Today we have David Tal, owner of Agentology on our podcast!
Agentology understands agents are busy and wants to become your ISA, by helping you engage all of your leads, do the necessary follow ups, filter out all the junk messages, and set up appointments and phone calls with the most motivated prospects!
ISA: Inside Sales Agent who is suppose to set these appointments for people.
Today, all real estate business is either being on a team or building a team and buying leads to be successful is necessary to even have a chance in this industry. So, as a team leader, Agentology’s concept sounds awesome!
How was Agentology developed? We’ve all seen the massive shift in real estate that the internet brought. Technology has empowered the consumer to do a lot of the work on their own but it also eroded that human connection that used to be made right away. Nowadays, agents have to bridge that gap. To do this we have to go online to bring them offline and meet them face to face.
David was a broker for about 10 years. Though he and his team were doing all the right things to generate leads, they were missing the ‘in-between loop’ to connect it to. So he and his brother decided to become the first lead generation service to pre-screen their leads. Agents absolutely loved this! Eventually, they decided to open the platform up and service all leads and help agents with all of their lead sources.
So are they really sitting around in a room and going through each lead? They look at data more than emotion to see what created the most engagement gave back and the most results. They also look at different scripts and see how they can blend them all together. And we are only testing, so if in a few months we find something that works even better, we will adapt to that! Our goal is to convert to the higher level, if this is calling or texting, this is what we’re going to do.
Sometimes agents will call/text 3-4 times with no answer; When should they give up? Data shows that between 8 and 10 attempts is when you will convert 93% of all the qualifiable leads. You can make another 10-1000 attempts but you are only working on getting another 7%. So it’s just a matter of where you want to focus your attention. Use as much human interaction as you can, as this is when you will convert the highest. They recommend making 5 attempts within 24 hours.
Depending on your demographics, you will find out if it’s better to text or call. Statistics have shown for example that millennials get really annoyed if you call them.
25% of leads come in after hours. That’s because this is when people get out of work and have time to look at things online. They rarely expect a response at that time of the night and people are super impressed when we reach out to them! It is important to understand that the consumer of today is around the clock and weekend.
Agentology has over 100 people now and is open 24/7, like a well oiled diner!
What do you say to an agent who is opposed to ISAs? It’s a fair point but when a lead fills out a form and is contacted almost instantly, that makes the agent look more professional and responsive and shows that they have a process and a team, which makes the customer feel more comfortable. Customers feel like the agent has a real business. Also leads tend to lower their guards with them because they know they won’t be pushing an agenda. So it’s better to respond to all your leads humanely, almost immediately, than only a fraction of them because you want to be the one who does it.
How does the lead ‘distribution’ system work at Agentology? They have different integrations with CRM’s so that they can keep their routing rules in place. They are also starting to work on their own routing functionality, though they don’t want to be another CRM but work with all of them and be that filter that keeps everything in place.
Qualification process. They have leads coming in instantly. Once they receive a lead, they jump right on it. As soon as they get a hold of the person, they will try to enhance it by gathering far more information. Part of this strategy is to build trust and show them that we care and want to know who they are. Once we qualify a lead, we send you all the information we gathered to you in an email. Now you have context to continue that conversation.
From all the companies Agentology works with and gets leads from, who’s the best performer? The highest converting source is realtor.com, followed closely by Zillow. About 45-50% of leads are qualified. However, we also factor cost per lead. We ask agents to look at their business on a cost/qualified lead basis. So it’s important to look at all options. Facebook leads are great as well for example!
If you were an agent/team leader today, and only had a week to put a plan together, what would you put together? Depending on your budget, you don’t want to invest in the big portals (like Zillow) unless you can spend at least a few thousands per month on it. So, like investing in stock, you need to diversify. David will recommend putting as much as 50% on the best portals (like Zillow) and the other 50% on cheaper leads where you can get a higher volume from. Track, test, and see what works best in your market. I’d certainly combine it with a lead qualification company.
Anything else agents need to focus on? The consumers we are meeting online are earlier in the process than what they use to. They are not buying in 1-2 months but in 6 months, or possibly longer. So it’s important not to be discouraged by that show them you have a long term strategy and that the agent is the best suited to perform the task.
David also recommends to friend people on Facebook after having a conversation with them and engage with them. This will favor your algorithm on Facebook and your posts will start coming up first on their wall, casually building a relationship with them!
Agentology focuses on quality. They have a true culture of coaching and training, right here, and not abroad. They also text/call/and email 24/7; They are one of the very few companies that do all this! They also share a lot of data inside with agents. Not to mention they have a built-in referral network, which allows you to make a 25% referral fee on all the leads that you don’t want.
Agentology offers a 30-day free trial! www.agentology.com/30-day-free-trial/
–Treat everyday like it’s day one! David