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Realtors Missed Deals: How Realtors Lose Commissions Without a Steady Lead Flow
Never lose business to only relying on referrals, generate leads online!
Realtors Missed Deals? Discover how missing out on leads is costing you valuable commissions. Use our ROI calculator to see how much revenue you’re losing by not securing consistent buyer and seller inquiries. Don’t let potential clients slip through the cracks—find out how to capture and convert leads effectively to grow your real estate business. Enter your information to receive a free consultation and actionable solutions tailored to your needs.
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How Much Business Are You Missing?
It’s true we prefer chats over phone calls, most businesses still aren’t engaging with prospects and customers via their preferred method of communication. Why?
Put simply it’s easier for leads to call for whatever reason incoming calls mean more business opportunities . We find realtors think thy can rely on sphere of influence to gain business. Well take a moment to factor in how many leads you actually need in your pipeline to increase your business monthly on a constant basis. That business is ot gong to keep increasing at the rate you need with jus referrals., that’s where new leads mean new business.
To determine the number of leads you need for steady growth and to achieve 2-3 closed deals per month while accounting for pipeline drop-offs and lead losses, we can use a general formula:
Required Leads = (Target Deals / Closing Rate) / Lead Retention Rate
Here’s a step-by-step breakdown:
1. Target Deals per Month
You aim to close 2-3 deals per month.
- Let’s average it to 2.5 deals per month.
2. Average Closing Rate
The closing rate refers to the percentage of leads that turn into closed deals. For realtors, this typically ranges from 2% to 5%, depending on lead quality.
- Assuming a closing rate of 3%, you would close 3 out of 100 leads
3. Pipeline Drop-Offs
Some leads fall out of your pipeline due to factors like disinterest, being unqualified, or poor follow-up.
- Assuming 50% retention of your initial leads, you need twice as many leads to keep a steady flow.
4. Calculation
Using the formula:
\text{Required Leads} = \left(\frac{\text{2.5 Deals}}{\text{3% Closing Rate}}\right) \div 50\% \text{Retention Rate}
Leads needed to achieve 2.5 deals:
Accounting for 50% retention:
Result
You need approximately 167 new leads per month to achieve a steady pipeline and close 2-3 deals monthly.
If your closing rate or retention improves, this number will decrease. Conversely, if your closing rate or retention is lower, you’ll need more leads.