closers playbook to property management leads
TRANSCRIPT
THE CLOSERS
PLAYBOOKON PROPERTY MANAGEMENT LEADS
Jordan Muelais the CEO of LeadSimple and a passionate marketer who’s worked in the lead generation space since 2008. He's living proof that it's possible to be both ADHD and deeply passionate about utilizing the right systems to make sales and marketing run like clockwork.
PRESENTED BY
DOWNLOAD THIS PRESENTATION AT:
leadsimple.com/NWnarpm2015
OUTLINE FOR TODAYWHY SALES MATTERS
3 DETERMINING FACTORS
3 KEYS TO CONVERSION
WHY SALES MATTERS
Part 1:
10% 40%
# o
f C
om
pan
ies
30%
Conversion Rate20%
13%
EXAMPLE
40% Close RateTop Performance Management, Inc
20% Close RateAbove Average Management, LLC
10% Close RateMediocre Management Group, LP
$50Average Cost Per Lead
$3,000Customer Lifetime Value (CLTV)
$125
Contracts Won
20
10
40
Avg. Cost Per Contract
$250
$500
$115k
$55k
$25k
Total Customer Lifetime Value
100 LeadsCost: $5,000
$10% 40%30%
Conversion Rate20%
Co
st P
er
Co
ntr
act
(CP
C)
$100
$200
$400
$300
$500
$600$500 CPC
$250 CPC
$125 CPC
Co
st P
er
Co
ntr
act
(CP
C)
$100
$200
$400
$300
$500
$600
PPCPay Per Click e.g. Adwords
PrintRadio
TV
PPLPay Per Lead
e.g. All Property Management
MailersPostcards
SEOSocial
10%
20%
40%
Co
nve
rsio
n R
ate
PPCPay Per Click e.g. Adwords
PrintRadio
TV
PPLPay Per Lead
e.g. All Property Management
MailersPostcards
SEOSocial
10%
20%
40%
Most companies compete here...
Co
nve
rsio
n R
ate
Co
st P
er
Co
ntr
act
(CP
C)
$100
$200
$400
$300
$500
$600
Lead Costs Chase Close Rates
Conversion Rate
Cost Per Click / Cost Per Lead
Source: Search Engine Land - http://selnd.com/1hzhwSl
Adwords Cost Over Time
Sale
s
Year 1 Year 4Year 3Year 2
Winners Grow Exponentially
Part 2:
3 DETERMINING FACTORS
SALES CULTURE
1
ENTITLEMENTVS
MERITOCRACY
IMPROVEMENTVS
COMPLACENCY
ACCOUNTABILITYVS
FREE RIDE
SALESMANSHIPVS
ORDER TAKING
SALES PROCESS
2
WHAT HAPPENS AFTER THE LEAD IS
DISTRIBUTED?
The Average Sales Process
BUT WAIT,WHAT IF....
THE LEADS ARE BAD!
IMPOSSIBLE TO KNOW UNLESS
YOU HAVE A GOOD PROCESS
SALES ROLES
3
SPECIALIZATION
One of these items does one thing very well.
Accept Lead
Make Contact
Qualify Lead
Schedule Meeting
Develop Proposal
Meet with Prospect
Close Sale
Onboard New Client
AGENT SALES ACTIVITIES
Distribute Leads
CRM Administration
Performance Reviews
Quarterly Reporting
Training New Hires
Coaching
Hiring / Firing
MANAGEMENT SALES ACTIVITIES
Compensation Planning
Sales Forecasting
Inspecting Property
Personal Consultation
Submitting Paperwork
Estimating
Drafting Agreements
TRANSACTION ACTIVITIES
Coordinating With Vendors
Collecting Payment
(DEPENDS ON INDUSTRY)
?
Combining these activities into one role leads means no one does anything well.
- JIM COLLINS
“Get the right people on the bus and in the right seat.”
Part 3:
3 KEYS TO LEADCONVERSION
SPEED
PERSISTENCE
PROCESS
HOW QUICKLY DO YOU CALL NEW LEADS?
