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MAP 062: How to Convert More Real Estate Leads w/ David Tal · Massive Agent Podcast

0:00
SPEAKER_03: On this episode of the Massive Agent Podcast, we're sitting down with one of the co-founders of Agentology to talk about responding to leads.
0:07
SPEAKER_03: What's the best way to respond to leads?
0:08
SPEAKER_03: Should you send a text?
0:09
SPEAKER_03: Should you call them?
0:10
SPEAKER_03: Should you put them on an email drip?
0:12
SPEAKER_03: What should you say in the text?
0:13
SPEAKER_03: What should you say on the phone call?
0:14
SPEAKER_03: We're gonna get into all of that so you can set up your own lead response system using today's best practices and the most effective ways of getting people to respond.
0:32
SPEAKER_01: I love to buy houses, I like to sell houses.
0:50
SPEAKER_03: Hey, what is up everybody?
0:51
SPEAKER_03: Welcome to episode number 62 of the Massive Agent Podcast.
0:55
SPEAKER_03: This is such a good show today.
0:56
SPEAKER_03: I'm so excited for this one because we talk a lot about generating leads, right?
1:00
SPEAKER_03: Well, generating leads is just the first step.
1:03
SPEAKER_03: Okay?
1:04
SPEAKER_03: That's just that just starts the game, right?
1:06
SPEAKER_03: And uh it's like uh getting the lead's not the touchdown.
1:10
SPEAKER_03: Getting the lead is catching the ball.
1:12
SPEAKER_03: Now you have to score with it, right?
1:13
SPEAKER_03: So we're gonna talk with one of well, probably the most qualified person on the planet when it comes to how to respond effectively to real estate leads.
1:24
SPEAKER_03: His name is David Tall.
1:25
SPEAKER_03: He is the co-founder of Agentology, which is a service that I've been using to outsource my lead response.
1:32
SPEAKER_03: I've been with them for I want to say a year and a half.
1:34
SPEAKER_03: It's over a year and less than two years, but they are my quote unquote inside sales agent, and they respond 24-7, 365 to all my leads.
1:44
SPEAKER_03: And then I only have to worry about responding to the qualified ones, ones that they've made contact with.
1:49
SPEAKER_03: They get some information from them, and then I respond to them.
1:52
SPEAKER_03: It's such, such a powerful way of responding to leads, and then nobody falls through the cracks.
1:58
SPEAKER_03: If you are new to the show, welcome.
1:59
SPEAKER_03: My name is Dustin Brome, your host.
2:01
SPEAKER_03: I'm a national speaker, trainer, and real estate marketing coach.
2:04
SPEAKER_03: I'm also a licensed agent myself in Salt Lake City, Utah with EXP Realty.
2:10
SPEAKER_03: I run a company called Search Salt Lake.
2:12
SPEAKER_03: That's my own team and brand here.
2:14
SPEAKER_03: I am also the co-founder of the Industry Syndicate, which is real estate's very first media company.
2:19
SPEAKER_03: This show is a proud founding member of the Industry Syndicate Media Network.
2:23
SPEAKER_03: You can check out more shows, uh podcasts, flash briefings, video shows that are similar to this one, like-minded hosts, uh similar to this show and to me over at industry syndicate.com.
2:34
SPEAKER_03: So, loan officers, you're gonna find mortgage shows, agents, you're gonna find agent shows and marketing shows.
2:39
SPEAKER_03: We have the number one appraisal show on the planet as part of the syndicate.
2:43
SPEAKER_03: We have some great, great, great shows and a lot more coming soon.
2:46
SPEAKER_03: Check that out.
2:48
SPEAKER_03: I'm also the the founder of the Massive Agent Society.
2:51
SPEAKER_03: So I launched I launched wow, tongue tied, I launched the society back in April of 2018 because I saw a huge issue, a huge problem.
3:01
SPEAKER_03: I was doing one-on-one coaching with people to teach them Facebook ads and real estate marketing, but the biggest like one thing just kept coming up over and over.
3:09
SPEAKER_03: It's okay, I know how to do an ad.
3:11
SPEAKER_03: Well, now what should I do?
3:12
SPEAKER_03: What what ad works?
3:14
SPEAKER_03: Right?
3:14
SPEAKER_03: Finding out an ad that works uh takes a lot of time and money.
3:18
SPEAKER_03: Okay, a lot of testing is involved.
3:20
SPEAKER_03: Usually what you think is going to work doesn't, and then what you don't think is gonna work does.
3:25
SPEAKER_03: It's really weird.
3:26
SPEAKER_03: So we wanted you to stop spending so much time and money finding an ad that works.
3:31
SPEAKER_03: Okay, finding finding a Facebook ad um that works, that converts, and instead spend that time and money responding to the leads that do come in.
3:39
SPEAKER_03: Okay?
3:40
SPEAKER_03: Getting the like this whole episode is so perfect for this because getting the lead is just the start.
3:45
SPEAKER_03: So we wanted to give you a way to have access to proven ads that you could just copy and paste so that you're not reinventing the wheel.
3:53
SPEAKER_03: You just have access to ads that work.
3:55
SPEAKER_03: Then you you maybe tweak them a little bit and we teach you and educate you on how to do that.
4:00
SPEAKER_03: We educate you and teach you on how to become a more well-rounded Facebook ads marketer and a and a lead generation expert so that you can control your own destiny.
4:10
SPEAKER_03: You can control your own business.
4:11
SPEAKER_03: That's what we do at the Massive Agent Society.
4:13
SPEAKER_03: We do only we do have only have space for one agent and one loan officer per market.
4:18
SPEAKER_03: So go to MassiveAent Society.com right now, click on sold out markets in the top toolbar to see if your market is available.
4:26
SPEAKER_03: If it's not, if it's not circled in red, you are you are in luck.
4:31
SPEAKER_03: You are you there's still a spot for you in the society.
4:34
SPEAKER_03: If your market is taken, I apologize.
4:37
SPEAKER_03: Somebody beat you to it, but uh uh you know, people aren't gonna be with us forever.
4:41
SPEAKER_03: That is the goal.
4:41
SPEAKER_03: We want to teach you to fish, not you know, have have you with us for years.
4:46
SPEAKER_03: So hopefully your market will pop up soon.
4:49
SPEAKER_03: So keep an eye on that.
4:50
SPEAKER_03: And if you have a specific market you want to get into, reach out to us and we'll see if we can do anything for you.
4:56
SPEAKER_03: Or, you know, if we have any information about how long it's gonna be tied up for, we can let you know.
5:01
SPEAKER_03: All right, before we jump into it real quick, uh, if you go right now, uh first off, I want to thank the sponsor of this episode, Audible.
5:08
SPEAKER_03: I love listening to audiobooks.
5:10
SPEAKER_03: I love listening to podcasts when I'm walking the dog, exercising, which I don't do nearly enough of, but driving, all of that, I love it.
5:17
SPEAKER_03: So Audible is so key.
5:19
SPEAKER_03: I'm so stoked to have them as a sponsor.
5:21
SPEAKER_03: So if you guys go right now to MassiveAgent Podcast.com slash free book, you can download any audiobook that they have for free.
5:30
SPEAKER_03: And you get a 30-day free trial, okay, as a listener of this show.
5:34
SPEAKER_03: MassiveAgent Podcast.com slash free book, you can pick any audiobook out there.
5:40
SPEAKER_03: For the book of the week this week, I I think this book is great because it's short, it's to the point, but it provides the proper paradigm shift that so many of us need.
5:49
SPEAKER_03: We're all looking for the yes, right?
5:52
SPEAKER_03: Okay, this is great for any salesperson of any kind, especially real estate people.
5:57
SPEAKER_03: There's a book called Go for No.
6:00
SPEAKER_03: And Go for No, um, I forget who the authors are.
6:03
SPEAKER_03: It's written by two people, but it's a very small, short book that absolutely changed everything for me because I stopped focusing on getting the people to say yes.
6:11
SPEAKER_03: I realized that getting more people to say no led to more people saying yes.
6:17
SPEAKER_03: The way they say it with the book is yes is the destination, no is how you get there.
6:21
SPEAKER_03: This book is so thank God it's not like 200 pages, it's really short and you can consume it within a day.
6:28
SPEAKER_03: But it it just gives you the perspective to switch everything.
6:32
SPEAKER_03: Stop going for the yeses all the time.
6:34
SPEAKER_03: You make the no's your goal, and then it it even tells you how to figure out how many no's you need to get a yes.
6:41
SPEAKER_03: Then you're only focused on the no's, and each time you get one, you know exactly how much that no is worth.
6:45
SPEAKER_03: Then every time you get a no, you're like, damn, I just made a thousand bucks.
6:48
SPEAKER_03: You know, it it's such a great genius way of looking at things.
6:53
SPEAKER_03: I promise you, this is so worth your time.
6:55
SPEAKER_03: So if you've never been an Audible customer before, this is for first-time customers only, unfortunately, but even if you are a current Audible customer, the book's like five bucks if you just go buy it.
7:04
SPEAKER_03: Go for no.
7:05
SPEAKER_03: Yes is the destination, no is how you get there.
7:08
SPEAKER_03: And if if you've never used Audible before, go to MassiveAgent Podcast.com slash free book and get this book for free or any other book out there.
7:16
SPEAKER_03: Uh this is a sales book that I know can help increase it increases your failure rate so you can accelerate your um conversion rate.
