We like to research what others have already researched for us and if they are from Harvard Business Review that is even better. It turns out that Harvard did a 5 year study to determine the value of online business and they found out some really interesting data points. For example if a home buyer is contacted within 5 minutes of the real estate lead being generated the likelihood of closing the sale went up 900%. 900 percent is incredible and should not be overlooked.
One question would be:
“If the real estate agent calls their clients back within 5 minutes does that say more about the real estate agent or the lead?”
As an example if an agent is calling back all of their leads within 5 minutes doesn’t it make sense that they are equally diligent on other matters of business? If an agent calls a lead back within 5 minutes and others back after 5 days, does the 5 minute response have the 900% greater chance of closing.
In our minds the answer is “No.”
The reason we believe the lead followed up with in 5 minutes closes 900% more often is because of the mindset of the real estate agent this is continually following up within 5 minutes. This agent is probably more in tune with their local area, knows how to do their job better than most and brings a degree of urgency to the sale. All of these contribute to the higher closing percentage and the 5 minute call back is only one measurable to the entire equation.