Two marketers break down how to track which lead sources actually make money and cut spending on the ones that don't. They show how to measure ROI across different ad channels and share specific tactics for doubling down on what works in real estate lead generation.
Take us through the actual process that a team leader could apply to where they're spending money and how to cut out the things that might not be working.
Yeah. So number one, it starts with good tracking. Number one, know how many leads were coming in, what you converted price points, average commission checks per lead source. We didn't have CT back in the day. We had the business tracker, which worked pretty well identifying those. But for us, I know just simply homes.com come to mind. It comes to mind. First, I wasn't spending a lot, but it was 500 bucks a month. And I remember you asked me, it's like, how many of you closed from there? I'm like, I can't say a single one. He's like, why do you have it? And like, it's only 500 bucks. You're like, yeah, it's only $500. So that was the first X. Then I think it was hud, home store. And I look back and I used to write down all my closings and tracked, handwritten my lead sources and I had closed two for 107,000 and 115. I was like, no, those are the two worst transactions ever. I forget what I was spending. Wasn't much. It was like three, four hundred bucks. But really just looking at, you know, and when it comes to bigger lead sources like Zillow, right. There is a benefit to have like some paid advertising through Zillow to be a featured agent, for example, but just working with a lot of, you know, other teams and seeing these four, five, six, $7,000 budgets, to see a maximum two and a half, three, three and a half to one return, you know, that's not going to. That's not what. That's not scalable, number one. Number two, it's not be profitable. So with that, it's just knowing the numbers so well. Like, for example, this year we are almost on to be 13 to 1 on a realtor.com leads. Not because realtor.com's the answer for everybody. It's because that's our number one lead source that we spend a lot of our marketing budget for those sort of leads, but we recycle them. There's a process like in. It's really dialed in, but it's just the one lead source that we're probably going to do 1.1 million GCI this year, you know, on that one lead source.