7:26
SPEAKER_03: Like it's crazy.
7:27
SPEAKER_03: Total paradigm shift, but I promise you, you're gonna love this book.
7:31
SPEAKER_03: All right.
7:31
SPEAKER_03: So today we have David Tall from Agentology on on the podcast.
7:37
SPEAKER_03: David has like, okay, Agentology, these guys have they've responded to millions of leads.
7:44
SPEAKER_03: Okay, they respond to leads for thousands of agents at any one time.
7:48
SPEAKER_03: These guys have so much data on what works.
7:51
SPEAKER_03: Do you do a phone call first?
7:53
SPEAKER_03: Do you text?
7:54
SPEAKER_03: Do you email?
7:55
SPEAKER_03: How often do you do it?
7:56
SPEAKER_03: What do you say in those texts and in those calls?
7:58
SPEAKER_03: We're gonna talk about that.
8:00
SPEAKER_03: Okay, make sure you stay through the whole interview because at different points we'll we'll get to you know exactly what your text message should say or how often you should send them within the first 24 hours of a lead coming in.
8:12
SPEAKER_03: Like we go into all those details.
8:14
SPEAKER_03: David was so gracious to share that with us because like he doesn't have to.
8:18
SPEAKER_03: Like that's how they make their money.
8:19
SPEAKER_03: Like that's that's their business.
8:20
SPEAKER_03: They know what works, and he was so open to sharing that with us.
8:24
SPEAKER_03: So I am so appreciative of that because um man, if you can if you can increase how many leads you're actually able to speak with and then meet with and work with, everything changes.
8:36
SPEAKER_03: Okay, your whole business and your whole life changes.
8:38
SPEAKER_03: So this is absolutely key to get right.
8:40
SPEAKER_03: Let's get into the episode with David Tall, co-founder of Agentology.
8:44
SPEAKER_03: All right, guys, what's up?
8:45
SPEAKER_03: I'm here with David Tall, the co-founder of Agentology.
8:49
SPEAKER_03: As you know, my favorite lead response or inside sales agent company out there.
8:55
SPEAKER_03: They make it so damn easy.
8:57
SPEAKER_03: And um, what's cool is they, because they work for so many different agents, they have so much data.
9:03
SPEAKER_03: And uh, and so I'm really interested to hear what David has to say about what's working as far as responding to leads, what's not, what he recommends.
9:10
SPEAKER_03: David Tall, welcome to the Massive Agent Podcast.
9:13
SPEAKER_03: How's it going?
9:14
SPEAKER_03: Doing great.
9:14
SPEAKER_03: Thank you for having me.
9:16
SPEAKER_03: Absolutely, absolutely.
9:17
SPEAKER_03: No, this is good.
9:17
SPEAKER_03: I heard you on Rick Gonzales's or Ricky G's Modern Agent Podcast, and he told me to call you David T, but I I refused, so I'm not going to, even though I did, um, because that's stupid.
9:29
SPEAKER_03: But nonetheless, that was a great episode.
9:31
SPEAKER_03: I learned a lot there.
9:33
SPEAKER_03: Um, tell tell people real quick who you are and why you are an authority on the topic of lead response.
9:40
SPEAKER_01: Um, sure.
9:41
SPEAKER_01: So I'm I'm I'm David.
9:42
SPEAKER_01: I'm I'm the co-founder and CEO of Agentology.
9:47
SPEAKER_01: Um, and what we do, as you know, is we help real estate agents build relationships with their online leads by helping them respond quickly to them, uh, following up as necessary, starting a warm conversation and passing that off uh to our agent partners to take from there to really be teed up for success.
10:07
SPEAKER_01: Um, and you know, I think one of the reasons that, you know, I think there are a lot of, you know, quote unquote authorities out there.
10:17
SPEAKER_01: But I I think one of the reasons we're really well positioned to really speak to the subject and the topic is as you said, we work with a tremendous amount of uh real estate agents and teams around the country, thousands, and primarily top agents, um, people who are generating a lot of leads, um, a high volume for their team, and they struggle with the very real challenge of you know not just not just speed to lead, but you know, continuous follow-up, nurturing, and ultimate conversion, which is the goal.
10:51
SPEAKER_01: And so we we have had this um I view from every angle, from teams of all different sizes, from single, you know, one-man shops to you know large brokerages that we power entirely, um, to um every different lead source out there, right?
11:09
SPEAKER_01: The Zillow and Realtor.com, you know, those portals, but also the IDX, you know, Facebook-driven ads, um, and and you know, home evaluation, and layer that across the geography of the entire US, where everything is different on the East Coast and the West Coast, and and you know, the nomenclature and you know how these need to be responded to is completely different.
11:31
SPEAKER_01: And so um we have certainly not perfected every process, but we have a ton of data which we're digging through to continuously optimize what we do.
11:40
SPEAKER_01: And I and I think that's why um you know we we can really speak to the subject.
11:45
SPEAKER_03: Absolutely.
11:46
SPEAKER_03: Well, you I mean, I don't think you could ever perfect it because it human nature is involved, and you know, that's always fickle.
11:54
SPEAKER_03: But I mean, I my perspective is from responding to my own leads and then helping clients respond to theirs, which is a small group.
12:02
SPEAKER_03: How many agents would you say, or or teams, or however you want to put it, how many people do you um respond to leads for?
12:11
SPEAKER_03: Um clients do you have?
12:13
SPEAKER_03: A couple thousand.
12:14
SPEAKER_03: Um is that all domestic?
12:16
SPEAKER_01: All domestic.
12:18
SPEAKER_01: We we do have uh a few in Canada as well, uh but ninety ninety-eight percent US.
12:26
SPEAKER_03: Um and so you guys have good data.
12:29
SPEAKER_03: I mean, that's a that's a lot of leads.
12:32
SPEAKER_01: Yeah, yeah.
12:32
SPEAKER_01: We we have, you know, we've we've you know worked over a million leads just in the last year and growing, so we we do have quite a bit of data.
12:41
SPEAKER_01: And and these are all real conversations, right?
12:43
SPEAKER_01: This isn't just lead info like a CRM might have, but this is conversational history and data and much more information that we can that we've extracted from every single lead that we have touched.
12:55
SPEAKER_01: Um, usually a lead comes in with very basic information, like they're just your contact info, right?
13:01
SPEAKER_01: Um, but we augment that and enhance it not through third-party data and stuff, but through real conversations by asking them, you know, what's your time frame?
13:10
SPEAKER_01: How you know, how long you've been have you been looking?
13:12
SPEAKER_01: Um, you know, have you been pre-approved?
13:14
SPEAKER_01: Have you started talking to a lender?
13:15
SPEAKER_01: Uh, have you started that process?
13:17
SPEAKER_01: What's important to you?
13:18
SPEAKER_01: What are your motivations?
13:19
SPEAKER_01: Are you working with anybody else?
13:21
SPEAKER_01: Um so we have a lot of other insight that we you know enhance these leads with and store all of that.
13:29
SPEAKER_01: Obviously, we share all that with the agents, it's their leads, but we um can collectively uh really understand leads um from a from a high level in a better way because we're working with a larger volume.
13:42
SPEAKER_03: Absolutely.
13:43
SPEAKER_03: So, how what would you say?
13:46
SPEAKER_03: Uh let's let's say if you were starting to build your own lead funnel, you're a solo agent and you're just starting with Facebook ads or or Google ads or something, and leads are coming in and you're you're trying to build out your own lead response system.
14:00
SPEAKER_03: You're not yet to the level where where you can um outsource to agentology or hire your own ISA or whatever you want to do.
14:07
SPEAKER_03: If agents who are doing this themselves, what's working the best?
14:10
SPEAKER_03: What can you tell us about how they should set up their lead response system from scratch?
14:16
SPEAKER_01: Sure.
14:17
SPEAKER_01: So, you know, most CRMs will have some ability to send kind of an automatic first text, you know, something like that, to a new lead.
14:28
SPEAKER_01: Um, at the very least, um, you should be using any technology that is available to you to at least get some kind of automation in place.
14:37
SPEAKER_01: Um, now that being said, um, we're big believers in the human touch.
14:41
SPEAKER_01: Automation, you know, I we say this all the time, you know, technology and automation is um inauthentic.
14:48
SPEAKER_01: Humans alone are inefficient, and you need to bridge the two.
14:51
SPEAKER_01: So you need to leverage technology to create that powerful, impactful connection.
14:58
SPEAKER_01: Um, what I always recommend for agents who are just starting off is to start small.
15:04
SPEAKER_01: Um, you know, a lot of people try to get aggressive off the bat and it they take on too much, you know, at one time.
15:10
SPEAKER_01: Start small, start with a budget that is not going to break you if none of those leads convert, right?
15:16
SPEAKER_01: Because every single market is different.
15:18
SPEAKER_01: People always ask us, hey, well, where's the best place to buy leads, right?
15:21
SPEAKER_01: And we say, well, it's it's completely dependent on your market and on your strategy, right?
15:26
SPEAKER_01: There is no silver bullet out there.
15:28
SPEAKER_01: If there were, there would just be one company, right?
15:31
SPEAKER_01: There would just be Zillow or whoever it is, right?
15:34
SPEAKER_01: Um, and the truth of the matter is that there are leads from all different, you know, platforms and sources and price points.
15:42
SPEAKER_01: Um, and it's about what works best for you and for your market.
15:45
SPEAKER_01: Um, and the only way to truly understand that is to test it yourself.
