What Part of Your Lead Conversion Process is Broken?

Conversion of a prospect from a lead to a sale is a process, not an event. As you know, each stage of the process involves several steps that each requires their own level of expertise.

If you find that you’re generating leads but not converting them into sales, it’s important that you pinpoint where in the process your conversion is failing. Just identifying that you have a conversion problem isn’t enough because it isn’t uncommon for agents to try to fix one part of their system that isn’t broken and ignore one that is.

To help you make a correct diagnosis of your particular situation, let’s outline the various steps of the conversion process and take a look at some conversion percentages you should be aiming for.

Step 1: Prospects You Connect With 

The number of prospects you end up speaking with should fall between 70-75%. Now, you may not achieve this percentage on your first attempt, but eventually, with several attempts, this should be your ratio. You will never reach EVERYONE you attempt. (See proven Facebook and Google ads to fill your pipeline HERE)

Step 2: Prospects Converted to Appointments

This should represent 10-25% of those you actually speak with.  As you tweak your ad campaigns to attract better prospects, and as you become more competent with what you say to convert them (see my high performing Universal Call Back Script™ HERE), you will find this ratio will improve to the higher end of this range.

Step 3: Face-to-Face Appointments

Booking the appointment is only part of this step because no shows or cancellations are also a reality if you aren’t effective.  Aim for 9 out of 10 appointments you book to actually happen. 

Step 4: Prospects Signed to Buyer/Listing Contracts

Two thirds of appointments should result in a signed contract at a minimum. It is not uncommon for members in my advanced training programs, who master my Buyer and Listing presentations, to convert 9 out of 10 prospects they meet with.

Step 5: Closed Sales

If you are systemizing your approach to working with buyers and explaining pricing effectively in your presentation to sellers, you should be closing transactions with A MINIMUM of one out of every two clients that you have buyer agency/listing contracts with. Naturally, this is the low end of the acceptability level.

If you follow these ratios through, this means that you should be achieving a minimum of one sale for every 10-15 leads you generate -- and remember that this would be considered the low end of the range. Many of my students close 2 or 3 out of 10 leads. 

Calculate your own numbers to see how they compare to what I’ve outlined so you can pinpoint your key point of leverage 

Knowledge is power. Calculate your own numbers to understand how your conversion stats compare to what I’ve outlined. By understanding where your system is broken, you can take the appropriate steps to fix the part(s) that need improvement.

See the lead conversion system used by the country’s top agent here to help you master lead conversion in your own business.