10 Sales Stats Every Real Estate Agent Should Know
Scaling your real estate business requires a strong sales operation.
Team leaders need to create a standardized, repeatable process that can take internet leads and turn them into brand advocates.
We want to arm you with data that can help your team develop the right habits they need to win big this year, so we've curated a list of key findings from the stellar sales blog at Gong.io.
Here are the top 10 sales stats that every real estate agent should know:
1. Standardizing your onboarding process for your new agents leads to a 54% increase in productivity and will result in the agent being 69% more likely to stay with the organization for 3 years. You can use Curaytor's Daily Sales Goal Planner tool to help identify the number of conversations per day agents should be having given their yearly sales goals and appointment conversion rate.
2. We conducted an interview with BombBomb's CMO Steve Pacinelli to get his expert advice on how to get more listings and convert more leads in real estate using video. We were shocked to discover just how impactful video can be: Deals are 127% more likely to close when video is used at any point during the sales process. So, if you want to increase your sales start using video ASAP and luckily for you our email tool integrates directly with BombBomb!
3. Top performers spend 17% less time making small talk than the average and bottom performers. Too many salespeople think small talk builds rapport. Being an expert and a professional is the kind of rapport you should be after. The reason people make small talk is because they don't know exactly what to say. That is why our book, Exactly What To Say for Real Estate Agents, is so popular.
4. Dropping a specific time/date increases your booking rate by 37%. Don't say "Can we chat tomorrow?" instead say, "I have an opening at 2pm and 4:30pm. Which one works better for you?"
5. As we uncovered in one of our previous blog posts, it can take upwards of 6 calls just to make initial contact. On average, winning the deal requires at least 8 points of contact. Losing deals have only 3. The fortune is in the follow-up.
6. In the research phase, 72% of clients start their journey in Google but that's not where it ends. They then use review sites, social media, and your website to form an opinion about your brand and service BEFORE they talk to your agents.
7. Close rates decline by 71% when "next steps" are not discussed during the call. Don't just end a call with 'goodbye', instead discuss what your next steps will be and schedule your follow-up call.
8. Top performers average a 46% "talk to listen" ratio. Average salespeople are in the high 60s. Your listing presentation should be a listening presentation. Questions lead to conversations. Conversations create relationships. Relationships create opportunities. We tend to think of salespeople as having the gift of gab. But the best actually have the gift of curiosity.
9. You increase your success rate by 2x when you start a cold outreach with a proactive reason for reaching out. Stop "just checking in". Instead, call with a laser focus like, "there is a new listing you have to see" or "your neighbor just sold their home". Respect people's time, cut to the chase and they will be more likely to hear you out.
10. Your prospect is 12% more likely to show up for a 30-minute calendar slot than a 60-minute one. Your prospect is 30% more likely to show up for a call at 4pm than one at 8am. In short, pick the right time and keep it brief.
Standardization and consistency are essential for growth.
Take this data and start meticulously refining your sales process. Your results will speak for themselves.