As a real estate agent, you likely already know how time-consuming it is to check up with every lead prospect you receive manually. However, with a little bit of training and patience, you can automate your lead scoring process to make it more efficient and drive conversions.
Lead scoring will help you identify where a prospect is in their buying process and help you prioritize your follow-up schedule. It will make it easier for you to separate those ready now from those who need a few more weeks before deciding on a home.
In this post, we’ll walk you through the importance of lead scoring and how you can leverage it in your real estate business.
What is Lead Scoring?
Lead scoring is a process of assigning numerical values to factors that indicate where a prospect is in their buying process. For instance, if someone requests your contact information and wants you to call them back, there are high chances that they might be more eager than a lead who does not ask for any follow-up action on your end.
That is why lead scoring will output a higher number for the first prospect, which means they are closer to moving forward. It also helps you prioritize your time and resources. You can automate lead scoring to help you filter through your leads and focus your energy on the prospects ready to close.
What Are The Benefits of Lead Scoring?
From an agent's ability to filter through more leads to having more consistent leads that actually close and prospects who are ready to buy–there is no shortage of ways that lead scoring can improve your ability to be a more effective real estate agent. Here is just a small sampling of the most significant benefits:
1. Increases Focus on Relevant Leads
Since it’s so time-consuming to monitor each and every lead manually, you actually might be putting your focus on the wrong ones. In other words, keeping up with all of your leads equally will not help your business succeed in the long run.
With a proper lead scoring system in place, you can be confident that those ready to buy will get the level of attention they deserve. Thus, you can focus your energy on the highest priority leads, and make more sales as a result.
2. Better Synchronization Between Marketing and Sales
It is essential to have a well-organized lead funnel aligned with your marketing and sales. Being able to send the right message to leads based on where they are in the buying process will improve conversion rates and help you get more qualified leads in the long run. This helps with your lead nurturing process and lets you deliver the best buying experience to your prospects.
3. Improves Your Understanding About the Leads
Tracking which prospects have the highest score will help you understand what you need to do to get them to convert. This information will allow you to create a more efficient follow-up process for your prospects.
For example, if you find that certain factors drive high lead conversions, you can focus on scoring those things high. This will also help you target more qualified leads from the beginning.
4. Enhance The Experience of Prospects
By being able to have a more targeted approach for your prospects, you can drive a better experience. This means that you will be able to focus your time on the best opportunities and avoid wasting resources on those who are not ready yet.
3 Most Effective Types of Lead Scoring
The three lead scoring types are explicit lead scoring, implicit lead scoring, and data quality lead scoring. Let’s break them down so you can better see how these three lead scoring types will help you have more effective marketing and sales communications.
Explicit Lead Scoring
This type of lead scoring is also known as rule-based lead scoring, meaning it involves assigning points to each prospective buyer based. This means that prospects are given points when taking specific steps or giving you information during the buying process. The number of points assigned can be increased or decreased depending on your goals and are determined by you.
For example, a lead might get one point when they ask you to follow up. They might get another point if they request more information about a house or neighborhood they are interested in. It is a way for you to customize your lead scoring process.
Implicit Lead Scoring
This type of lead scoring has a lot to do with customer behavior and your perception of how they are doing in the buying process. It is essentially assigning scores based on how you believe each candidate will perform when it comes time to close a deal.
For this type of scoring, you can use basic information such as how long they have been active on your website or how many properties they are interested in.
Data Quality Lead Scoring
This type of lead scoring determines how accurate your information about each prospect is. It is a way for you to measure the quality of data you have by deciding whether or not it is correct.
For example, you can determine whether or not a lead's name is correct by looking up their social profiles and seeing if there are any matches. This type of lead scoring is useful when you need to quickly determine which leads have the best information and if you should focus your time on them or not.
This can be extremely useful when comparing leads from different sources and determining the best ones.
Lead Scoring Makes You a Better Real Estate Agent
When your prospect scores are higher, you can focus more on the ones that are most likely to yield better results. Simply by analyzing your leads with an objective eye, you’ll be better equipped to work with opportunities that need the most attention and nurture leads who need more help.
This type of system makes it easier for you to track what works and what does not, enabling you to make the necessary changes to get better results. This means that you can strategize your time with prospects based on those who may not have high purchasing power right now and those with a higher chance of closing a deal with you.
Agent Legend allows you to automate the lead scoring process to enhance your sales. Bottom line - Lead scoring will ultimately improve how you engage with prospects, and Agent Legend makes the process a breeze. Get improved results by using Agent Legend's lead scoring system today!
