Closers Playbook to Property Management Leads
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Closers Playbook to Property Management Leads
- 1. THE CLOSERS PLAYBOOK ON PROPERTY MANAGEMENT LEADS
- 2. Jordan Muela is the CEO of LeadSimple and a passionate marketer who’s worked in the lead generation space since 2008. He's living proof that it's possible to be both ADHD and deeply passionate about utilizing the right systems to make sales and marketing run like clockwork. PRESENTED BY
- 4. OUTLINE FOR TODAY WHY SALES MATTERS 3 DETERMINING FACTORS 3 KEYS TO CONVERSION
- 7. EXAMPLE
- 8. 40% Close Rate Top Performance Management, Inc 20% Close Rate Above Average Management, LLC 10% Close Rate Mediocre Management Group, LP
- 9. $50 Average Cost Per Lead
- 10. $3,000 Customer Lifetime Value (CLTV)
- 11. $125 Contracts Won 20 10 40 Avg. Cost Per Contract $250 $500 $115k $55k $25k Total Customer Lifetime Value 100 Leads Cost: $5,000
- 12. $10% 40%30% Conversion Rate 20% CostPerContract(CPC) $100 $200 $400 $300 $500 $600 $500 CPC $250 CPC $125 CPC
- 13. CostPerContract(CPC) $100 $200 $400 $300 $500 $600 PPC Pay Per Click e.g. Adwords Print Radio TV PPL Pay Per Lead e.g. All Property Management Mailers Postcards SEO Social 10% 20% 40% ConversionRate
- 14. PPC Pay Per Click e.g. Adwords Print Radio TV PPL Pay Per Lead e.g. All Property Management Mailers Postcards SEO Social 10% 20% 40% Most companies compete here... ConversionRate CostPerContract(CPC) $100 $200 $400 $300 $500 $600
- 15. Lead Costs Chase Close Rates Conversion Rate Cost Per Click / Cost Per Lead
- 16. Source: Search Engine Land - http://selnd.com/1hzhwSl Adwords Cost Over Time
- 17. Sales Year 1 Year 4Year 3Year 2 Winners Grow Exponentially
- 19. SALES CULTURE 1
- 24. SALES PROCESS 2
- 25. WHAT HAPPENS AFTER THE LEAD IS DISTRIBUTED?
- 29. IMPOSSIBLE TO KNOW UNLESS YOU HAVE A GOOD PROCESS
- 30. SALES ROLES 3
- 31. SPECIALIZATION
- 32. One of these items does one thing very well.
- 33. Accept Lead Make Contact Qualify Lead Schedule Meeting Develop Proposal Meet with Prospect Close Sale Onboard New Client AGENT SALES ACTIVITIES
- 34. Distribute Leads CRM Administration Performance Reviews Quarterly Reporting Training New Hires Coaching Hiring / Firing MANAGEMENT SALES ACTIVITIES Compensation Planning Sales Forecasting
- 35. Inspecting Property Personal Consultation Submitting Paperwork Estimating Drafting Agreements TRANSACTION ACTIVITIES Coordinating With Vendors Collecting Payment (DEPENDS ON INDUSTRY) ?
- 36. Combining these activities into one role leads means no one does anything well.
- 37. - JIM COLLINS “Get the right people on the bus and in the right seat.”
- 38. Part 3: 3 KEYS TO LEAD CONVERSION
- 40. HOW QUICKLY DO YOU CALL NEW LEADS? POLL QUESTION
- 41. 44% 33% 7%7% 7%
- 42. IN JULY OF 2012 WE SURVEYED A RANDOM SAMPLING OF MANAGEMYPROPERTY.COM CLIENTS. INITIAL SURVEY
- 43. 39hrs Average Call Response Time Average # of Call Attempts 1.6 BASELINE DATA
- 46. 1.6 39 1.0 48 1.2 46 PM RESULTS Average Call Response Time Average # of Touches Per Lead (Source: "The Fast and The Furious") (Source: ResponseAudit.com) CROSS INDUSTRY COMPARISON
- 47. Lead Response Audit Oct. 2013
- 48. 3K 6 hrs Time Window Analyzed # of companies surveyed
- 49. 50% Did NOT respond in 6 hours 50% Responded in 6 hours RESPONSE WITHIN 6 HOURS
- 50. 25% Responded in 1 hour Did NOT respond in 1 hour 75% 8% 17% RESPONSES WITHIN FIRST HOUR
- 51. Responded in 6 Hours100% 36% 18% Responded in 1 Hour All Companies 5 Minutes 1% 15 Minutes 5% Phone Contact Only
- 52. 15m 1h 2h 3h 4h 5h 6hTime: CONTACT TREND OVER 6 HOURS
- 54. 5 #ofCalls Minutes 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 (Source: 2007 Kellogg/MIT Study) 0-90 Minutes: Initial Calls That Become Qualified
- 55. Reasons Why4 2 1 Presence - The prospect is likely at their computer and with a phone nearby when they hit submit. 4 3 Rapport - Fast responses build confidence and rapport starting things off on the right foot. First Movers Advantage - First to contact, first to frame the conversation and get a shot to close the deal. Engagement -The prospect is thinking about their need and ready to mentally engage with you when they hit submit.
