What to Consider When Sharing Real Estate Leads

<img alt="team permissions for lead management and edit lead rules" class="wp-image-51842 aligncenter" src="/images/blog/Share%20Real%20Estate%20Leads%20Wise%20Agent.png" style="width: 1000px; height: 525px;" /> All brokers or team leaders who are sharing real estate leads have some things that need to be thought out and addressed before providing those leads to agents. Of course, you'll want to put some rules and training in place how each lead should be followed up with. But it is also very important to think about how leads will be handled and tracked when agents leave your office. <h4>Things to Consider</h4> <ul> <li style="font-weight: 400;">You have probably explained to your kids that if they put a photo on the internet it will still be out there even if they delete it.  Think of your leads the same way, once you share them you can never delete them.</li> </ul> <ul> <li style="font-weight: 400;">As soon as you give access to a lead, you should assume the lead's information will be added to multiple databases. Most agents have their system set up to sync to their phone which may also sync to Outlook and/or show up in their Google Contacts, etc.</li> </ul> <ul> <li style="font-weight: 400;">If you share a real estate lead to an agent that is required to use an in-house CRM, you should still assume the lead info will be immediately copied and pasted into another private database.</li> </ul> <ul> <li style="font-weight: 400;">Responding instantly to inquiries can increase lead conversion rates by up to 391% as indicated by recent Zillow and MIT studies on lead response.  There is nearly a 400% difference in lead response rates by responding to inquiries within the first 2 mins.</li> </ul> <ul> <li style="font-weight: 400;">CAR report on response time shows that over 94% of consumers expect an answer in 1 hour or less yet the same report indicates that only about 36% of agents actually respond within 1 hour. By simply having a system to respond within 1 hour an agent can outperform 64% of their peers.</li> </ul> <ul> <li style="font-weight: 400;">A study done for Harvard Business Review found that 71% of qualified leads are never followed up with. What’s more is, of the leads that are followed up on, are only touched an average of 1.3 times.</li> </ul> <h4>How to Move Forward</h4> So knowing the facts that when sharing real estate leads, most are never followed up on, and of those that are called the majority are never called again. Also taking into consideration that the leads you are providing to your agents are only “Hot Leads” for a few minutes and at most one day, you have to ask yourself how much time, effort, and concern do you want to put into worrying about policing cold leads the agent who is leaving will still have access to.  If the agent didn’t follow up with the lead when the lead was hot and you were asking them to, do you really think they will now become self-motivated and start calling the cold leads once they leave your company?    <h4>How does lead sharing work for teams using Wise Agent?</h4> Wise Agent offers three different styles of set up for teams (some use a combination of all three) <ol> <li style="font-weight: 400;">Inside Teams with No permissions Each team member shares the same username and password and has full access. Leads can easily be assigned and moved from one team member to another. When a team member leaves the password needs to be changed. This setup is very convenient & cost efficient for teams with a high level of trust, but is also the least secure, because everyone will have full access to the entire database.</li> <li style="font-weight: 400;">Inside Teams with permissions The team leader will have full access to everything and can set permissions for each team member to control their experience and access.  Each team member with permissions will have a unique login. They may only see their own leads and may not be able to export or edit. At any time the team leader can reassign leads to another team member and/or remove access to any team member. This is the most preferred and secure setup for teams.</li> <li style="font-weight: 400;">Outside Team Members Each person will have and pay for their own Wise Agent account. You may link one Wise Agent account to as many others as needed.  Outside team members do not have any access to each other's account. Outside team members are easily able to share data from one account to the others. Leads may be shared to other accounts and this allows the lead provider to see all contact notes that are added to the lead in either account.  </li> </ol>   <h4>What Will Work Best for You?</h4> Most true real estate teams find using the Inside Team With Permissions the best solution with the most control. There is an additional $32/month cost for each team member who has permissions activated, but most team leaders are getting much more return on their investment for each team member they add on so this low additional expense becomes a nonissue. In conclusion, we find that the only way to truly protect yourself when sharing real estate leads to an agent who may take those leads and move to a new brokerage is by written agreement.  Each team member should be required to sign a referral agreement that clearly states how the lead provider or broker/team leader will be compensated if the agent closes a transaction with a lead provided regardless of where their license is held.

What to Consider When Sharing Real Estate Leads

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