“When I’m at work, I’m here to get paid,” said Ben Kinney from the Mega Technology stage this morning. Which is why his team’s ONE Thing is lead conversion.
Lead conversion, Kinney says, is how The Ben Kinney Home for Investment Team plans to surpass last year’s production of $100.1 million in closed sales volume and 459 units. So, what does this level of success look like in terms of conversion, and how do you get there? Easy.
5% conversion in 24 months + 4 Real Estate Success Principles = Extraordinary Results
Kinney spent the remainder of the session breaking down the formula into manageable steps, focusing - you guessed it - on lead conversion. “Conversion rates are a funny thing because they are largely based on a period of time. You may have your initial leads – people from three to four years ago – who are buying now; so it’s important to set some concrete goals.” His recipe to reach 5 percent within two years does just that.
The goal: out of 100 leads, close two transactions in the first six months. In order to stay on track toward the 5 percent plan, you have to close at least one transaction – which counts as a 1 percent conversion - during that time period. In the second six months, rinse and repeat to get a 2-4 percent conversion rate by the year’s end. Kinney instructed agents to use the final 12 month period to close at a minimum of two more leads from that first 100. The results, he said, will speak for themselves.
Simple enough, right? According to Kinney, if you know and follow the 4 Real Estate Success Principles it is.
Four Real Estate Success Principles
Say the right thing.
Your business is all about scripts and dialogues. So, Kinney’s team meets every morning at 8:30 a.m. to practice. “I’ve got people on my team who have been running through their dialogues every morning for the past eight years,” he said. “Think they know what to say every time?” We think yes.
Say it enough times.
Your business is a real job. “Even a blind squirrel can find a nut,” Kinney joked. “So you have to hold your agents accountable and make sure they are showing up at the job.” That’s why he sets the benchmark at 50 calls and 50 emails each day for all of his agents and tracks their work. “We may have a culture of hugs, but I also make it a priority to instill a culture of discipline.”
Have enough people to say it to.
Your business is lead generation. It doesn’t matter if you know what to say or show up to say it, if no one is listening. “It’s your job to make sure your agents have enough leads so that they can make those conversion rates happen,” he explained.
Have the right people saying it.
Your business begins and ends with people. As a mega agent, Kinney says his focus is on finding talent. Regardless of who it is or from what background, “talent is people who have a history of success in whatever it is they were doing. I love hiring young punk kids because they don’t know what they can’t do and they don’t have any bad habits.”
Follow the principles and stick to the recipe said Kinney, “and if all else fails … well, it shouldn’t,” he quipped. His last piece of advice: always remember to ask ONE simple question: “Who do you know that I should know?”