Lead generation is a top priority for marketers today, regardless of their industries. In fact, 44% of marketers want better to measure the ROI of their lead generation strategies.
The reason is apparent: lead generation is expensive. Real estate agents particularly find it challenging to consolidate leads in a highly competitive market.
Here, you will learn how to evaluate your lead generation strategies for your property business.
What is Lead Generation?
Lead generation involves reaching out to your target market to convince them to buy your product. However, this is a deceptively straightforward description of a challenging business process.
At a glance, your potential customer is anyone who is looking to buy, sell or rent a property. Their position on the buying journey will determine how much resources you’ll invest in lead generation. The three key stages in a property customer journey are:
- Top-of-funnel or awareness stage: This is where your potential lead wants to buy, sell or rent, but they aren’t sure how to go about it.
- Middle-of-funnel or evaluation stage: This is where your potential lead is choosing the ideal agent in their area to help them find the right property.
- Bottom-of-funnel or conversion stage: This is where your potential lead is just about ready to choose you as their agent, but they need a little more information before making their final decision.
Your real estate lead generation strategy captures your audience at any stage of the sales funnel, and this is the stage you should convert them into customers.
How can you tell that your lead generation strategy actually works? Here are the key metrics you need to track your real estate business.
Lead Generation Metrics for Real Estate
The first step is identifying the main channels that bring in your leads. Your real estate lead generation strategy most likely includes:
- Organic leads: These come from your content distribution channels like your website, blog, chatbots, social pages, listings, open house events and referrals.
- Paid leads: These come from pay-per-click advertisements on social media, listing sites, and relevant real estate websites.
- “Traditional” leads: These come from telemarketing, direct mail, and other offline channels.
Metrics to Measure Your Real Estate Lead Generation Strategies
Even with real estate customer relationship management (CRM) software, you may be overwhelmed by the leads coming into your business. You can narrow them down to these six lead generation metrics important to your business:
Metric 1: Cost per Acquisition (CPA)
This financial metric shows you precisely what your return on investment (ROI) is for your paid lead generation efforts. Calculate CPA by dividing your ad-spend by the number of customers acquired in a given period of your paid ad campaign.
For example, if you’ve spent $500 on premium property listings in a month, and those listings brought in 20 new leads, your CPA is $25. The CPA for every paid channel will show you how much you should spend on each one.
Ideally, you should aim for a lower CPA to maximize your ROI.
Metric 2: Web Traffic
This metric shows you exactly who your target audience is. Website traffic data includes:
- Search terms that lead to your website
- Locations of visitors
- Types of devices used to view your website
- Time spent on your website
With this kind of data, you’ll see how well your web content is doing. For example, blog posts with lower traffic can be updated, optimized and shared, or you can incorporate a landing page to capture visitor details more effectively.
Metric 3: Email Campaign Performance
Your email campaign takes up a significant part of your real estate marketing budget, and with good reason: email marketing has the highest ROI of all, up to $42 for every dollar you spend. Track your real estate email campaign by:
- Open rates (who opened your email in their inbox)
- Conversion rates (who clicked through your call-to-action in your email)
- Unsubscribe rates (who opted out of receiving your emails)
- Forward rates (who shared your email after reading)
These metrics show how engaging and effective your email campaign is. Use your CRM to track which customers convert from your email channels.
Metric 4: Social Media Performance
All social media platforms offer a dashboard view of your performance, but only a few key metrics are helpful for your real estate business:
- Engagement metrics: Likes, shares and clicks show that your audience resonates with your content.
- Awareness metrics: Impressions and reach indicate that your content reaches your audience using their social media accounts.
- Referral metrics: These show you how many users reached your website through your social media content.
- Response metrics: These indicate how quickly you respond to social media mentions, comments, or inquiries.
Metric 4: Lead Conversion Metrics
First, define what conversion means for your real estate business. An example is whether you want your customers to simply leave their contact information with you or go further and sign up for an open house event. Here, you will calculate your conversion rate by dividing your number of leads (visitors to your site) by the number of conversions (visitors who sign up, leave their contacts, or schedule a visit).
A high conversion rate means successfully convincing your audience to engage with you. On the other hand, a low conversion rate means that your audience is dissatisfied and will likely look for a solution from your competitors. To improve your conversions, try adding visuals to your marketing content, reworking your calls to action, and leveraging user-generated content to boost your content creation.
Metric 5: Call Connection Rate
If your real estate lead generation also relies on telemarketing, it’s important to know how well people respond to your calls. Calculate your call connection rate by dividing the calls answered by the calls you’ve placed. This metric is ideal for bottom-of-funnel leads, where one phone call can help your tip choose you over your competing agents.
Quality Lead Generation And Automation With Parserr
As you can see, your real estate lead generation strategy generates endless amounts of data every day. First, understand your business needs then choose robust CRM software to gather your lead sources onto one platform. The right CRM software helps you to communicate with your target audience easily.
You can create automated messages, distribute email newsletters, schedule calls, and nurture cold leads into paying clients, all on one CRM platform.
While using these metrics to measure your lead generation ROI is effective, dealing with vast amounts of data might jeopardize your productivity. This is where an email parsing software like Parserr comes in handy to automate your real estate lead generation.
Try Parserr today and watch how measuring and tracking your real estate generation gets super easy!