- 56. 66%64% BUYERS SELLERS 64% of buyers and 66% of sellers work with the National Association of Realtors reports that… It Pays To Be First... agent they talk to first.
- 57. 4TACTICS TO RADICALLY IMPROVE RESPONSE TIMES
- 58. START TRACKING SPEED TO CALL 1
- 59. Response Time By Agent 3 Minutes 3 Hours 30 Hours
- 61. How to Call New Leads in 3O Seconds Flat
- 62. Hello, you have received a new lead from your website. The lead's name is John Smith. The property is a tenant occupied single family home located at 1111 SW Yak St, Yukon, AK, 23455. The property value is $224,065 and estimated rent is $1,419. The lead's comments are: 'House is in pretty good condition. Would like to work with you.' Phone Call:
- 63. TEXT MESSAGE:
- 65. Distributed Manually Distributed Automatically (Source: Best Lead Distribution Methods, Velocify 2013) Leads called in less than 5 min. 91%
- 67. PUSH Leads are pushed (assigned) to agents automatically based on distribution rules
- 68. PULL Methods where leads are put in a pool and then pulled (claimed) by agents at their own discretion
- 69. PUSH/PULL
- 70. PUSH / PULL Methods where multiple agents are contacted about new leads and the first agent to call the lead is given (awarded) the lead.
- 71. PUSH / PULL + Leads get called immediately by the first available agent + Lead are awarded based on follow up versus being “claimed” + Highly flexible, can be used with multiple distribution models
- 73. No response SHARK TANK PUSH/PULL Tom s Responds 1st Ron s Assign Lead Responds 2nd Amy s LEAD ARRIVES Notify Lead Already Assigned
- 74. Available? ROUND ROBIN NO PUSH/PULL Tom s YES Assign Lead Available? Ron s YES Assign Lead Available? Amy s YES Assign Lead NO NO Leave Lead Unassigned LEAD ARRIVES Notify Manager ROTATE ORDER 1 2 3
- 75. Available? TOP PRODUCER NO PUSH/PULL Tom s YES Assign Lead Available? Ron s YES Assign Lead Available? Amy s YES Assign Lead NO NO Leave Lead Unassigned LEAD ARRIVES Notify Manager 1 2 3
- 76. CALL ON WEEKENDS AND “OFF HOURS” 4
- 77. Response Time PerformanceConversion rates M T W T F S S Weekend Lead Performance 71% 20% (Source: The Value of Weekend Leads Unveiled, Quinstreet / Velocify 2013)
- 79. QUESTION: HOW MANY CALLS DO YOU MAKE BEFORE GIVING UP?
- 80. POLL QUESTION: How many times do you call a lead that isn't returning your calls? 5% 26% 23% 45%
- 81. POLL QUESTION: How many times do you call a lead that isn't returning your calls?
- 82. FOCUS ON THE TOP OF THE FUNNEL
- 83. 60% 18% 50% 82% 100% 38% OPPORTUNITY TYPICAL FOCUS New Contacted Meeting Scheduled Meeting Completed Verbal Commitment Contract Signed
- 85. PROSPECT Contact #1 Contact #2 Contact #3 Contact #4 Contact #5 Contact #6 Contact #7 CUSTOMER 43% of Salespeople have given up 68% of Salespeople have given up 80% of Salespeople have given up Low hanging fruit is harvested here You’re really getting to know the prospect and their needs You now “own” mindshare and are the default choice when the prospect is ready You’re the only one to make 6 contacts
- 86. 50 PERCENT OF LEADS ARE QUALIFIED BUT NOT READY TO BUY (Source: Gleanster Research)
- 87. 50 PERCENT OF SALES HAPPEN AFTER THE 5TH TOUCH (Source: InsideSales.com)
- 88. Leads Interested and ready to talk Prospects + Recycled Qualified & Interested Not ready to buy People move back and forth... and that’s perfectly natural
- 90. Odds of agent continuing to call CONTACT PROBABILITY ARC
- 91. 8 FOLLOW UP TO WORK TACTICS GUARANTEED
- 92. USE A FOLLOW UP SCHEDULE 1
- 95. People respect what you inspect. Chet Holmes Author of “The ultimate Sales Machine”
- 96. ORIGINAL Contact Info TRACKED Contact Info (123) 123-1234 (919) 939-3535 ext. 203 meg@mail.com meg97C4@tracked.com
- 99. Intro Email 1st Follow-up- Day 3 2nd Follow-up- Day 7 Schedule Meeting Meeting Reminder Management Agreement
- 100. TRACK EMAIL OPENS 4
- 102. TIME YOUR FOLLOW UP ATTEMPTS 5
- 103. Mon Tue Wed Thu Fri SatSun Best Day To Call vs Email Email Open Rate Contact Made By Phone Best Opportunity
- 104. 12pm8am 4pm 8pm10am 2pm 6pm Best Time To Call vs Email Email Open Rate 6am Contact Made By Phone Best Opportunity
- 105. GET AGREEMENT ON NEXT STEPS 6
- 106. CHANGE UP HOW YOU REACH OUT 7
- 108. ADD MORE VALUE BEFORE THE SALE 8
- 110. EXAMPLE: PM Hiring Guide Viewed +1,00,000 times Covers every possible angle on the hiring process including questions to ask, common fee structures and sample management agreement clauses and their meanings Is regularly linked to because of the quality of the content as well as the fact that there is no sales pitched contained therein.
