Mastering Online Lead Conversion – with Ro Malik – EP020
If you don’t contact an online lead within 10 minutes, your opportunity to reach the prospect drops by 50%. By the 30-minute mark, you are looking at a 90% failure rate. We all know that speed-to-contact is the #1 factor in conversion, yet you’d have to be superhuman to respond to every incoming lead within five minutes. And the vast majority of us can’t afford to hire and train an Inside Sales Agent (ISA) to respond to and qualify each prospect. In the meantime, we are throwing away money on Zillow and Facebook leads that we don’t have time to nurture. There has to be a better way, right?
Ro Malik is the cofounder and CEO of Conversion Monster, a team of ISAs who help agents across the country convert online leads and expired listings. Ro also serves as a real estate broker with Keller Williams in Chicago, and he was recognized as a 2017 Top Producer by The Chicago Association of Realtors. He has been in the industry since 2003, and his diverse experience ranges from the lending space to real estate investing.
Today, Ro joins Jeff to explain how solving his own problem around responding to leads led to the creation of Conversion Monster. He describes how the service qualifies and nurtures leads, staying in front of prospects until they are considered hot. Ro offers insight around Conversion Monster’s expired listings program and the cost savings of their platform over hiring in-house ISAs. Listen in to understand how agents can track Conversion Monster’s follow-up efforts in real time and learn how lenders and realtors might partner to leverage the service for their mutual benefit!
Key Takeaways
Ro’s real estate resume
- Started on lending side in 2003
- Always around inside sales model
- Shift to investing and brokerage
The impetus for Conversion Monster
- Recognize value of speed-to-contact
- 15-20X number of leads vs. closings
- Chasing leads not good use of time
Conversion Monster’s approach to leads
- Call, text and email within five minutes
- Call 6X, text/email 5X in next 10 days
- Year-long nurture plan if unresponsive
How Conversion Monster qualifies leads
- Price point, preapproval and neighborhoods
- Live transfer to agent once six months out
How Conversion Monster’s ISAs nurture leads
- Continue to reach out as member of team
- Maintain agent’s branding
Conversion Monster’s hours of operation
- 9am-8pm Monday—Friday
- 9am-6pm Saturday—Sunday
- Moving to 24-hour system
How agents can track follow-up
- Internal lead management system
- View leads in real time, hear recordings
How agents and lenders can partner
- Different script for mortgage professionals
- Hand off to realtor partner for showings
The cost of the Conversion Monster service
- $4-$6/lead, packages start at $700/month
- 80% less than hiring in-house ISAs
Conversion Monster’s expired listings program
- Cold call prospects for agents
- Provide warm leads to build listing side
Connect with Ro
Email ro@conversion-monster.com
Conversion Monster on Facebook
Call (312) 208-1184
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Posted On Twitter By @PfitzerMortgage