15:49
SPEAKER_01: Um, nobody else is gonna tell you what's gonna work best.
15:52
SPEAKER_01: You have to test it yourself, just the simple truth.
15:55
SPEAKER_01: So I'll give you a couple examples.
15:58
SPEAKER_01: Um let's just take Zillow.
16:00
SPEAKER_01: Um, and let's just take Zillow, let's just say you're in Denver, right?
16:04
SPEAKER_01: A Zill, a Zillow lead in Denver um may cost you, let's just say um$50 a lead, okay, on average.
16:13
SPEAKER_01: Maybe it's actually a lot more, right?
16:14
SPEAKER_01: In a lot of markets, it's it's far more than that.
16:16
SPEAKER_03: But let's just say 50 sounds cheap.
16:18
SPEAKER_01: Yeah, right.
16:19
SPEAKER_01: Let's just say it's 50 bucks though for this example.
16:22
SPEAKER_01: Now, if if one in two of the leads are quote unquote um interested or what we consider qual a qualified lead at agentology, this is what we do.
16:32
SPEAKER_01: We we we when we take leads in, our our concierges, our ISAs are tasked with engaging them on on behalf of our agent, partner, but also to qualify them or disqualify them, right?
16:43
SPEAKER_01: So that we can really understand who's valuable and who you really don't need to spend your time with.
16:48
SPEAKER_01: Um so understanding what what is the cost per qualified lead is is extremely valuable.
16:54
SPEAKER_01: So back to my example.
16:56
SPEAKER_01: If if you're buying Zillow leads for$50, um and 50% of them are qualified, that's a pretty high ratio, then your cost per qualified lead would be$100, right?
17:10
SPEAKER_01: You follow me?
17:11
SPEAKER_01: Because one and two are good.
17:13
SPEAKER_01: Yeah.
17:13
SPEAKER_01: With me?
17:14
SPEAKER_01: Okay.
17:14
SPEAKER_01: So now you got your Zillow at$100 per qualified lead.
17:17
SPEAKER_01: Next, you're buying you could, but you know you can get you know IDX kind of Facebook-driven traffic leads, quick form leads for$10, right?
17:27
SPEAKER_01: Um, great, you might say, but let but but if only one in ten of those are good, if only there's a 10% qualification rate, you're still paying a hundred bucks for effectively per qualified lead, right?
17:39
SPEAKER_01: Right.
17:40
SPEAKER_01: And so that is what I really believe that real estate agents, brokers, teams really need to grasp and understand is not not just what are you paying per lead, but what are you paying per qualified lead?
17:51
SPEAKER_01: Because that that is effectively why Zillow and Realtor.com and the big portals, that's why they justify charging more.
17:56
SPEAKER_01: They know their leads are better, and frankly, they they are, but they're also more expensive.
18:01
SPEAKER_01: Um, it is a fact that a Zillow or a Realtor.com lead is a higher quality lead.
18:06
SPEAKER_01: It is a fact.
18:07
SPEAKER_01: I can tell you that from all the data because, and I'll tell you fundamentally, it is because people are actively searching those sites out and going to them for information because they're they're interested and they're further down the funnel.
18:21
SPEAKER_02: Yes.
18:22
SPEAKER_01: When you plop an ad in front of someone's face on their Facebook, um, they weren't actively searching, you just kind of clickbaited them a little bit to get them to get their info, which which is fine.
18:32
SPEAKER_01: But you understand that they're not as motivated, as interested, um, may never want to talk to you, may just be looking for a list of open houses or new listings.
18:42
SPEAKER_01: And and that's that's okay.
18:44
SPEAKER_01: And I think it's important to really balance both because Zillow and Realtor.com will give you less volume and Facebook will give you more volume.
18:52
SPEAKER_01: And so it's just important that you get kind of a little bit of a mix.
18:57
SPEAKER_01: Um and and going back to kind of strategy, start small with with an amount of volume that you can handle, um, with 20, 30 leads a month, maybe.
19:08
SPEAKER_01: Not not five leads a month, not not that small, where you don't really ever get to understand if it worked or not, because if you close two out of those five, you're gonna give yourself a false positive.
19:19
SPEAKER_01: If you because that's not normal, and if you close zero out of the five, you're also gonna give yourself a false negative because it's just too small of a sample.
19:28
SPEAKER_01: So make sure you're getting at least 20 to 30 a month to just to start so you can get some kind of understanding of how those lead sources are performing.
19:37
SPEAKER_01: What you need to absolutely do is engage leads within five minutes.
19:42
SPEAKER_01: If you are not engaging them within five minutes, you are absolutely just wasting your money.
19:46
SPEAKER_03: Um completely agree.
19:48
SPEAKER_01: Because people are just you know, they they they ignore you after that, they don't answer the phone, they don't they don't respond to the text, they kind of forgot, they they clicked on two to three things after that, they got busy again.
19:59
SPEAKER_03: Yeah, they forget.
20:00
SPEAKER_03: I I see it all the time.
20:01
SPEAKER_03: They they just forget.
20:01
SPEAKER_03: They're like, Oh, what was I on that site?
20:03
SPEAKER_03: Oh, I don't know.
20:03
SPEAKER_01: Yeah, not only and not only do they forget, they were doing that on their quick break at work when they were not working and and frankly uh slacking off a little, you know?
20:13
SPEAKER_02: Yeah, that's true.
20:14
SPEAKER_01: That's when you can get to them quick.
20:16
SPEAKER_01: Um, once they get back to work, because the manager walked past them again, right?
20:20
SPEAKER_01: Yep, it's not gonna get a hold of them anymore until later that day.
20:23
SPEAKER_01: And guess what?
20:24
SPEAKER_01: I doubt, I doubt you have your calendar settings and systems uh put together enough to make sure you call everyone again that afternoon and again the next morning and again the next afternoon.
20:34
SPEAKER_01: So it's just really important to speed to lead and that you have some follow-up systems in place.
20:38
SPEAKER_01: Leverage technology, it's not it's not entirely um logical to be doing it all um manually.
20:46
SPEAKER_03: Absolutely.
20:47
SPEAKER_03: And I really believe if if your CRM does not have the ability to text, you have to find a new CRM.
20:53
SPEAKER_03: It's not acceptable at this at 2019, almost halfway through, to not have the ability to text within a drip campaign in your CRM.
21:01
SPEAKER_03: You have to do that.
21:03
SPEAKER_03: What I love about you guys is is um, and if you're not familiar with agentology, one of the things that really put you guys on my radar uh, what, a year and a half or so ago, is when I learned you guys not only email, not only text, but you have a human being make a phone call 247-365.
21:21
SPEAKER_03: How do you do that?
21:23
SPEAKER_03: And why do you do that too?
21:25
SPEAKER_01: Uh how we do it is we have a uh unlimited coffee machine.
21:29
SPEAKER_01: Um but I've got that, but that's you know, no, we um you know we we we staff real real humans, right?
21:36
SPEAKER_01: Um this isn't all automation.
21:39
SPEAKER_01: Um we we have a real contact center.
21:41
SPEAKER_01: I I wouldn't consider us a call center, uh because if you come and visit us, you'll see that a lot of what our uh concierges are doing is besides calling, of course, is texting, emailing, you know, researching, things like that.
21:54
SPEAKER_01: So it's a true, you know, concierge, you know, ISA team um, you know, look and feel.
22:00
SPEAKER_01: It's not kind of a burner room.
22:02
SPEAKER_01: And that's effective because the same people that are calling are the ones texting that lead too and having text conversations.
22:11
SPEAKER_01: We use text to get people on a call, right?
22:15
SPEAKER_01: If someone doesn't text us back though within a minute, we we we start calling them.
22:20
SPEAKER_01: But we we have found that by texting first and giving the consumer the choice, the preference of hey, you know, hey Bob, saw you just inquired on my site about this property.
22:31
SPEAKER_01: Um I'd be happy to uh reach out.
22:33
SPEAKER_01: Is now a good time for a quick call, or would you prefer to text?
22:36
SPEAKER_01: Um well that when they prefer to text, it's wonderful.
22:42
SPEAKER_01: We get right into a text conversation that's effective.
22:44
SPEAKER_01: When they say yeah, call me, they actually pick up the phone, as opposed to if you just cold call them and nobody answers ever, you know?
22:52
SPEAKER_01: Um, like literally six percent of the time they answer if if you if you don't preempt it.
22:57
SPEAKER_01: So, you know, calling alone is dead.
22:59
SPEAKER_01: You have to leverage tech to get them on the phone.
23:02
SPEAKER_01: Um, and that's working well for us.
23:05
SPEAKER_01: And and we staff uh human beings here 24-7 in San Diego.
23:10
SPEAKER_01: This is not outsourced to the Philippines or Mexico or anywhere.
23:13
SPEAKER_01: This is all here in our San Diego headquarters.
23:16
SPEAKER_01: And the reason for that is we we really believe in continuous training optimization internally as a team, a culture, you know, a culture that really loves real estate and loves agents and really cares about them.
23:29
SPEAKER_01: Would they celebrate um, you know, they celebrate when they get good feedback, when they get a really good conversion, when they when they you know objection handled someone who was looking like they were not gonna want to talk to the agent we're representing, and we turned them around.
23:43
SPEAKER_01: Um and I think that makes all of the difference, and that's something we hope to to keep strong as we continue to scale.
