Tracking Real Estate Conversion Rates
In digital advertising, the phrase ‘conversion’ will be at the forefront of recommendations by specialists. A conversion rate is a ratio of sales to visitors to your website. The term is used to describe how many people actually bought something from you after clicking on an ad or visiting your homepage. Tracking a real estate conversion rates can be more difficult, but we provide some ideas below!
A typical example is a scenario in which a customer clicks on an ad for a t-shirt, arrives at the product description page, then makes a purchase. The search engine or the ad seller has tagged that visitor and the page they are on so when the customer buys something, the sale is recorded as a conversion. This is a straightforward system for monitoring traffic, sales, and calculating ROI for ads.
Tracking conversion rates are necessary for e-commerce stores so they can find and maintain their audience. Their objective is to spend the least possible amount of money on ads that are in the right places, using the right language, to attract the target audience.
However, when the product is real property, without a “buy now” button to track sales, then tracking real estate conversion rates is more difficult. How can you track an individual from clicking an online ad to the sale of a home? This is a top concern for real estate salespeople who use pay-per-click and other forms of digital advertising.
One solution is to use a VOW, or a virtual office website. It is a password protected tool that shows sales histories and off-market data. Potential clients need to submit verifiable contact information to view privileged information. The submit button on the VOW is trackable so you’re able to calculate a conversion rate for leads, but not sales.
A customer relationship management system (CRM) can help you track sales, not just leads. This method requires some discipline to record each step in the customer journey. For example, a lead from your VOW may be imported to the CRM. The client’s transaction can be used to calculate a click-to-sales conversion rate.
At Pemberton Holmes, we give our agents one of the most powerful brand name CRM systems available. Itʼs easy to use, features helpful automation tools, and provides excellent marketing content. We believe our agents are more successful for having it in their kit of marketing software.
Contact us today to discuss your plans for a career in real estate on Vancouver Island.