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3 minute read

How long does it take your team to respond to someone who has requested an appraisal of their property?

If you can say that it takes less than three days, you’re outperforming the industry average. Congratulations!

That’s right. The industry average for responding to someone who has said, “I want to sell my home—please contact me” is three days.

While we can debate whether this is acceptable or not, given how busy agents are on any given day of the week, we can’t debate the fact that it’s costing agents millions of dollars in lost commission.

The Race To A Relationship

Does the real estate industry have a lead generation problem? Or a lead conversion problem?

Our Vendor Lead Tracker platform collects every address entered into a real estate website for the purpose of an appraisal request or price estimate request (an automated price estimate using data integrations with Domain). The platform then checks the web each night to see if a property comes to market or is sold over a 90-day period and who it comes to market or is sold with. We also track the source of the lead to determine which channels are performing best from a lead generation perspective, i.e. Google, social media, DL cards, email, etc.

Through our integration with Google’s search API, we monitor a wide range of websites, not just the major portals, to track when an address goes to market. This tool also monitors off-market listings by competing agencies, which list the property only on their own website.

The results from our Vendor Lead Tracker platform and data from agency CRM activity logs provide a revealing snapshot of an office’s lead conversion practices. Businesses making contact on the same day as the appraisal request is received achieve an 80% lead conversion rate. When the response time stretches beyond the same day, the conversion rate plummets to less than 20%.

So, turning around an appraisal on the same day is not just a nice thing to say you do; it’s extremely profitable.

Implementing Rapid Response Systems

Ensuring a swift and efficient response to appraisal requests is not just beneficial—it’s crucial. To effectively manage and expedite these critical interactions, several strategies can be put into place:

Automate Initial Interactions

Automated responses play a pivotal role in acknowledging every appraisal request immediately. This ensures no enquiry goes unnoticed and sets a professional tone from the outset, informing clients their requests are being actively processed.

Prioritise Appraisal Requests

Integrate a system within your CRM to flag appraisal requests as high-priority. Custom workflows or alert systems can be designed to immediately notify relevant team members, ensuring these leads are addressed promptly and with the attention they deserve.

Designate Backup or On-Call Staff

To ensure continuous responsiveness, establish a roster of backup or on-call staff, especially for after-hours, weekends, and holidays. This could include a dedicated agent or a team member responsible solely for monitoring and responding to incoming appraisal requests during these times. Having personnel on standby ensures that your service remains uninterrupted, reinforcing reliability and dedication to potential clients.

Train Your Team for Speed and Precision

Regular training and updates equip your team with the necessary skills to handle rapid appraisal requests efficiently. Training should focus on leveraging automation, quick data analysis, effective time management, and maintaining high-quality client interactions under tight deadlines.

Monitor and Refine Processes

Set up a system to track response times and the efficacy of your response strategies. This monitoring helps in continuously refining your approach. Engaging in regular feedback sessions with your team also aids in identifying operational bottlenecks and developing solutions to enhance response times further.

By implementing these systems, you not only ensure a faster response to appraisal requests but also significantly improve client satisfaction and trust in your services. This proactive approach to client engagement can lead to higher conversion rates and a stronger reputation in the competitive real estate market.

The Bottom Line

The real estate industry must adapt to the fast-paced expectations of today’s consumers. A three-day turnaround for appraisals is a relic of the past, costing agents both clients and serious coin. By implementing rapid response systems and prioritising personal outreach, agents can dramatically improve their lead conversion rates and secure their future in the industry.

In the race to win clients, every second counts. It’s time to act fast, make those calls, and turn every lead into a listing. Let’s ditch the slow, tech-heavy approaches and bring back the basics of swift, personal engagement. After all, the prize isn’t just a listing—it’s securing a future in the real estate industry.

What would you do if you discovered one of your competitors was responding to appraisal requests in less than one hour?

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