23:50
SPEAKER_01: Um and you know, we we have a pretty smart executive team who has experience with this um and and with large call center structures.
24:00
SPEAKER_01: Um and so that's really also kind of from uh uh uh uh you know ability to execute on all this has really helped us cross that cross that bridge.
24:12
SPEAKER_03: So you say do not call first.
24:15
SPEAKER_03: You should first send a text message, and and I agree with that.
24:18
SPEAKER_03: I found that to work much better.
24:20
SPEAKER_03: It it increases how many people actually will get on the phone, like you said, because I hate answering the phone with like out of the blue.
24:28
SPEAKER_03: Everybody prefers texting these days because it's just more convenient.
24:31
SPEAKER_03: They control they control how their life is interrupted when that comes in.
24:36
SPEAKER_03: They can look at the text 10 minutes later if they want to.
24:38
SPEAKER_03: They could respond to it, but they don't even have to respond to it.
24:41
SPEAKER_03: A phone call is just interrupting, like it's literally interrupting.
24:45
SPEAKER_03: So I love how you say preempt that call with a text.
24:49
SPEAKER_03: And and then how often within the first day, let's say a lead comes in, how often that first day should you respond to them?
24:58
SPEAKER_03: And and what mix?
25:00
SPEAKER_03: Phone call, email, text?
25:02
SPEAKER_01: So our our format, and and by the way, we're always modifying this because we're always A-B testing to see what works best, right?
25:10
SPEAKER_01: We used to, for example, we we used to text first, um, and then we used to call first, right?
25:16
SPEAKER_01: And now we have that kind of mixture, right?
25:18
SPEAKER_01: Which we found works best.
25:19
SPEAKER_01: And then we always mess with different um, you know, language, scripts, drips, um, and cadence, right?
25:26
SPEAKER_01: Times of the day, things like that.
25:29
SPEAKER_01: Um, and we find that we can always find ways to optimize further, which is really great.
25:34
SPEAKER_01: And and of course, all of our customers get the benefit of kind of having the most optimized cadence because we're optimizing it continuously for you.
25:43
SPEAKER_01: Um now, what we recommend today, uh, which is what's working best for us, is to instantly respond by text message to preempt the calls.
25:53
SPEAKER_01: Then you attempt a couple of calls.
25:55
SPEAKER_01: If you don't get a text back uh pretty quickly, you you should make a couple calls.
26:00
SPEAKER_01: I we recommend a back-to-back, what we call a double dial.
26:04
SPEAKER_01: Um the the reason the reason the double dial really works is the first time, if they haven't responded to your text and you're calling, um, they still may not answer the phone.
26:15
SPEAKER_01: Most likely they won't.
26:16
SPEAKER_01: That's the stat.
26:18
SPEAKER_01: The statistics will tell you they will not answer that first call.
26:21
SPEAKER_01: If you call back again about 10 seconds after that attempt, the curiosity factor skyrockets and you get a huge pickup rate on the second call.
26:31
SPEAKER_01: A lot of people also just miss the first call because they maybe wanted to answer it, but they were trying to get to somewhere quiet or move out of the office and they didn't and they missed it.
26:39
SPEAKER_01: Um so the second call really helps the pickup rate.
26:43
SPEAKER_01: If they don't answer the second call, um then we recommend this is what we do, a follow-up text to just say, Hey, um, you know, hope I'm not bothering you.
26:55
SPEAKER_01: Just wanted to make sure I got back to you.
26:57
SPEAKER_01: Um, and you know, I I I just try to call you, let me know if there's a better time.
27:02
SPEAKER_01: Um, if they still don't respond to that, an hour later, we recommend sending another text saying, Let me know.
27:10
SPEAKER_01: Um and then and then follow up with an email towards the end of the day.
27:15
SPEAKER_01: But I would I would stop all other engagement that day.
27:18
SPEAKER_01: You've already emailed, you've texted them three times, you've made two calls, left a voicemail.
27:22
SPEAKER_01: Like you'd also don't want to be ridiculous, you know?
27:25
SPEAKER_01: That's a good that's a good first day, you know?
27:28
SPEAKER_01: Yeah.
27:28
SPEAKER_03: Um, so that's a good first day.
27:31
SPEAKER_03: Then um day two, do you do it as often or a little less than the first day?
27:38
SPEAKER_01: The 20 it it's kind of like catching a murder in the crime scene.
27:41
SPEAKER_01: It's like the first 24 hours are the most important, you know?
27:44
SPEAKER_01: Maybe this is a bad analogy.
27:47
SPEAKER_01: No, let's let's roll with murder, David.
27:48
SPEAKER_02: That's awesome.
27:49
SPEAKER_01: Yeah, you know, yeah.
27:51
SPEAKER_02: You know the leads are all murder, so you know.
27:54
SPEAKER_02: Because you're gonna kill it, that's why.
27:55
SPEAKER_02: You're gonna kill it.
27:56
SPEAKER_02: Oh, there you go.
27:57
SPEAKER_02: Oh dear God.
27:58
SPEAKER_02: Well, you yeah, you know, you want to bag them.
28:00
SPEAKER_02: Uh, anyways.
28:02
SPEAKER_01: So they're your target.
28:05
SPEAKER_01: I mean, they're your target, right?
28:06
SPEAKER_01: Your target audience.
28:08
SPEAKER_01: Yes.
28:10
SPEAKER_01: All right, I'll stop.
28:11
SPEAKER_01: I'm just shooting from the hip, but I'll stop.
28:13
SPEAKER_03: Let's keep this going.
28:14
SPEAKER_03: I love it.
28:15
SPEAKER_03: Um this is terrible, but awesome at the same time.
28:18
SPEAKER_03: Anyways, okay.
28:19
SPEAKER_03: The first the first 24 hours.
28:20
SPEAKER_01: So the first 24 hours it is a blitz because it really is the most important, because uh the chances of converting that lead just fall off every single day, right?
28:29
SPEAKER_01: Um, and so that that's why we do believe in the blitz the first day.
28:33
SPEAKER_01: Second day, um, a couple of texts um um is recommended.
28:39
SPEAKER_01: Again, people don't people got your texts, you know.
28:42
SPEAKER_01: Like there's a 98% open rate if it was the right person, right?
28:46
SPEAKER_01: They got your text, they they're not answering you because they they frankly don't have time or don't want to.
28:50
SPEAKER_01: So bothering them with more phone calls, I just don't find valuable or worth your time.
28:55
SPEAKER_01: Um, and I'll and I'll I'll I'll go deeper there because some people disagree, but I'll I'll tell you why.
29:01
SPEAKER_01: We people do answer the phone on day two and day three.
29:04
SPEAKER_01: We we've tried that, but they're always pissed off, you know, they're always annoyed, they're not happy with the conversation, they they they're super um frustrated that they picked up thinking it was somebody else, hoping it was like the contractor they're waiting for, or the whoever else are expecting actually expecting a call from.
29:22
SPEAKER_01: And and they're just trying to get off the phone with us, you know, they're just not engaging.
29:27
SPEAKER_01: And so we rather, you know, it's kind of you know, put yourself in the consumer's mindset.
29:33
SPEAKER_01: It's certainly warranted to call them off the bat and text them and text them a few times on day one and email them and leave a voicemail and all of that.
29:41
SPEAKER_01: But you also got to take a hint if if they don't respond yet.
29:45
SPEAKER_01: And that's why a text is a is a much softer way to kind of ping them.
29:50
SPEAKER_01: They also feel less pressure, so they're more likely to respond.
29:54
SPEAKER_01: So we actually got, I'll tell you what, we used to test on day two, making more phone calls because that's what agents told us that they wanted us to do.
30:01
SPEAKER_01: And so we just decided, yeah, well, if that's what agents want, let's do it, right?
30:04
SPEAKER_01: We we would call, we would text.
30:06
SPEAKER_01: When we stopped calling, our engagement went up because what happened was people got the call, they didn't answer anyway.
30:14
SPEAKER_01: Then we would text them saying, Hey, just tried you again.
30:17
SPEAKER_01: Now they just felt like way too pressured, and they stopped texting us altogether and would tell us just to stop because they just don't want that pressure.
30:24
SPEAKER_01: When we stopped with the secondary, second-day phone calls and third-day phone calls, they actually were responding better with text because we were able to ping them with, hey, not trying to be pushy.
30:34
SPEAKER_01: I know you're probably busy.
30:35
SPEAKER_01: I just want to let you know I'm here when you're ready.
30:38
SPEAKER_01: Would you like me to send you a list of open houses or anything like that?
30:41
SPEAKER_01: You know, like you can start to add, you can start to offer more value in a non-pushy way through text.
30:47
SPEAKER_03: Yeah.
30:48
SPEAKER_03: And they see those texts all the time because it shows up on their home screen.
30:51
SPEAKER_03: Like they, it's almost 100% for how often they see it.
30:54
SPEAKER_01: Yeah, and and then people tend to respond instead of frustrated, they respond with, hey, I'm so sorry I hadn't responded.
31:00
SPEAKER_01: I had a crazy day, right?
31:02
SPEAKER_01: Whatever it is.
31:03
SPEAKER_01: They start to apologize to you.
31:05
SPEAKER_01: That's a good, that's a good state, state status to be in when you have a conversation with them because they're they're open, right?
31:12
SPEAKER_01: Um, they're open and they're kind of opening themselves to you.
31:16
SPEAKER_03: Nice, nice.
