping you get the most out of your Agent Elite website, and that’s great. Moving forward however, we will also be mixing in different articles that will help you get the most out of not only your website, but your real estate career in general.

Funnels, are not something most realtors will recognize, but they definitely should. When you nurture a lead, you are moving them through your sales funnel, from a contact to a lead, to a prospect.

We’re going to help you understand how you can utilize the sales funnel to build your business.

Funnels Explained

A sales funnel is going to appear wide at the top. You catch all kinds of potential leads from all your different avenues. At the bottom its much more narrow, where it spits out the few leads that converted into sales. It gets more narrow because many leads drop off at each section of the sales process. The more traffic you have coming into your website, and the better both your online and offline presence, the better chance you have at closing leads. It’s about increasing your odds. On average, of all traffic that your Agent Elite website brings you, 12-15% will actually close a deal with you. For perspective, 2-5% of ALL Real Estate leads, turn into a sale. The funnel’s purpose is to help you identify how many leads drop off at each level, which can help you predict what you can sell.

The Funnel Broken Down

At the top of the funnel is going to Traffic and Leads. Traffic are the people viewing your content, your website but not necessarily doing anything with that information. Leads are real people interested in and aware of your business. They are who you are actively pursuing for a sale.

Then there are prospects. These are people actually engaging with your services. This includes anyone who may be liking your Facebook page, or viewing listings on your Website. Any of those people are leads, but only a few of those people will actually buy or sell in your market niche.

Anyone who likes your Facebook page is a lead, but only some of those people will be buying and selling in your area of focus.. You should never ignore leads that don’t fit into your sphere, as they may produce deals down the road. Organizing these leads can help you focus more energy on leads most likely to convert.

Then the base would be the leads that actually close with you. In a full funnel this would include current clients and people you are working with, repeat clients, as well as referrals.

How Do Understanding Funnels Help Me?

A sales funnel organizes leads, which will help you with four things:

Increase the number of leads you bring in
Predict your Sales
Effectiveness of Lead Nurturing
Map Out your Strengths and Weaknesses

Simply speaking, funnels help you build your sphere. Customers rarely will ever be handed to you. You will always have to work for it. You have to convince your sphere that now is the time to buy or sell, and that they can trust you to help them. The ultimate goal with funnels is to turn leads not quite sure about buying into clients. You want to make leads out of people who had no idea who you are.

Three Additional Ways to Improve your Funnels

Collect – use a CRM to record not just a lead’s contact information, but also how likely they are to buy with you. Include any information about the type of properties or areas they are specifically interested in. The stronger the lead profiles, the more effective you can be with following up, and eventually the more likely you will be to close the deal.
Measure – Keep track of when you lose a lead. You should have clear markers in your funnel for when a lead travels through. After each marker, the closer they are to converting into a client. Make time once a quarter to quantify how many leads move through your funnel. Taking note of where they drop out, and how you can get future leads to stay with you.
Invest in the Right Tools – A strong website with a proven traffic program paired with a powerful CRM is almost mandatory in this business. Agent Elite delivers real traffic to your website that is guaranteed to increase your odds of closing deals. You need the proper tools to track and understand all of this, it’s nearly impossible to do it all alone.

If you have absolutely any questions at all, or are interested in joining our network of countless realtors and brokers, then do not hesitate to contact us at (866) 808-7711 or send us an email at [email protected].

Stay tuned for our blog posts every Monday #AEBlogs

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