POLL QUESTION
44%
33%
7%7%
7%
IN JULY OF 2012 WE SURVEYED A RANDOM SAMPLING OF MANAGEMYPROPERTY.COM CLIENTS.
INITIAL SURVEY
39hrsAverage Call Response Time Average # of Call Attempts
1.6BASELINE DATA
Our firstreaction...
Our second reaction...
1.639
1.048
1.246
PM RESULTS
Average Call Response Time
Average # of Touches Per Lead
(Source: "The Fast and The Furious") (Source: ResponseAudit.com)
CROSS INDUSTRY COMPARISON
Lead Response Audit Oct. 2013
50%
Did NOT respond in 6 hours
50%
Responded in 6 hours
RESPONSE WITHIN 6 HOURS
25%
Responded in 1 hour
Did NOT respond in 1 hour
75%8%
17%
RESPONSES WITHIN FIRST HOUR
Responded in 6 Hours100%
36%
18%
Responded in 1 Hour
All Companies
5 Minutes
1%
15 Minutes
5%
Phone Contact
Only
Why Speed Matters
5
# o
f C
alls
Minutes10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90
(Source: 2007 Kellogg/MIT Study)
0-90 Minutes: Initial Calls That Become Qualified
Reasons Why4
2
1 Presence - The prospect is likely at their computer and with a phone nearby when they hit submit.
4
3Rapport - Fast responses build confidence and rapport starting things off on the right foot.
First Movers Advantage - First to contact, first to frame the conversation and get a shot to close the deal.
Engagement - The prospect is thinking about their need and ready to mentally engage with you when they hit submit.
66%64%BUYERS SELLERS
64% of buyers and 66% of sellers work with the
National Association of Realtorsreports that…
It Pays To Be First...
agent they talk to first.
4 TACTICS TORADICALLY IMPROVERESPONSE TIMES
START TRACKING SPEED TO CALL
1
Response Time By Agent3 Minutes
3 Hours
30 Hours
AUTOMATE FIRST CONTACT
2
How to Call New Leads in 3O Seconds Flat
Hello, you have received a new lead from your website. The lead's name is John Smith.
The property is a tenant occupied single family home located at 1111 SW Yak St, Yukon, AK, 23455. The property value is $224,065 and estimated rent is $1,419.
The lead's comments are: 'House is in pretty good condition. Would like to work with you.'
Phone Call:
TEXT MESSAGE:
AUTOMATE LEAD DISTRIBUTION
3
Distributed Manually
Distributed Automatically
(Source: Best Lead Distribution Methods, Velocify 2013)
Leads called in less than 5 min.
91%
STRATEGYLEAD DISTRIBUTION
PUSHLeads are pushed
(assigned) to agents automatically based on distribution rules
PULLMethods where leads are put in a pool and then pulled (claimed)
by agents at their own discretion
PUSH / PULL
PUSH / PULLMethods where multiple agents are contacted about new leads and the first agent to call the
lead is given (awarded) the lead.
PUSH / PULL+ Leads get called immediately by
the first available agent+ Lead are awarded based on follow
up versus being “claimed” + Highly flexible, can be used with
multiple distribution models
ASSIGN CLAIM
+ AWARD
No response
SHARK TANKPUSH / PULL
Tom s
Responds 1st
Ron s
Assign Lead
Responds 2nd
Amy s
LEAD ARRIVES
Notify Lead Already Assigned
Available?
ROUND ROBIN
NO
PUSH / PULL
Tom s
YES
Assign Lead
Available?
Ron s
YES
Assign Lead
Available?
Amy s
YES
Assign Lead
NO NO
Leave LeadUnassigned
LEAD ARRIVES
Notify Manager
ROTATEORDER
1 2 3
Available?
TOP PRODUCER
NO
PUSH / PULL
Tom s
YES
Assign Lead
Available?
Ron s
YES
Assign Lead
Available?