31:17
SPEAKER_03: Is there anything that you've seen agents do or that you've seen coaches in the industry profess that you're like, no, no, no, that doesn't work.
31:25
SPEAKER_03: Don't do that thing.
31:26
SPEAKER_03: Like, is there anything that you just say flat out don't do when it comes to responding to leads?
31:32
SPEAKER_03: Um or just some things are better than others?
31:37
SPEAKER_01: Um, you know, a lot of the coaches are are to their credit, really coming around to the notion of look, you probably can't do this all on your own, leverage technology, you know.
31:52
SPEAKER_01: Um a lot of the coaches, like when I was an agent and a broker, and I went to uh I I was a coach junkie.
31:58
SPEAKER_01: I went to literally everyone.
31:59
SPEAKER_01: So I won't name names because I I went to all of them.
32:01
SPEAKER_01: And they were all great for their time.
32:03
SPEAKER_01: Um I would say that that that that the coaches that that have the most success today, and by success I mean that give the best advice, are the ones who accept technology as a leverage provider instead of uh uh a replacement.
32:22
SPEAKER_01: You know, um there's a lot of old school coaches who say, you know, technology is is inauthentic, and and you know, you you just need to be calling them, and and it's all about a call, and you know, and I just I just disagree.
32:35
SPEAKER_01: The stats don't show that.
32:36
SPEAKER_01: In fact, the statistics show that that calling is the third um most favorable um contact uh mechanism for most people.
32:49
SPEAKER_01: Text is is the number one most preferred, followed by a distant second email, and then even more distant phone call.
32:57
SPEAKER_01: And so texting is is the way to go.
33:01
SPEAKER_01: Again, we believe calling does create the most authentic connections, but we leverage text and technology to get people on the call, right?
33:10
SPEAKER_01: So it's about bridging the two, it's not about one or the other.
33:13
SPEAKER_01: And I don't have more specifics for you because I I really haven't been to many coaching events recently, but I do think that um, you know, the Tom Ferries of the world, you know, um, and and you know, Club Wealth, Michael Helliksen, and a lot of these great coaches, Dirk Zeller, um uh Mike Ferry, they they all they all they're all preaching this now.
33:35
SPEAKER_03: Okay, good.
33:36
SPEAKER_03: Good.
33:37
SPEAKER_03: Um what would you say then?
33:40
SPEAKER_03: Let's see, uh, whenever I get an email from you guys that and that a lead has been qualified, like you said at the beginning, someone you've made contact with and got some sort of like you've got some details from them on what they're trying to do, how like how many of those um where you gather that information, is it mostly done through text?
33:59
SPEAKER_03: Is it mostly through phone call?
34:01
SPEAKER_03: Like, is there one that just works better than than another for gathering all that info?
34:08
SPEAKER_01: Um well, I I I'll tell you that two-thirds of the leads that we qualify happen via text.
34:16
SPEAKER_01: Wow.
34:17
SPEAKER_01: And one and one third via phone call.
34:20
SPEAKER_03: Um email is not really doing it.
34:22
SPEAKER_01: Yeah, email and e email is completely you know um ineffective compared.
34:27
SPEAKER_01: We do we do think it's important because we do get a lot of people who do email us and say and say, hey, I actually put in my fake number because I wasn't sure what this was and didn't want to get spammed, and but here it is, I'm I'm ready to talk now, right?
34:41
SPEAKER_01: So we actually catch a lot of people who put in their fake, you know, phone number, um, but but the correct email because they actually want information, right?
34:49
SPEAKER_01: Um, and so it's important.
34:50
SPEAKER_01: I still think it's important.
34:52
SPEAKER_01: But the most authentic conversations we have are gonna happen on a on a phone call and then followed by by text.
34:58
SPEAKER_01: Phone call because it's easier to have a more engaging, quick, to the point conversation, um, as opposed to text, which can take place over a few hours as people kind of slowly get back to us or not, and then they they kind of go dark for a little and come back, right?
35:14
SPEAKER_01: Um, and so they tend to answer more like quickly, more like I'm looking to buy in three months, right?
35:20
SPEAKER_01: Instead of when you're in a conversation with somebody, kind of like we are now, and I'm kind of blabbering, right?
35:26
SPEAKER_01: You you kind of spill more beans, right?
35:28
SPEAKER_01: You talk a little more about things, you fill in with more color, and that's always really helpful for us.
35:34
SPEAKER_03: Nice.
35:35
SPEAKER_03: Um this is interesting because I've always told people, because I, you know, we have the Massive Agent Society where we teach other agents and and loan officers how to do Facebook ads, and they always ask, what should I ask for?
35:47
SPEAKER_03: What kind of contact info should I ask for?
35:49
SPEAKER_03: And I've always, I mean, I've tried email only because you think it's easier to get the lead, right?
35:55
SPEAKER_03: Well, then it just like the only way to convert them is like a weekly email over years.
36:00
SPEAKER_03: So uh unless you want to get into some other like black hat stuff with like, you know, searching for their Facebook profile with their email and like then you creep them out when you contact them.
36:09
SPEAKER_03: Then you creep the hell out of them.
36:10
SPEAKER_03: Exactly.
36:10
SPEAKER_03: So I always recommend that you ask for the phone number.
36:14
SPEAKER_03: Whether they give it to you, whether it's accurate or not, that's up to them.
36:17
SPEAKER_03: But you've got to ask for it because as you're hearing, these leads are being converted through text and f and the phone call.
36:24
SPEAKER_03: So if you're not asking for that, I mean that sucks.
36:27
SPEAKER_03: You better have a great weekly email.
36:29
SPEAKER_03: You otherwise, uh, good, you know.
36:32
SPEAKER_03: Now I know that there's coaches out there, I know there's agents that do that very well.
36:35
SPEAKER_03: Like Ricky Carruth with his Zero to Diamond program, he just gets email addresses and put now, these are not leads coming in.
36:43
SPEAKER_03: These are just people that he's met and you know, circle prospecting.
36:46
SPEAKER_03: Uh they're different than online leads.
36:48
SPEAKER_03: But he just puts them on on his email list, sends a weekly email every week for years, and that works eventually.
36:55
SPEAKER_03: But we're talking online leads.
36:57
SPEAKER_03: Like you've got to respond within five minutes, get their phone number and and hit it.
37:02
SPEAKER_03: You know, just don't bug the shit out of them.
37:04
SPEAKER_03: So this is great information so that people learn how not to bug people.
37:08
SPEAKER_03: Because I can't stand it, David, when I hear an agent or another coach say, you know, call, call, call.
37:14
SPEAKER_03: Just, you know, keep calling until they tell you not to.
37:16
SPEAKER_03: It's like, yeah, that's fantastic.
37:18
SPEAKER_03: Let's just piss people off.
37:19
SPEAKER_03: That's that's great for our industry and our and our profession.
37:23
SPEAKER_03: Like, do you like when people do that to you?
37:25
SPEAKER_03: Like, I just block the phone numbers.
37:26
SPEAKER_03: Yeah you know, I just block them or mark mark them as spam if it's an email.
37:31
SPEAKER_03: So what would you say is the biggest mistake from your perspective, of course, biggest mistake agents and loan officers are making with online leads?
37:46
SPEAKER_01: I think the biggest mistake they make, hands down, is that they dismiss anyone who doesn't seem like they're ready today.
37:53
SPEAKER_01: Um, you know, they they dismiss people who say they're renting.
37:59
SPEAKER_01: They dismiss people who say they're working with somebody else right now, or that they're not gonna buy for a year.
38:05
SPEAKER_01: Um they basically are looking at, can you make me money in the next couple months or not?
38:11
SPEAKER_01: You know, and you know, speaking of coaches, the what they've always been preaching is the fortune is in the follow-up, right?
38:20
SPEAKER_01: Um, and and Tristan, when I was on a podcast with him recently, I told him that and he's like, yeah, he's like, I like to I like to say the the fuck up is in the um follow-up.
38:29
SPEAKER_01: The fuck up is in the follow-up.
38:31
SPEAKER_01: That's where that's where agents fit up.
38:33
SPEAKER_01: I'm sorry, I know this is a family-friendly show, but oh totally.
38:36
SPEAKER_01: This is and it has been from the start.
38:38
SPEAKER_01: Yeah, yeah.
38:38
SPEAKER_01: Uh you'll believe it.
38:40
SPEAKER_01: But I I agree with I agree with them.
38:43
SPEAKER_01: I agree with them.
38:44
SPEAKER_01: Um and I know it sounds obvious to follow up, but how many agents really do?
38:51
SPEAKER_01: Um, and agents who say they follow up, well, well, how exactly?
38:55
SPEAKER_01: Are are they the how?
38:57
SPEAKER_01: It's the how.
38:58
SPEAKER_01: Um, is it through kind of a mass blast once a month?
39:03
SPEAKER_01: Is is it is it through really inauthentic texts, which just say, Are you ready now?
39:08
SPEAKER_01: Are you ready now?
39:09
SPEAKER_01: Are you ready now?
39:10
SPEAKER_01: type texts, you know, or are you providing value and creating interest over time?
39:18
SPEAKER_01: And so one of one of the things I did uh a couple weeks ago with Tristan was do a training on you know creating buckets for your leads.
39:27
SPEAKER_01: So after you speak to a lead or or don't speak to a lead, whatever the case is, after a lead has been scrubbed, you should have an understanding.
39:36
SPEAKER_01: Agentology scrub you know puts them into buckets for you.
