Definition

Lead conversion is the set of communication skills and verbiage that turns your contact with leads into buyers and sellers appointments.

What Gets Measured Gets Done

When we discussed the first two elements of Lead Management, Lead Generation and Lead
Contact, we gave you a measure for their success. That measure was that you generate and contact enough leads to reach your exceptional goals. You can enormously reduce the number of leads necessary by developing strong lead conversion skills.

The measure for this third element of your Lead Management system, Lead Conversion, is that you turn the highest possible percentage of leads into buyers and sellers appointments; and that you list or sell more than half of the leads that you convert. This latter measure is more important than the former. It is more important to have quality appointments that turn into listings and sales than it is to have a larger number of appointments.

To accomplish these measures you must focus on two important goals.

1. The lead wants to meet with you.

2. Determining whether or not you want to meet with them.

To measure your effectiveness with these goals we want you to do what our coaches lead our clients do. Each week record every new initial appointment. Include the name, source of that
appointment and whether you anticipate that appointment to turn into a closed sale or listing sold. By recording the appointments in this way you are able to measure whether you are on track for your goals in the simplest and most effective way.

The Skills

Some of the more prolific sources of leads that create opportunities for you are; when you get a call from a friend that they are thinking about selling or they are referring you to someone that they know is thinking of buying; when you get a call on an ad or one of your signs; when people walk into your open house; when your web site notifies you of the e-mail addresses of people viewing your listings.

The skills you need to turn these opportunities into listings and sales are largely communication skills. The goal of your communication with these people is to qualify them for three things.

1. Their financial ability to make the desired move.

2. Their motivation to make the move.

3. Their urgency

In order to qualify the lead as above requires the following five communication skills.

1. Active listening, this means listening in a way that makes the other person feel like they are being heard and understood. You accomplish this in person with eye contact, nodding your head, making understanding sounds or comments like, "mm hmm," I understand." "That makes sense." Appropriate laughter is greatly appreciated. On the phone you do this with the verbal responses. On the web you actively listen by confirming your understanding as you respond with the next thought.

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