- 112. Why Process Matters
- 113. 50% lead quality 50% sales process comes down to $ALES
- 114. PROCESS ELIMINATES
- 115. PROCESS UNIFIES
- 116. PROCESS EMPOWERS
- 118. PROCESS SCALES
- 119. PROCESS LASTS
- 120. PROCESS ADAPTS
- 121. “ ” When each step in the sales process is handled correctly, the close is the natural conclusion. - TOM SOMMERS
- 122. Your sales process will define your sales results. Period. BOTTOM LINE
- 123. 5 SALES PROCESS STEPS TO A PERFECT
- 126. MOST IMPORTANT STEP
- 127. LEADS LAST 15
- 128. WHERE DID EACH LEAD COME FROM?
- 130. HOW LONG TIL IT GOT TO THE RIGHT PERSON?
- 131. WAS THE LEAD CALLED OR EMAILED FIRST?
- 132. HOW LONG DID IT TAKE TO CALL THE LEAD?
- 133. HOW DID THE FIRST CALL GO?
- 134. HOW DID THE SECOND CALL GO?
- 135. HOW MANY CALLS NEEDED TO CONTACT?
- 139. WHAT PERCENT AGREED TO A MEETING?
- 140. WHAT PERCENT DID YOU MEET WITH?
- 141. WHAT FORMS AND MATERIALS WERE SENT?
- 142. AT WHAT STAGE WAS PRICING INFO GIVEN?
- 143. WHAT WAS THE OUTCOME OF EACH LEAD?
- 145. WHAT WILL YOU FIND?
- 146. DETAILS MATTER
- 147. DON’T BUILD ON A BROKEN FOUNDATION
- 148. Don’t let this be your process
- 149. MAP NEW PROCESS 2
- 150. RULE 1: ALWAYS START OFF BY LAYING OUT YOUR SALES STAGES.
- 151. INSERT SCREENSHOT
- 152. RULE 2: ALWAYS CREATE STAGE SPECIFIC FOLLOW UP ACTIONS
- 153. Won Meeting Contacted Document Library Day 1 - Call in 5 Minutes New Day 1 - Send E-mail #1 (See Template) Day 1 - Call after 30 Minutes Day 2 - Call Day 3 - Send E-mail #2 (See Template) Day 5 - Call Email Templates: 4 Email Templates: 2 Email Templates: 3 Email Templates: 1 STAGE + WORKFLOW + TEMPLATE Attachments
- 156. STARTING POINTS...
- 157. Focus on driving down initial lead response times. Start by implementing tracking and then move to add automation. FIRST CONTACT
- 158. Create one significant piece of sales collateral and then embed it in your sales process so every prospect sees it. APPOINTMENTS
- 159. Start sending out automated meeting reminders to leads via AppointmentReminder.org. MEETINGS
- 160. Test a new promotional offer and track close rates for the people you offer it to vs. those you don't. CLOSING LEADS
- 161. LOSS TRACKING Start tracking a specific reason for every lost deal and tally them up over time to identify common patterns you may be able to fix.
- 162. Create a long term follow up schedule and nurturing campaign. LEAD NURTURING
- 164. Speed To Call (For initial call) SLA Performance for Q1 2015 (Jan. 1 - Mar. 31) Format Response Time Goal Violations Compliance Phone 14 minutes 5 minutes 37 77% Agent: Dave Metzger Number of Contact Attempts (For non contactable leads) Phone 14 minutes Format # of Attempts Goal Violations Compliance Phone 3 5 12 67% Email 5 5 8 79% Total 8 10 20 73%
- 165. SLA BEST PRACTICES
- 166. MONTHLY REVIEWS
- 167. DISPLAY PUBLICLY
- 168. CONNECT IT TO PAY
- 173. And results are easier to assess and more objective than evaluating processes. But managers often make the critical mistake of assuming that good outcomes are the result of a good process and that bad outcomes imply a bad process. Results are what ultimately matter... In contrast, the best long-term performers all emphasize process over outcome. Michael Mauboussin Author of “The Success Equation”
- 176. MONTHLY webinar.leadsimple.com WEBINAR(Second Thursday of Each Month)