Amy s
YES
Assign Lead
NO NO
Leave LeadUnassigned
LEAD ARRIVES
Notify Manager
1 2 3
CALL ON WEEKENDS AND “OFF HOURS”
4
Response Time PerformanceConversion rates
M T W T F S S
Weekend Lead Performance
71%
20%
(Source: The Value of Weekend Leads Unveiled, Quinstreet / Velocify 2013)
SPEED
PERSISTENCE
PROCESS
QUESTION:HOW MANY CALLS DO YOU MAKE BEFORE GIVING UP?
POLL QUESTION:
How many times do you call a lead that isn't returning your calls?
5%
26%
23%
45%
POLL QUESTION: How many times do you call a lead that isn't returning your calls?
FOCUS ON THE TOP OF THE FUNNEL
60%
18%
50%
82%
100%
38%
OPPORTUNITY
TYPICAL FOCUS
New
Contacted
Meeting Scheduled
Meeting Completed
Verbal Commitment
Contract Signed
THE PROGRESSION OF A SALE
PROSPECT
Contact #1
Contact #2
Contact #3
Contact #4
Contact #5
Contact #6
Contact #7
CUSTOMER
43% of Salespeople have given up
68% of Salespeople have given up
80% of Salespeople have given up
Low hanging fruit is harvested here
You’re really getting to know the prospect and their needs
You now “own” mindshare and are the default choice when the prospect is ready
You’re the only one to make 6 contacts
50 PERCENT OF LEADSARE QUALIFIED BUTNOT READY TO BUY(Source: Gleanster Research)
50 PERCENT OF SALESHAPPEN AFTERTHE 5TH TOUCH(Source: InsideSales.com)
LeadsInterested and ready to talk
Prospects+ Recycled
Qualified & Interested Not ready to buy
LeadsInterested and ready to talk
Prospects+ Recycled
Qualified & Interested Not ready to buy
People move back and forth...
and that’s perfectly natural
CONTACT PROBABILITY ARC
Odds of agent continuing to call
CONTACT PROBABILITY ARC
8 FOLLOW UPTO WORKTACTICS GUARANTEED
USE A FOLLOW UP SCHEDULE
1
TRACK ACTUAL CONTACT ATTEMPTS
2
People respect what you inspect.
Chet HolmesAuthor of “The ultimate Sales Machine”
ORIGINAL Contact Info
TRACKEDContact Info
(123) 123-1234 (919) 939-3535 ext. 203
LEVERAGE EMAIL TEMPLATES
3
Intro Email
1st Follow-up- Day 3
2nd Follow-up- Day 7
Schedule Meeting
Meeting Reminder
Management Agreement
TRACK EMAIL OPENS
4
TIME YOUR FOLLOW UP ATTEMPTS
5
Mon Tue Wed Thu Fri SatSun
Best Day To
Call vs
EmailEmail Open Rate
Contact Made By Phone
Best Opportunity
12pm8am 4pm 8pm10am 2pm 6pm
Best Time To
Call vs
EmailEmail Open Rate
6am
Contact Made By Phone
Best Opportunity
GET AGREEMENT ON NEXT STEPS
6
CHANGE UP HOW YOU REACH OUT
7
ADD MORE VALUE BEFORE THE SALE
8
FAQ vsCLIENT TESTIMONIALS
MANAGEMENTAGREEMENT
EXAMPLE:
PM Hiring GuideViewed +1,00,000 timesCovers every possible angle on the hiring process including questions to ask, common fee structures and sample management agreement clauses and their meanings
Is regularly linked to because of the quality of the content as well as the fact that there is no sales pitched contained therein.
SPEED
PERSISTENCE
PROCESS
Why Process Matters
50% lead quality50% sales process
comes down to
$ALES
PROCESSELIMINATES
PROCESSUNIFIES
PROCESSEMPOWERS
PROCESSDIFFERENTIATES
PROCESSSCALES
PROCESSLASTS
PROCESSADAPTS
“”
When each step in the sales process is handled correctly, the close is the natural conclusion.
