First Out of the Gate: Manage Online Leads and Respond Faster

According to the latest NAR Profile of Homebuyers and Sellers, the number of home buyers using the Internet to search for a home increased this past year to 92%. We all know why buyers are looking online--it's convenient and the information is available any time of day, with the click of a mouse. So it's not surprising that response time is consistently cited as one of the most important factors to buyers when working with an agent.

"Today's Internet consumer is expecting a response certainly within the hour but, more likely, within 15 or 20 minutes," said Bradley Miller, One Cavo founder and president. That is why so many leading real estate companies have instituted lead management programs to help their agents respond to clients fast. Yet even with lead management tools, real estate professionals ignore or are late in responding to almost 75% of customer leads, according to a study conducted by PCMS Consulting and One Cavo. According to the same study, half of agents did not respond to Internet leads at all!

Managing online leads is a challenge for businesses in every industry, not just real estate. It's widely known that online leads go cold fast, so response time is key. The Harvard Business Review conducted a study analyzing over 1 million sales leads received by 29 B2C and 13 B2B companies. Companies that contacted potential customers within an hour of receiving an inquiry were nearly seven times as likely to qualify the lead as compared to those that contacted the prospect even an hour later—and more than 60 times as likely as companies that waited 24 hours or longer. It's so important to be the 'first out of the gate' and respond to those leads fast!