Weichart Lead Network

A new whitepaper reveals that failure to respond to leads in a timely manner is a major problem for many real estate professionals. The whitepaper is the result of the collaboration between partners at leading consulting firm WAV Group and Weichert Lead Network, the Internet lead generation arm of Weichert, Realtors.It goes as far as finding out that some agents would prefer to buy 1 million youtube views for their listings rather than employ new people to speed up response time. What they uncovered was remarkable and could help real estate professionals achieve new levels of service and prosperity. In the whitepaper, WAV Group details lead responsiveness results from a sample of 384 different brokers across 11 states. Researchers posed as consumers and inquired about listings on broker websites, Zillow.com, Realtor.com, and Trulia.com. They found that: 48% of buyer inquiries were NEVER responded to. Average number of call back attempts after the initial contact was 1.5 Average number of email contact attempts was 2.07 Average response time was 917 minutes (or 15.29 hours) Victor Lund, partner at WAV Group explains, “These numbers reveal a staggering failure of real estate professionals to serve the consumer. But this failure actually represents an important opportunity. If brokers and agents take steps to rectify this problem, and respond more effectively to consumers, they are opening the door to a great increase in revenue.” As previously mentioned, the research began as an effort to help one company, Weichert Lead Network, understand how they were performing. But in order to understand their effectiveness, they needed a benchmark. Because so few companies are comparable to Weichert in size or leads generated, WAV Group needed to create a sample group from the industry as a whole. They chose listings only in states where Weichert also has a presence. In addition to illuminating the industry’s failings, the results also demonstrated Weichert’s success: Number of leads generated by Weichert per month: 60,663 Percent of buyers responded to: 100% Average response time: 3 minutes Number of follow-up attempts: 5-11 Number of referrals per year: 301,772 “Even as Weichert Lead Network’s contact center allows us to respond to Internet inquiries within minutes, the study results will be eye opening for many,” says Michael Montsko, president of Weichert Lead Network. “The industry as a whole does a poor job responding to Internet inquiries and managing Internet leads, but fortunately there is much room […]