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This page is Best Agent Business strategy on calling leads.
Version: 2/2/18

Overview
Our calling strategy is based on tracking over 300,000 dials over the past five years from our team of Callers at Best Agent Business. We have worked with over 100 clients and used over 20 database platforms.

Calling Results - ROI - Expectations
It is important to have clarity for calling results and pipeline. Here is summary:

  • Calling done today will lead to cash in 6 months, not sooner. The pipeline must be built and deals must close to cash.
  • We expect calling to be done 10% of GCI when done correctly and measured over 6 month pipeline.
  • Thus, if you spend $10,000 with us on calling, this will usually lead to $100,000 of GCI.
  • In a business run using our Billion Dollar Agent systems, you spend 10% on Marketing and 10% on Calling of GCI.
  • If your database is a mess and there are few notes and codes, then you initially spend time/money having us get database clean.
  • As the pipeline develops, we value the pipeline as half being the Golden Egg Buyer-A or Seller-A leads that are escalated and the other half being the Buyer BC or Seller BC leads. For example, if you spent $5,000 over 5 months at $995/month, you may have 25 Buyer-A leads and 150 Buyer BC leads moved into pipeline from reaching live and qualifying. I would value the 25 Buyer-A leads at $100/each for $2,500 and the Buyer BC leads at perhaps $20/each for $3,000.
  • It is critical to understand that the value of your investment flows through database cleanup, calling 5x to reach live and qualify, building a pipeline of BC leads, and having A leads emerge as ready for showing or listing.
  • Important critical point:
  • A Billion Dollar Agent understands this and is patient for delayed gratification with results coming 6+ months after starting.
  • A regular agent is impulsive and starts/stops calling or callers after 1-2 months and wastes their time and money.
  • You want to be a Billion Dollar Agent.


Videos
We suggest you a few of our short 1-3 minute videos about Calling:
https://www.youtube.com/user/BestAgentBusiness/search?query=calling

The basic steps of our Calling Strategy is the following:

  • Database Management: Get all databases organized with consistent coding using our Billion Dollar Agent coding scheme of Buyer - New Lead, Buyer - A, Buyer - B, Buyer - C, Buyer - Email Only, Buyer - Dead Lead, Buyer - Lost Bought House, Client - Under Contract, Client - Closed.
  • Lead Management: We organize and do data entry and updating of leads if agent is not using database correctly. We produce Weekly Lead Reports of hottest leads for agents to print and use outside office to easily make calls and fax/scan back to us for updating. We constantly balance a mix of leads between the leads which the lead agent (owner of business) is working such as only high-end buyer leads above a certain price point, leads which are being worked by buyer's agent, and leads we are calling.
  • Agent Management: Remove leads from inactive or dead agent accounts. Reduce lead count per agent to 50 leads per 1 hour of calling per day. If an agent is only doing 1 hour of calling per day, they will never have more than 50 leads under their account.
  • Calling: We have Callers assigned for either 5 or 10 hours of calling per week, or 1-2 hours per day. We usually assign multiple callers to larger accounts in order to compare performance and phase out callers with low productivity, improve systems faster, and have safe backup if one caller is not able to work or is no longer working.
  • Mailing: We strongly advise clients to budget $10/per lead per year for mailing a monthly mailed newsletter or postcard to buyer and seller leads. We also like to do a SendOutCard welcome series of 3-5 cards with testimonials once we have a first conversation with a buyer and get their mailing address.


Buyer Leads in Big Buyer Business system such as BoomTown, TigerLead, Prodigy, Commissions Inc, Real Geeks, and others
Agents

  • We clean up older agent accounts which are gone or inactive so leads are not being wasted.
  • We determine criteria for any leads the lead agent (business owner) is working and also whether they work in database directly or we will be managing all of those leads for them in the system. Often, the lead agent should have only 10-50 leads at most under their name.
  • We determine who are the best buyer's agents and redirect the best leads to those agents.
  • We phase down or phase out buyer's agents who are not working leads or not calling and move their leads to the better agents or to the Callers.
  • We either have single agent account created for our calling or multiple accounts if the client has a backlog and wasted hundreds or thousands of leads.

