Real estate agents who call leads within 5 minutes are 21 times more likely to qualify them than those who wait 30 minutes. The MIT Lead Response Study shows contact odds drop 4x between 5 and 10 minutes, and over 10x within the first hour. Best days are Wednesday and Thursday, late afternoon around 4-6pm.
Foreign Getting face to face with buyers. I'm going to show you a study done by MIT Lead Response Study. So Google MIT Lead Response Study Study. And this is something, there's two links. So when you Google MIT Lead Response Study, I want everyone to go to this study and read it themselves and with their team. But there's two links. So there's part of this first one. I'll click on it. Then there's this SlideShare one here which I want to go into. The first one is a static document. Basically three years worth of data across six companies generate web leads. And it kind of gives you the terms and the definitions of the study, but gives you a summary here of the best days to call. Wednesdays and Thursdays are the best days. 4 to 6pm is the best time to call to contact a lead. 8 to 9 and 4 to 5 are the best times to call to qualify a lead. Four to five is the best time to contact and qualify a lead over 11 to 12 by 109%. So it's all chart driven. So it's really, really interesting stuff. The one for Internet leads that you can show your team, it's in part three here, it's response time analysis by five minute increments. So we figured if the first 20 hours we figured if the first 20 hours sliced up by hours was important, we should look more pretty precisely at the first three hours sliced up by five minute segments. What are the results? It's even more eye opening. Begin calling for just one hour. So the odds of calling to contact a lead decreased by over 10 times in the first hour. The data actually disappears. So in five minutes, you know, look how much it drops off from five minutes to 10 minutes. And if you look at that is lead to contact and lead to qualify. Just as dramatic. You can see how much it drops off here. So what's the bottom line? So the odds of qualifying a lead in 5 minutes versus 30 minutes drop 21 times. And from 5 minutes to 10 minutes, the dial to qualify odds decreased 4 times. So just from 5 to 10 minutes it decreases 4 times. So if you or your agents are saying that buyer Internet leads are crap and you're not responding within one or two minutes, your words are a waste of breath because you're not working those leads the way they must be worked. So if you think of an Internet buyer, and I'll take questions at the end, but if you think about an Internet buyer, it's not that they're going to transact with you at the moment they hit. They hit submit, right? But they're at their computer and they're searching for homes on your website. 100% of the time when I'm on the Internet and I hit submit, my cell phone is right next to me. And so you're not getting them 10 or 15 minutes later when they're off the site. But you want to get them when they're on the site and they're right next to their cell phone. They don't answer the phone the first time, you're calling a second time. So make sure, you know, anytime I get a call from someone, 90% of the time, if someone dials my phone twice and they're not in my phone, you need to overcome the feeling that you're going to have when they're going to be annoyed, but they're going to answer the phone. So dial that phone twice and tell your agents to do the same. And it just starts the relationship. So if you think it's a five to eight contact process to get someone to do business with you, you want to give yourself the best chance of getting them on the phone the first time out of the gate. So this is study. I would read this word for word with your team. You read it word for word to yourself, but also read it to your team. There's a bunch of sort of antidote examples at the bottom here. They tested these principles firsthand. So they had their president sign up with a lead provider for a mortgage, and he got the first one called in 30 minutes. The last one called on a lead three days later. And then there's some other stuff, interesting stuff. Up here they have one rep filled out a lead from a top provider, 8:30am and his first call was in a minute. His second call was in three minutes, his third in an hour and 45 minutes. So in the first two hours you got three calls, but in the first five minutes he got two calls. So pretty interesting study. So definitely jump on that. Your team or even yourself, you won't know the power of Internet buyers and the opportunity there unless you fully understand that late.
