When you think of generating leads online, does your mind go straight to some preconceived notions? (Be honest...It happens to all of us!) Myths start out with a grain of truth – that’s why they spread so easily! So, we’re here to set the record straight and debunk the 5 most common myths we hear as experts in lead generation.
Myth 1: Online Leads Won’t Work in My Market
We know that 90% of homebuyers count the internet as one of their primary search sources, and the majority (52%) actually find the home they end up buying online. While it’s true each market is unique, and some have very specific buyers, statistics show, that doesn’t mean those buyers aren’t searching for their home online. The CINC difference is that we target those hyper-local areas that are distinct to each market. Think: school districts, country clubs, neighborhoods, and other individual communities rather than just relying on cities and zip codes. This earns you a more targeted lead who knows where they want to buy and is further along in their search.
Myth 2: Online Leads are Low Quality
What does “low quality” mean? A homebuyer that’s not currently ready to purchase? Someone that needs the help of a lender and perhaps some credit repair? The average conversion rate for online leads is between 2%-5%. That’s why it's important to partner with a technology like CINC that delivers the lowest cost per lead and gives you all the automation and communication tools you need to set up processes that convert your ready-later buyers while you close your ready-now business. Leads and technology allow you to not only hit, but outperform industry averages!
Myth 3: I Can Do Online Lead Generation on My Own (Or Hire Someone Locally)
Again, all myths start from a grain of truth, especially this one. You can manage your own online lead generation. The question is, should you? Will you, or someone you hire, be able to deliver proprietary software that automatically makes 40,000 campaign adjustments each month (which results in a historically low cost per lead)? What about a team that has over 100 years’ experience? The fact is, if you want to spend your time, money, and energy generating fewer, more expensive leads, you can. Just consider how many of those leads will convert while you’re focused on the generation instead of the relationships.
Myth 4: Real Estate is a Relationship that Can’t Be Built Online
This might be the easiest myth to debunk. As COVID-19 has taught us, certain relationships can (and have to in some markets) be built virtually. We’ve seen virtual birthday parties, graduations, and even weddings. Why not home searches? Think of a new lead alert like meeting someone in a coffee shop. Once the connection is made, the relationship begins! With tools like video messaging and immediate virtual showings, it’s easy to figure out what your lead is looking for and get them on the path to a life changing purchase (or sale!)
Myth 5: I Won’t Find High End Buyers Using Lead Generation
As we mentioned in Myth #1, we know that over 50% of homebuyers actually find the home they end up purchasing online compared to only 29% that find their home through their agent. So, we know homebuyers of all shapes and sizes are searching online, ready to buy homes, and that their budgets have historically increased. Compared to 2019, the number of $1 million+ homes sold in 2020 has increased by 44%.
Here's an example of a CINC client, Gary Semeniuk feedback on CINC's lead generation, "GROWTH....Since Sunday, 2.1 million in new listings and 2.8 million under contract. For those of you struggling, we get it, our struggle was real too. Keep pushing, we did. In 2018 we grossed just around 90k in commissions. We heard about CINC and signed up, We listened, learned, implemented, and just kept pushing. Thank you CINC team and so many others that share your knowledge for all of us to succeed in an ever changing business."
While each of these myths holds a nugget of truth, the fact is, setting up the right processes and partnering with the right technology will help you bust these myths in your business. Online leads have a different timeframe and expectations than other lead sources, so make sure your follow up plan is tailored to what they’re looking for.