Managing Your Leads – Part 2 of 4 – Identifying the Hottest Prospects is Key

Posted by
Mike Lyon
Date
 June 11, 2007

Identifying the Hottest Prospects is Key
By Robb Cohen – CEO, BeHomeWise Inc.

A builder’s ability to capture, rank and qualify shopper leads can dramatically reduce their cost of sales because they prioritize the hottest prospects for the sales team to target. This prevents a sales team from spending hours chasing down prospects that are not ready to buy at that time, or who are very unlikely to buy in general. To rank and qualify shoppers, builders must gather more comprehensive information about their prospects than they traditionally have.

Before the days of company Websites and the Internet, only 1 in 10 home shoppers were actually likely to make a purchase. With multiple visitors arriving sometimes at the same new home location, the odds were high that a truly hot prospect might be missed or overlooked. Even then, the only information an agent had about a prospect was very general, perhaps a name and ( Association of Automobile Dealers, 2004) address. Rarely did they ever gather enough data to determine if one shopper was more qualified than the next.

Many basic lead management systems provide solutions for responding to prospect inquiries and tracking them through the system. For the most part, these systems are focused on foot traffic leads. Only the most sophisticated lead management system can rate, rank and qualify leads from BOTH online AND “offline” lead sources. A comprehensive system will analyze prospects according to multiple criteria, such as income, current home owner status, and timeframe to purchase. The system will also check for contingencies and possible barriers to purchase. For example, if a shopper indicated that they want to buy now, have zero contingencies and have an income level commensurate with the builder’s home prices – they would be ranked as an “A” lead, or a “hot” prospect. Busy sales agents will no longer have to spend tireless hours manually sifting through lead data to find the most promising prospects.

A more comprehensive lead management system may be the difference between those builders that will win in the market of tomorrow and those that will not.

Up Next in Part 3 – Automating Lead Response and Follow Up

BeHomeWise is an Internet lead management system for home builders. Founded and developed by new home sales expert, Robb Cohen. Learn more about BeHomeWise by visiting www.BeHomeWise.com, or by calling (866) 246-6399