- TOM SOMMERS
Your sales process will define your sales results.
Period.
BOTTOM LINE
5 SALES PROCESS
STEPS TOA PERFECT
DOCUMENT CURRENT PROCESS 1
MOSTIMPORTANT
STEP
LEADS
LAST
15
WHERE DID EACH LEAD COME FROM?
HOW WAS EACH LEAD DISTRIBUTED?
HOW LONG TIL IT GOT TO THE RIGHT PERSON?
WAS THE LEAD CALLED OR EMAILED FIRST?
HOW LONG DID IT TAKE TO CALL THE LEAD?
HOW DID THE FIRST CALL GO?
HOW DID THE SECOND CALL GO?
HOW MANY CALLS NEEDED TO CONTACT?
HOW MANY LEADS WERE UNREACHABLE?
HOW MANY ATTEMPTS WERE MADE?
HOW WAS FOLLOW UP SCHEDULED?
WHAT PERCENT AGREED TO A MEETING?
WHAT PERCENT DID YOU MEET WITH?
WHAT FORMS AND MATERIALS WERE SENT?
AT WHAT STAGE WAS PRICING INFO GIVEN?
WHAT WAS THE OUTCOME OF EACH LEAD?
WHAT KEY OBJECTIONS CAME UP?
WHATWILLYOU
FIND?
DETAILS MATTER
DON’T BUILD ON A BROKEN
FOUNDATION
Don’t let this be your process
MAPNEWPROCESS 2
RULE 1:ALWAYS START OFF BY LAYING OUT YOUR SALES STAGES.
INSERT SCREENSHOT
RULE 2:ALWAYS CREATE STAGE SPECIFIC FOLLOW UP ACTIONS
Won
Meeting
ContactedDocument Library
Day 1 - Call in 5 Minutes
New
Day 1 - Send E-mail #1 (See Template)
Day 1 - Call after 30 Minutes
Day 2 - Call
Day 3 - Send E-mail #2 (See Template)
Day 5 - Call
Email Templates: 4
Email Templates: 2
Email Templates: 3
Email Templates: 1
STAGE + WORKFLOW + TEMPLATE
Attachments
FOCUS ONIMPROVINGONE STEP 3
STARTING POINTS...
Focus on driving down initial lead response times. Start by implementing tracking and then move to add automation.
FIRST CONTACT
Create one significant piece of sales collateral and then embed it in your sales process so every prospect sees it.
APPOINTMENTS
Start sending out automated meeting reminders to leads via AppointmentReminder.org.
MEETINGS
Test a new promotional offer and track close rates for the people you offer it to vs. those you don't.
CLOSING LEADS
LOSS TRACKINGStart tracking a specific reason for every lost deal and tally them up over time to identify common patterns you may be able to fix.
Create a long term follow up schedule and nurturing campaign.
LEAD NURTURING
4DEVELOPYOURSLA Service
Level Agreement
Speed To Call (For initial call)
SLA Performance for Q1 2015 (Jan. 1 - Mar. 31)
Format Response Time Goal Violations Compliance
Phone 14 minutes 5 minutes 37 77%
Agent: Dave Metzger
Number of Contact Attempts (For non contactable leads)
Phone 14 minutes
Format # of Attempts Goal Violations Compliance
Phone 3 5 12 67%
Email 5 5 8 79%
Total 8 10 20 73%
SLA BESTPRACTICES
MONTHLY REVIEWS
DISPLAYPUBLICLY
CONNECT IT TO PAY
5PROCESS OVER OUTCOMES
OUTCOMES ARE WHAT HAPPENED
PROCESS IS WHY IT
HAPPENED
PLAN THE WORK
WORK THE PLAN
And results are easier to assess and more objective than evaluating processes. But managers often make the critical mistake of assuming that good outcomes are the result of a good process and that bad outcomes imply a bad process.
Results are what ultimately matter...
In contrast, the best long-term performers all emphasize process over outcome.
Michael MauboussinAuthor of “The Success Equation”
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