Recruiting Real Estate Agents: Email Is Far From Dead..If you give it life.
In my previous blog, Recruiting Real Estate Agents: Strategy and Systems…The Skills Evolve Naturally…we established the importance of systems and I provided you with the empirical data to be used as a guide in measurement of your effectiveness. We looked at the powerful combination of consistency, measurement, comparisons against benchmarks, and the constant building of skills where needed.
One of the great challenges I see in the recruiting environment is a “ready, fire, aim” approach. Of course we can all guess what kind of results that will deliver. My purpose is to provide you with the readiness and proper aim so that you can conquer the challenges you may be having in recruiting or quite possibly support you in going to the next level in an already successful recruiting initiative.
We talked about the initial call all the way up to actual hiring and its progression in between, now I want to weave in the on-line element to the system. In many cases you can dramatically increase your conversions by sending out an item of value to your prospects prior to making your call. You will find that your conversions from contact to interview will go up dramatically. You are invoking two critical laws by doing so; the law of fair exchange and the law of reciprocation. When we give something of value to someone prior to asking for something in return, an appointment, psychologically we are more comfortable asking for the appointment. This is fair exchange. The law of reciprocation simply states that when someone is given something they feel obligated to give something in return. The return we are looking for again is an appointment. Try it and let me know how that works for you. Send something an agent can use in their business today whether a strategy, tip, or even a business plan. In our online recruiting platform The Real Recruiter we have found the online automated business plan to be a powerful tool in securing interviews with recruits.
Email is dead said the guru
Email is dead if you don’t breathe life into it by marrying it with a calling initiative, you must marry your online activities with a consistent off-line strategy and system. We have launched millions of emails over the last 8 years and here is what we have found.
100% Increase in email open rates when complemented by consistent calls
Naturally any email you send out must be compelling enough to get people to open. I will share more on that in a later blog, but a consistent effort with the telephone to the prospects dramatically increases your email open rates. Your online recruiting environment is far from what we title, “Call Avoidance Technology”. The numbers have told us this year after year.
In the above image I have provided an actual user snapshot from the activity tracking section of our recruiting platform, The Real Recruiter. This is a broker/owner that has been using our program for almost 4 weeks. What you see here is a dashboard that provides us with reporting of his calling, interview, hiring and email activity. Now we can take a look at his numbers vs. empirical data we have gathered over years of operating in this online recruiting space with our system and many users. He is averaging over 50 recruiting calls per week, over 26% of the time he gets an actual live contact when making a call, 70% conversion rate from contact to interview, 75% of his scheduled interviews show up for the appointment and 11% of the time he hires the agent.
This is a great time to pause and go back to our previous blog and bring the empirical data forward to compare against the numbers being reported by this broker/owner. You will find he is exceeding the numbers except for in one area, converting agents to hires. With a 11% interview to hire ratio initially it would be a call for concern, but wait. It takes 14 contacts on average in some way, shape or form before an experienced agent makes a change. This broker/owner has only been focused on these systems and strategies for 4 weeks. As time goes on his conversion rates will increase. We have found measuring a full year of interviews to hires a baseline conversion rate of 33%.
In addition to length of time giving me comfort in these numbers so far, he has an online recruiting initiative in the form of an automated, pre-written, scientifically engineered drip email program that goes out every 7 days to his prospects. Through our years of studying agent interaction with email we have discovered the subject lines and content that gets emails opened.
This is where we get to look at and evaluate the marriage of off-line and on-line recruiting activities. We have found organizations without a consistent telephone strategy experience open rates in the 20% range. In this case study you can see he is in the 40% email open rate. An example of the telephone and drip email working together.
Clearly you can see the importance of linking your telephone and email activities together to get high levels of engagement and the ultimate goal, real estate agents joining your organization. Give your emails life, have a consistent call strategy.
We have now established a great foundation for your recruiting strategy and system in this blog, in my next blog I will share with you the compelling content you must be sending to get engagement. We can call and launch all the emails we want, but if we are not creating an experience of value and goodwill in the process our efforts will be for not.