39:39
SPEAKER_01: But if you're doing this for yourself, you know, put them into buckets of you know that they're qualified, but they're not buying for a year, right?
39:47
SPEAKER_01: They're qualified, but they haven't been pre-approved.
39:49
SPEAKER_01: You know, they're unqualified right now because they're working with an agent or because they're renting.
39:55
SPEAKER_01: Um, if you have these buckets, then you could nurture to those buckets selectively and and contextually, relevantly, um, so that you create different campaigns for different types of people.
40:09
SPEAKER_01: Um, all of these different leads are different.
40:12
SPEAKER_01: They're on a different cycle, they're on a different stage of their home buying journey.
40:17
SPEAKER_01: Um, even renters.
40:18
SPEAKER_01: Renters want to buy, they're just renting right now.
40:21
SPEAKER_01: Most people are renting before they buy.
40:23
SPEAKER_01: It's just what it is, you know.
40:25
SPEAKER_01: Um, and it's it's really about understanding that and having empathy for that, so that when you create long-term campaigns, you can create campaigns that are uh relevant to each of those buckets.
40:37
SPEAKER_01: And that'll drive long-term results.
40:39
SPEAKER_01: And that's what your pipeline just starts to build on itself after that, even if you stop buying leads altogether.
40:45
SPEAKER_03: I'm so glad that you said that because this is something I see all the time.
40:48
SPEAKER_03: It's and it's in the mentality of our whole damn industry.
40:51
SPEAKER_03: And I think our society, if it doesn't pay off immediately, we throw it to the side.
40:56
SPEAKER_03: Like if it, if they're not ready to buy right now, you know, it's you know, I'll go on to the next lead.
41:01
SPEAKER_03: What you real what you don't realize is people, just this the way we we react.
41:06
SPEAKER_03: Like whenever I walk up to, like if I'm gonna go look at a car, even though like I'm a marketer and I understand sales and everything like that, I still just I don't want to talk to someone till I'm ready to talk to somebody.
41:19
SPEAKER_03: That's how these leads are.
41:20
SPEAKER_03: Yes, they're absolutely interested.
41:22
SPEAKER_03: That's why they opted in in the first place.
41:24
SPEAKER_03: So keep in mind they are interested.
41:26
SPEAKER_03: But they're they don't always want to talk right away.
41:28
SPEAKER_03: So give them time.
41:29
SPEAKER_03: What if they don't want to talk for a year?
41:31
SPEAKER_03: What if they're just curious because their friend just bought a home and they wanted to see how much homes cost in the area and they're not gonna be ready for three years?
41:38
SPEAKER_03: Well, if you just totally ignore them or don't have a good long-term follow-up for them, then you're never gonna convert them.
41:47
SPEAKER_03: You know, it's just wasted money.
41:49
SPEAKER_03: And and it's not just about you.
41:51
SPEAKER_03: You're providing a disservice to them because you're not giving them the support that they need long term.
41:57
SPEAKER_03: You know, they might have a question nine months from now that would help them speed up the process or at least understand the process, and they don't know any other agents.
42:07
SPEAKER_03: So they're just gonna go on Zillow or something and they might not get someone who's very helpful helpful, but you are.
42:12
SPEAKER_03: So you're you're not giving a service to them if you don't follow up long term either.
42:17
SPEAKER_03: So look, you should try to convert as many leads and as, you know, right up front if you can.
42:23
SPEAKER_03: But the vast majority of them, especially if they're Facebook leads, they're gonna be long term.
42:29
SPEAKER_03: Speaking of which, and this is awesome.
42:31
SPEAKER_03: I think this is the best thing you guys have done as a company.
42:33
SPEAKER_03: When you why don't you tell everyone what you just did?
42:35
SPEAKER_03: Because you used to only follow up for like what, seven days, ten days.
42:39
SPEAKER_03: Now you do it a little longer than that.
42:41
SPEAKER_01: Yeah, now we have uh six month, six-month nurture.
42:44
SPEAKER_01: So cool.
42:45
SPEAKER_01: Yeah, so so it's important, it's important, and we're gonna expand on that further.
42:50
SPEAKER_01: Um, you know, so stay tuned.
42:52
SPEAKER_01: Um, but you know, speaking of the you know, long-term nurture and missed opportunities, um, there's a huge KW office that did a did a big study on all of their leads that they had generated for the office.
43:07
SPEAKER_01: And this is, I won't name them, but this is one of the largest KW offices based in California.
43:13
SPEAKER_01: Um it's a it's a massive one.
43:15
SPEAKER_01: And and they did a big study, and they found that 75% of the leads in their database that ended up transacting transacted with an agent outside of KW.
43:30
SPEAKER_01: And and from leads that they had generated.
43:34
SPEAKER_01: Why is that?
43:35
SPEAKER_01: It's because the follow-up, it's because it nobody followed up with them.
43:39
SPEAKER_01: And so three fourths of the leads that they paid for ended up working with a different agent outside of not even not even within the brand.
43:47
SPEAKER_01: Uh, because that person three months later went on Zillow, went on Realtor.com, went on someone else's site, got another ad on Facebook, and and whoever was re when they were ready then.
44:00
SPEAKER_01: Then they someone else jumped on it.
44:02
SPEAKER_01: Um, as opposed to you had generated the lead, and if you had kept in touch and been providing value, and and it's about providing continuous value, not just kind of bothering them with are you ready?
44:12
SPEAKER_01: Are you ready?
44:13
SPEAKER_01: It's it's about truly trying to send them value.
44:16
SPEAKER_01: Um then they would have ignored all the other agents that because they're like, Well, I'm already working with with Dustin, you know, Dustin's already kind of been friendly, nice, sending me open houses, sending me updates, sending me new listings.
44:28
SPEAKER_01: You know, why am I gonna start that all over now?
44:30
SPEAKER_01: You know?
44:31
SPEAKER_01: Um, and so that that is the sad truth of it.
44:35
SPEAKER_01: Um now Zillow and these other sites are stoked.
44:38
SPEAKER_01: I mean, they're making you know a lot of money off of leads filling out multiple forums all the time, right?
44:43
SPEAKER_01: They're reselling the same lead, but that's why online lead conversion for the real estate industry is so darn low.
44:50
SPEAKER_01: It's because of the lack of speed to lead and follow-up.
44:54
SPEAKER_03: Yes.
44:55
SPEAKER_03: Uh well, okay, so this is a great segue because I know I get asked all the time, I know I need to follow up.
45:01
SPEAKER_03: What do I say?
45:02
SPEAKER_03: So, what advice can you give people when they're setting up their own lead response systems in their CRM?
45:09
SPEAKER_03: What should the text say?
45:11
SPEAKER_03: You know, what what should they be saying in these contacts that are not the phone call?
45:15
SPEAKER_03: Should they be typing a bunch of stuff?
45:18
SPEAKER_03: Should should they be like explaining the history of their company?
45:22
SPEAKER_03: Wow, I've actually had someone want to do that.
45:24
SPEAKER_03: Um should they be long text oh dear God, what should they be saying?
45:29
SPEAKER_03: What works best that you guys have found uh when you know the first the first few texts or or whatever?
45:36
SPEAKER_01: Value.
45:37
SPEAKER_01: Focus on value, and I'll give you some real examples you can use.
45:41
SPEAKER_01: Um again, if you put yourself in the mindset of the of your of your prospect, um they're just they're just not there yet.
45:51
SPEAKER_01: They're just still exploring, they're researching, they're waiting to be excited.
45:54
SPEAKER_01: They're they're waiting to be excited about something, to jump, to make that, to make that leap, right?
45:58
SPEAKER_01: To open that door.
46:00
SPEAKER_01: Um and so we as agents and brokers have have that ability.
46:05
SPEAKER_01: You know, we have new listings we can be sharing, right?
46:09
SPEAKER_01: Um, but just sending them emails with new listings is not tr it's it's too transactional.
46:14
SPEAKER_01: You don't you can't really expect them to reply to those.
46:16
SPEAKER_01: They just see those as notifications, not as a conversation with you, right?
46:21
SPEAKER_01: So it's it's better to say on a text, hey, I just you know, I just sent you some new listings, check out 4267 90th Street.
46:31
SPEAKER_01: Um, that one's really interesting, and it's a short sell, so I think we might be able to get it for pretty cheap, right?
46:38
SPEAKER_01: Or something like that, right?
46:40
SPEAKER_01: Um, like try to be try to be um relevant to these leads.
46:45
SPEAKER_01: Um offer if you want to do a little more of a kind of uh generic blasts, right?
46:50
SPEAKER_01: Like, which is very likely and and I totally get, um then do things like sending a text that says something like, you know, hey, I know you're not ready to buy for at least a few more months, um, but would you like me to send you a list of open houses that you can go and see on your own this weekend or next?
47:08
SPEAKER_01: Things like that where people go, wow, like he's not pushing me to meet with them.
47:13
SPEAKER_01: He's actually offering to like let me go see homes on my own.
47:17
SPEAKER_01: Like, I like this guy or this girl, right?
47:19
SPEAKER_01: They seem low, low, low pressure, they seem like they know their stuff.
47:22
SPEAKER_01: Sending sending other information like um just market insights, market trends, rates, things like that that might be of interest to them, something that might excite them, a new a new development.
47:33
SPEAKER_01: You know, you're in Salt Lake City, right?
