How to See 10x ROI in Real Estate Lead Generation
We've been running the Boomtown platform for about 18 months. The cost per lead in our market, the ROI is about 10x. So for every dollar we're spending we're going to make ten. As a broker, when I look at it from an investment standpoint, a 10 to 1 ROI is a no brainer for us. Many of the leads that we get through Boomtown, they're not ready to buy right that moment. So it's important that we put them into the drip campaigns all provided through the platform to keep those leads engaged so that we can close them further on down. One of our agents got a lead and got a fake phone number. What we found is oftentimes the email address is accurate because they want to be able to get back in and log in, but the phone number's fake.
And in this case, the name was clearly fake because it was Elvis Presley. But our agent engaged with them and actually made light of the fact that this was Elvis. "I didn't know you're still alive", made a joke and converted them into a buyer. They ended up meeting in person, looking at properties and writing a contract. So those leads, even the ones that might not seem like the greatest quality, if you work them properly, they will convert and you'll get the ROI that you're looking for..