Calling Groups

  • We divide leads into different calling groups which have various priority and managed differently.
  • During the first 1-3 months, we are doing calling and doing database management and lead management cleanup at the same time. For larger clients, the productivity of our callers will be low during the first 1-2 months because the database is a mess and we are working through hundreds of leads, many of which are now dead or Buyer - Lost Bought House or less valid phone numbers.
  • Buyer - A: These we call Golden Eggs. The core focus of our calling is to reach people live, develop rapport, nurture them over X months and be there when they are ready to escalate to an agent as a Buyer - A. We call these Golden Eggs and they are like Gold. They cost $100-$300 to get a lead to this stage. Thus, we spend time doing non-calling tasks of following up with agents to find out status of Golden Eggs and make sure agents are not wasting the leads. Unless managed tightly, we have found that 80% of buyer's agents will waste the $100-300 Golden Eggs just like they will waste a basic web lead. They do not care because it does not cost them money and there has usually been no accountability or consequences. Thus, our accountability systems are a key value of our services.
  • Buyer BC: We call this group the Pipeline of leads which we are calling once a month. Once a lead has been reached live and resolved/qualified to be possibly looking to purchase in 1-24 months, they are coded as Buyer - B or Buyer - C and have a Next Call Date set of one month in future. If they say they are maybe 6 months in future, we call them in one month. We call all Buyer BC leads monthly and if not reached live, we then set Next Call Date to 3 weeks instead of 4 weeks and then to 2 weeks. The goal is to reach live at least every 3 months at a minimum.
  • Buyer - New Lead: These are new leads which have never been reached live. We call this the Backlog of leads which need to be called and resolved. For many systems, about 50% of these have valid phone numbers but Callers need to call leads to find out whether phone number is valid or not. If phone number is not valid, it is changed to a Buyer - Email Only. If reached live and resolved, it becomes a Buyer ABC or one of the codes below.
  • Buyer - Email Only: This is a lead which does not have a valid phone number but email is valid. We have a separate Email Only Team which sends custom emails to work these leads if the client wants us to do that in addition to calling. We do not recommend doing that until major calling backlog is cleared.
  • Buyer - Lost Bought House: These are leads which have purchased a home/property with a different agent in your area. We want to track what is lost. For most top agents, they are losing 2-5 deals for every deal they close. This is very bad and our goal is fix this problem.
  • Buyer - Dead Lead: This lead is dead because both phone and email are invalid, or they said they are not interested any longer, or other reasons. We often find that 10-30% of leads which had been marked as Dead by a buyer's agent are NOT dead and we can revive them. This is lower priority to clean up.

Calling Statistics

  • When calling, we track hours, live answers, and results. We usually do 10-20 dials per hour and reach 2-4 people live per hour. This depends on various aspects. We always send an email after each live answer or voice mail and believe that is worth doing.
  • Also, we take very detailed notes and copy those notes to our client so they can see results and provide sales management feedback on calling notes.
  • If we are using an auto-dialer provided by the client, and the client has a large backlog of Buyer - New Leads to call and resolve, the productivity goes up 2-3x.

Calling Balance - Calling Hours Needed
When we work with clients, we calculate and produce a plan to properly work all leads and calling hours needed. During the first month, we are cleaning up the database, starting calling to find out the mix and quality of leads, and sorting out which agents or callers are calling for how many hours per day. After about one month and first 25 hours of calling, we can provide a good projection of Calling Hour needs.

