Remember the ‘hot box’? That selection of buyers that are your next 10 or so sales… It doesn’t have to be done on paper. Here we take a look at how we can automatically identify and manage our hot buyers within our CRM.
The goal is pretty simple: we want a list of hot buyers. The people we want to be straight on the phone to when a new property’s ready to go. But how do we identify those buyers? Maybe you’ve got a grading system. But how are you keeping that up to date? Chances are you’ve got a ton of “hot buyers” in your CRM that aren’t actually hot anymore.
Let’s talk about lead scoring.
Lead scoring is the idea that you can quantify how good a lead is by attributing points to certain activity.
Lead scoring for potential buyers
Here’s an example of how it might work with a potential buyer:
A buyer calls to enquire about a property. Award them 5 points.
You register their details and set them up as an applicant. Award them an additional 10 points.
They book a viewing. Award them 20 points.
They book a viewing on a second property. Award them another 20 points.
This buyer now has a lead score of 55.
So, what might reduce the lead score? Time.
For every week that goes by, you reduce the score. The buyer attends the viewing and then we don’t hear anything from them for a week, so the lead score reduces by 10 to 45. We don’t hear from them for another week, so the score reduces by 10 to 35. They’re slipping down the list. They’re becoming inactive.
[Image: Lead score graph over time]
A numerical value to identify high-value contacts
So, we‘ve basically got a numerical value to define how active a buyer is. The more they interact with us, the higher their lead score. As they become inactive, their lead score reduces week by week. We don’t need to remember to downgrade them. Their lead score simply tells us how active they are.
Propertybase automates lead scoring. You don’t have to do a thing to maintain an up to date lead score on your buyers. You just need to define how you want to use it to make the most of the relationships that you’re building with your buyers.