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Sign into your accountDoes It Make Sense to Buy Leads?
January 08 2015
Should you buy leads?
Maybe.
There are two things to consider:
- Will you do the follow-up and nurturing that is necessary to convert them?
- Do you have the cash?
The first question seems obvious, but it is trickier than it looks. Most agents will answer "of course" to the follow-up question without really considering what it takes to convert an online lead.
According to Robert Clay, founder of Marketing Wizdom, 8 percent of salespeople get 80 percent of the sales (non–real estate specific). Why does this happen? Well, Clay says it generally takes five follow-ups after the initial contact before a sale, and most salespeople give up on a lead after two attempts. Persistence pays off.
Calling prospects twice and not hearing back does not mean the lead is dead. When a customer cannot get preapproved because of poor credit, insufficient funds, or any number of other reasons, that does not mean the lead is dead. Even if they are still telling you their name is Mickey Mouse, the lead is not dead.
Now I ask you again: Will you take the time to follow up on and nurture these leads until they convert? Because if you are thinking, "That seems like a lot of work," then I say, "No, you should not buy leads." Don't waste your hard-earned cash.