  • Most top teams are wasting 50% of their leads.
  • If you want to stop wasting leads, you need to balance marketing lead generation with sales calling hours.
  • In rough terms, if you are spending $2,000/month on generating buyer leads, you need to be spending $2,000 on calling hours or else you will be wasting leads and it will get worse and worse. The metric is based on buyer lead cost of $10-20 and total calling costs to reach live, qualify, and work over a 3-12 month pipeline a buyer lead is about $10-20 of calling services.
  • If you are thinking that you do not need to pay for calling because your buyer's agents will call the leads for free, then you are dreaming and likely wasting thousands of dollars of leads every single month. Out of 100 top teams, we only find about 5 who have enough hard-working and calling buyer's agents that they are not wasting leads.
  • Calling Metrics
  • Callers will do about 10-20 dials per hour including database updating and emailing leads after calling. This is manual calling.
  • If you have a backlog of hundreds of leads and use an autodialer, then you can do 20-60 dials per hour or roughly 2x or 3x as productive. Using an autodialer only makes sense with backlog of leads, not pipeline of Buyer BC leads.
  • Callers will get live answer about 10-30% of the time depending on whether they are backlog new leads and how old or whether they are pipeline Buyer BC leads where phone is already verified. this means that Caller will reach about 2-3 live answers per hour.
  • 100 leads per month of new leads will require 30 hours of calling to reach live and qualify.
  • If Caller does 5x dial attempts, they will reach about 60-70% of leads live. If Caller does 2x dial attempts they will only reach 30-35% of leads live.
  • Calling Chunks
  • Golden Egg: These are the hot leads ready for first meetings of buyers or sellers. We call these Buyer-A or Seller-A leads. They are escalated to the owner of the business, lead agent, or other agents. It is the responsibility of the agent to call a Golden Egg 5x over 5 days to reach live. This is usually about 5-20 leads in play. If you have over 50 Golden Eggs on your side, it is likely you are not managing them and you are wasting them.
  • Almost no Golden Egg will ever return your voice mail. If you wait for someone to return your voice mail, you will never make good money in any sales job. If a lead returns a voice mail, we call that a miracle. Miracles happen sometimes, but they are rare.
  • If you cannot reach a Golden Egg, you hand it back to the Caller to reach live again and have them help coordinate and set up a phone appointment.
  • Pipeline: These are the valuable Buyer BC and Seller BC leads which are pipeline for future Golden Eggs. These leads have been reached live, phone verified, and qualified to buy/sell within one year. Callers will call these leads on a monthly basis to reach live. If they get voice mail, depending on situation, they will sit Next Call Date for 2-3 weeks so they try again to reach live. If someone says they may buy in 6 months, we call and want to reach them monthly to develop rapport, see if situation has not changed, and provide them a useful tip or information monthly. To work 100 leads in pipeline, it takes about 30 hours per month.
  • Backlog: These are the new leads which no one has called or no one has reached live. They may have been never called, or dialed once or twice, or called but no one ever updated the database so we have no clue someone ever spoke to them. Most clients have hundreds or thousands of these leads worth $10-20 each. Callers will call these leads to make 5 dial attempts, 5x, over a two week period, including trying at various days of week and times of day. If the phone number is invalid, we remove phone number and mark as a Buyer - New Lead - Email Only. Once reached live, the lead either becomes a Golden Egg right away (very rare), or about 30-50% become a Buyer BC and move into pipeline, and 50%+ are a Dead Lead right off the bat because they were just looking, not interested, already bought a house in months since they first registered on site, or working with an agent and other reasons. For calling backlog. If you have 100 leads in backlog, it takes 30 hours to clear the backlog and resolve those leads. So 1,000 leads would take 300 hours of calling roughly, but only 100-150 hours if using an autodialer.


Callers - Compare Performance of Callers
We encourage comparison of calling results from Callers. To compare results, all Callers must use our Daily Log system and they should be calling the same mix of leads. From experience, we need about 50 hours of calling hours completed to then compare results. Callers may be from following groups:

  • Best Agent Business Callers
  • Buyer's Agents: Your buyer's agents
  • ISA: Inside Sales Agents - your in-house Callers
  • Other Calling Companies: Other virtual calling companies, such as Best Agent Business.

We are happy to compare metrics and results of our Callers against any other group of Callers. The key is to compare cost, productivity, and results and incorporate base cost plus any bonus.

  • services/calling/calling_strategy.txt
  • Last modified: 2018/06/13 14:58
  • by raquelmartin