47:35
SPEAKER_01: A cool new development, um, maybe an update that's happening in uh in Snow Basin or wherever the closest ski resort is, right?
47:43
SPEAKER_01: Um, although everywhere in Salt Lake is a ski resort, right?
47:45
SPEAKER_01: You just ski to to Vaughn's or whatever.
47:48
SPEAKER_01: We don't even have streets, they're just skips.
47:50
SPEAKER_01: They're just slopes.
47:51
SPEAKER_01: Yeah.
47:52
SPEAKER_01: Um but uh so any anything like that, if you if you come from value, renters, for example, we say don't ignore renters, they're your future buyers.
48:01
SPEAKER_01: And by the way, they're your biggest referral source.
48:03
SPEAKER_01: So a renter, even to keep them posted on new rental opportunities, trust me, they want to buy.
48:11
SPEAKER_01: That's the American dream.
48:12
SPEAKER_01: People want to buy, but if you show that you care about them no matter where they're at in the process, they will care back about you when they're ready.
48:19
SPEAKER_01: You can't expect someone to care about you if you don't care about them.
48:24
SPEAKER_03: Well, you've you've kind of re-inspired me to get with the program when it comes to renters, because I have a really generic drip campaign that I set up in my CRM for rental leads, but it's like it's mailing it in.
48:35
SPEAKER_03: It's not it's not good.
48:37
SPEAKER_03: So you're absolutely right.
48:38
SPEAKER_03: Like it's all about the long term.
48:40
SPEAKER_03: Eventually, these people will buy, especially if you've helped them, because like you like you said, you have to provide value.
48:47
SPEAKER_03: A lot of people just have no clue that they can buy, or if they do, that like they don't even consider they don't consider it as a possibility because it overwhelms them because it's the unknown.
48:58
SPEAKER_01: Like also there was a stat, Dustin.
49:02
SPEAKER_01: Um, I don't have it on me, I didn't come prepared, but a really large percentage of buyers, I'll I'll just bucket Brenters or anyone in that, they they believe that you need 20% down to buy a home.
49:17
SPEAKER_01: Yeah, I've heard the same.
49:18
SPEAKER_01: It's crazy.
49:18
SPEAKER_01: I forget what it is, but it's like over 50%.
49:21
SPEAKER_01: So think about that.
49:23
SPEAKER_01: You go and you educate them and let them know, hey, you can buy for zero down.
49:26
SPEAKER_01: You know, there's VA, there's FHA, right?
49:29
SPEAKER_01: You could buy for three and a half percent down.
49:31
SPEAKER_01: Some people would be surprised, especially think about this, guys.
49:34
SPEAKER_01: The the average price point, I don't know what I mean, every every market is different, but the average price point in America is is in the mid-2s, right?
49:41
SPEAKER_01: It's in the 240 range.
49:44
SPEAKER_01: So a a three and a half percent down payment for an FHA is is very reasonable for a lot of for a lot of people, even renters.
49:53
SPEAKER_01: Um not to say everyone can do it, but way more people can do that than 20% down, where they have to come up with 50 grand as opposed to five or 10 grand, right?
50:03
SPEAKER_03: And so um it becomes comparable to their security deposit, or it's not that much more, you know, it's it's in the same ballpark.
50:10
SPEAKER_01: Exactly.
50:10
SPEAKER_01: And and by the way, it gives someone something to strive for.
50:13
SPEAKER_01: A renter who has two thousand dollars saved up, and you tell them, hey, save up to ten.
50:18
SPEAKER_01: When you're at 10, we can buy a place, you know.
50:21
SPEAKER_01: Um, that gives them like real ambition.
50:23
SPEAKER_01: And by the way, who who who are they like inspired by?
50:26
SPEAKER_01: They're by you.
50:27
SPEAKER_01: You're the one literally becoming their coach to help them buy a property.
50:31
SPEAKER_03: Yep.
50:32
SPEAKER_03: Um and not to mention all the other agents won't give them the time of day.
50:35
SPEAKER_03: So that gives you a competitive advantage right there.
50:37
SPEAKER_01: 100%.
50:38
SPEAKER_01: 100%.
50:39
SPEAKER_01: And when they when other agents do uh undeniably reach out to them because of all their retargeting and they might have been on lists in the past, they're gonna ignore them if they have the the better connection and the trust that they have built with you.
50:52
SPEAKER_03: Nice.
50:53
SPEAKER_03: Uh what is the most effective first contact?
50:57
SPEAKER_03: Like the very first text.
50:59
SPEAKER_03: What what's the most effective?
51:01
SPEAKER_03: Is it short?
51:02
SPEAKER_03: Is it long?
51:02
SPEAKER_01: I think it's short and it just um acknowledges that you just received their inquiry and you want to be of service, and asking them if now is a good time for a quick call or if they prefer to text.
51:15
SPEAKER_01: Cool.
51:15
SPEAKER_01: That way you give the consumer the choice, optionality.
51:19
SPEAKER_03: I think this is so helpful because everyone everyone uses some sort of CRM, even if they just use a notepad or Excel spreadsheet.
51:27
SPEAKER_03: Like you have hopefully you're keeping track of this stuff.
51:30
SPEAKER_03: Now you put get it into your CRM, and you can most CRMs you can go in and edit the drip campaigns, just add or edit the first the first text message that goes out immediately when the when the lead comes in and just change it to say that.
51:44
SPEAKER_03: I I love that.
51:45
SPEAKER_03: That that's good stuff.
51:47
SPEAKER_03: What um what what haven't we covered?
51:50
SPEAKER_03: What else can agents be doing?
51:52
SPEAKER_03: And uh loan officers, I apologize.
51:54
SPEAKER_03: I know we've been focused on on agents right now.
51:57
SPEAKER_03: Um, and David, I don't know if you if it's okay to spill the beans.
52:00
SPEAKER_03: I can edit this out if you want, but do you want to tell you loan officers, the mortgage world, maybe what's coming down the pike?
52:08
SPEAKER_01: Yeah, yeah, sure.
52:09
SPEAKER_01: Uh, you know, we're we're certainly working on um a lender product, which we hope to release in the coming months ahead.
52:17
SPEAKER_01: Um and really excited to provide that.
52:20
SPEAKER_01: You know, lenders struggle with very similar problems as real estate agents do.
52:24
SPEAKER_01: Uh, they're generating a lot of the same leads.
52:27
SPEAKER_01: Um and you know, lenders um are such an important process and part of that funnel where more and more people now seem to even be getting pre-approved first before they even want to connect with an agent.
52:40
SPEAKER_01: Um, because they kind of want to, they're getting smarter and want to see what they can qualify for in the first place before they waste anyone's time, especially their own.
52:47
SPEAKER_01: And so, you know, lenders uh who you know certainly don't work 24-7.
52:52
SPEAKER_01: Uh, most of them close the offices on weekends, and you know, 40, 40 to 45% of all leads come in after hours and on weekends.
53:01
SPEAKER_01: And so we think it's really important to help support um lenders as well.
53:06
SPEAKER_01: And so we're gonna be releasing agentology for lenders sooner than later.
53:10
SPEAKER_03: That's huge.
53:11
SPEAKER_03: That's absolutely huge.
53:12
SPEAKER_03: That's awesome.
53:12
SPEAKER_03: David, this has been absolutely amazing stuff.
53:15
SPEAKER_03: Thank you so much.
53:16
SPEAKER_03: Um, lead response is so key because and I see it all the time.
53:20
SPEAKER_03: Agents and loan officers, they because they don't have leads right now, they think that getting the lead is scoring the touchdown.
53:28
SPEAKER_03: That's not.
53:29
SPEAKER_03: That's catching the ball.
53:30
SPEAKER_03: That's catching the ball.
53:31
SPEAKER_03: Now you have to do something with it.
53:32
SPEAKER_03: Damn, that was a good analogy.
53:34
SPEAKER_03: Like that was a good analogy.
53:36
SPEAKER_03: Well, it's just catching the ball.
53:37
SPEAKER_03: Now you got to score.
53:39
SPEAKER_03: Um, and so it responding to them effectively and over time and persistent, persistently is key.
53:46
SPEAKER_03: Uh, I I love what you guys do because now I don't have to be responding to texts within, or sorry, lead leads coming in at 3 a.m.
53:56
SPEAKER_03: within five minutes.
53:57
SPEAKER_03: You guys handle it for me.
53:58
SPEAKER_03: If anyone listening wants to learn more about what you guys are doing and to see if you'd be a good solution for them and their lead response system, how do they find out about it?
54:07
SPEAKER_01: Um, well, I believe you have a uh a link up, um, which I recommend people use so because we give them a 50% discount for Massive Agent Podcast listeners.
54:17
SPEAKER_01: Um 50% discount on the first month.
54:19
SPEAKER_01: So you go to uh correct me if I'm wrong, is it MassiveAgent Podcast.com slash agentology?
54:26
SPEAKER_01: Absolutely.
54:27
SPEAKER_01: That's it.
54:28
SPEAKER_01: Perfect.
54:28
SPEAKER_01: So yeah, massive agentpodcast.com slash agentology.
54:31
SPEAKER_01: Fill out the form.
54:32
SPEAKER_01: You'll get 50% off your first month.
54:34
SPEAKER_01: What you'll do is you'll schedule a demo, and our our our account executive will give you a quick demo rundown, a visual of what of the product, how it works, um, give you some advice and some tips on on how we could best uh leverage our leverage agentology for your business, get you set up, it's pretty quick.
54:51
SPEAKER_01: Um, and then we're off to the races and we're month to month, no long-term contracts, so pretty easy to uh to work with from there.
54:58
SPEAKER_01: Love it.
54:58
SPEAKER_03: Love it.
54:59
SPEAKER_03: Yeah, when I saw that you guys didn't have a contract, I could just do month to month to try to quote unquote try it.
55:04
SPEAKER_03: That got me started.
55:06
SPEAKER_03: And I've been with you guys for I want to say a year and a half.
55:08
SPEAKER_03: Uh it's less than two years, more than one.
55:11
SPEAKER_03: And uh you've been absolutely amazing.
55:14
SPEAKER_03: My my conversion, or let me say, the the let's see, I've tripled the amount of people that I'm able to communicate with since I started using you guys.
55:24
SPEAKER_03: That has tripled.
55:25
SPEAKER_03: And because of that, I've closed a hell of a lot more deals.
55:28
SPEAKER_03: So it's been amazing.
55:29
SPEAKER_03: Thank you so much for doing that.
55:31
SPEAKER_03: You guys do it very well.
55:32
SPEAKER_03: And thanks for bringing your knowledge and wisdom and sharing sharing that with everybody because um, you know, not everyone is in the not everyone is in a position where they can hire agentology right off the bat.
55:44
SPEAKER_03: So at least this will be something they can do today.
55:48
SPEAKER_03: They can go edit or add to or create their own drip campaigns and start having a better, you know, uh converting more of these leads that are coming in.
55:58
SPEAKER_01: Absolutely.
55:59
SPEAKER_01: Thank you for having me, Dustin, and really appreciate uh everything you're doing with the podcast to share more with the community.
56:05
SPEAKER_03: Absolutely, buddy.
56:05
SPEAKER_03: Thank you so much.
56:06
SPEAKER_03: We'll talk to you soon.
56:07
SPEAKER_03: Thank you.
56:07
SPEAKER_03: That is such gold.
56:09
SPEAKER_03: That is such gold.
56:10
SPEAKER_03: There's so many great golden nuggets in there.
56:12
SPEAKER_03: So if you guys, I assume you already have your own drip campaign set up, your own lead response system set up, and so this can help you to tweak some of that stuff to be more effective.
56:22
SPEAKER_03: Okay.
56:23
SPEAKER_03: Notice that um he's not about bugging the hell out of people so that they block your number or unsubscribe from your email or you know mark you as spam.
56:32
SPEAKER_03: Like that's not the goal.
56:33
SPEAKER_03: The goal is to be persistent, but not annoying.
56:36
SPEAKER_03: So that's key.
56:38
SPEAKER_03: Go back and listen to that.
56:39
SPEAKER_03: If there's little pieces you missed, take notes.
56:41
SPEAKER_03: I know I was taking notes.
56:42
SPEAKER_03: I'm gonna go back and listen to it yet again, even though I listened to it while I'm editing.
56:46
SPEAKER_03: I'm gonna listen to it again because that's gold right there.
56:49
SPEAKER_03: Thank you so much, David, for coming on the show.
56:51
SPEAKER_03: And remember, guys, to try out Agentology, you get 50% off your first month if you use our unique discount code or discount link, massive agentpodcast.com slash agentology.
57:03
SPEAKER_03: If you are if you have any kind of leads coming in, you need to give them a try.
57:08
SPEAKER_03: I promise you, I've been with them for a year and a half or so.
57:11
SPEAKER_03: They are so worth it.
57:13
SPEAKER_03: They are so worth it, and you will convert more of your leads, which means more money, which means it makes it worth it.
57:20
SPEAKER_03: Thank you so much for listening to the show.
57:21
SPEAKER_03: Please subscribe.
57:22
SPEAKER_03: If you haven't yet, make sure you go subscribe.
57:25
SPEAKER_03: Whether it's iTunes or Spotify or on Overcast or whatever platform you're listening, make sure you subscribe because every Thursday morning a new show comes out, and we're all busy.
57:35
SPEAKER_03: Hopefully you're busy.
57:36
SPEAKER_03: You have stuff to do, you have deals to do, and you can't always remember that Thursday mornings a new episode comes out.
57:41
SPEAKER_03: So it sucks when you aren't subscribed.
57:44
SPEAKER_03: You know, then you might miss an episode or two.
57:47
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57:48
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57:55
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57:59
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58:00
SPEAKER_03: It shows the iTunes algorithm that the show's in demand.
58:03
SPEAKER_03: It helps us grow our audio our audience, which in turn helps us get better guests and you know invest more into the show and provide more resources.
58:12
SPEAKER_03: So go subscribe.
58:13
SPEAKER_03: It's good for everybody, good for the soul.
58:15
SPEAKER_03: Yeah, that sounded right, but that sounds really weird.
58:18
SPEAKER_03: Okay, moving right along, because that's what I do when there's awkwardness, even though I'm just sitting alone in a room, which is awkward in and of itself.
58:28
SPEAKER_03: Okay, at the beginning I mentioned Massive Agent Society.
58:31
SPEAKER_03: I want to make because I didn't make this clear, I think, on the last episode or two.
58:35
SPEAKER_03: If you're new to the show, our Massive Agent Society, obviously anyone can join, but everyone who who joins exp Realty on our team, they get the Massive Agent Society for free forever.
58:48
SPEAKER_03: Okay, so if you're planning on if you're planning on on joining the society and becoming a member, uh, but you're also considering switching brokerages, let's figure out if you know how soon you could do that.
58:59
SPEAKER_03: Because the Massive Agent Society, you could get it for free without having to pay for it.
59:04
SPEAKER_03: If you want some information about EXP, I know we've talked about it before on the show.
59:08
SPEAKER_03: Uh this show's already gone long, so I'm gonna make it quick.
59:11
SPEAKER_03: EXP, I wish I had switched over a year ago.
59:14
SPEAKER_03: Okay, it's it's let me already you know do what I'm doing with better tools, like KV Core, better tools, better lead capture and stuff, all for$50 a month, which is uh a hell of a lot less than some of these.
59:27
SPEAKER_03: Some some of your brokerages, they it's basically extortion.
59:32
SPEAKER_03: Like, or not that they're very good at extracting cash from their agents.
59:36
SPEAKER_03: I was talking to a lady in in the LA area about her brokerage, and they charge it like it's almost a thousand dollars a month for bullshit.
59:45
SPEAKER_03: Stuff that should come included and that does come included with EXP and with you know equity real estate and like a but pretty much all other brokerages, it's just mind-boggling.
59:54
SPEAKER_03: So if you're getting nickel and dime to death with fees, you need to look at another opportunity.
59:59
SPEAKER_03: And I did my homework and chose exp Realty.
1:00:02
SPEAKER_03: If you want to find out why I did, why I'm now able to, while having my income stream of selling homes and commission, I also have two more.
1:00:11
SPEAKER_03: There's company stock that keeps getting gifted to me.
1:00:14
SPEAKER_03: And then through revenue share and profit sharing by building a team and recruiting other agents.
1:00:19
SPEAKER_03: Okay, so I've I've been able to now have three income streams from one business.
1:00:24
SPEAKER_03: So cool.
1:00:25
SPEAKER_03: Get the details by watching a video.
1:00:27
SPEAKER_03: It's like 25 minutes long, gives you all the details you need to know.
1:00:30
SPEAKER_03: MassiveAnPodcast.com slash exp.
1:00:33
SPEAKER_03: Click play.
1:00:34
SPEAKER_03: And if you have questions, let me know.
1:00:36
SPEAKER_03: If not, at least now you're up to speed.
1:00:38
SPEAKER_03: At least now you know.
1:00:39
SPEAKER_03: You know, at least now you have the perspective.
1:00:41
SPEAKER_03: Every time you see a new article come out about this giant team just switched to EXP, EXP just hit this milestone or whatever.
1:00:48
SPEAKER_03: Now you know what's fueling the growth.
1:00:52
SPEAKER_03: It it might not be for you.
1:00:53
SPEAKER_03: That's totally fine.
1:00:54
SPEAKER_03: Okay.
1:00:55
SPEAKER_03: EXP is not for everyone, but it's for a lot of people, and it makes a lot of sense for a lot of people.
1:01:01
SPEAKER_03: So find out where you stand.
1:01:03
SPEAKER_03: That's it.
1:01:03
SPEAKER_03: Massiveagentpodcast.com slash exp, click play, and also make sure you go to industry syndicate.com, check out our other shows in real estate's very first media network.
1:01:14
SPEAKER_03: We are doing some big stuff with the syndicate.
1:01:16
SPEAKER_03: We've got a lot of attention from big companies, from big vendors.
1:01:21
SPEAKER_03: Um, we're attracting some of the biggest shows in the real estate industry.
1:01:25
SPEAKER_03: And I promise you, we're just getting started because wait till we expand into interior design and home building and real estate investing and staging, and we become the frickin' HGTV of our industry.
1:01:35
SPEAKER_03: It's unbelievable what's going on.
1:01:37
SPEAKER_03: IndustrySyndicate.com to see the tip of the iceberg, but discover more amazing shows like this one no matter what you do in the industry.
1:01:45
SPEAKER_03: Go check it out right now.
1:01:46
SPEAKER_03: Thank you guys so much.
1:01:47
SPEAKER_03: Go sell some homes.
1:01:48
SPEAKER_03: Take care.