Frequently Asked Questions to Boomerang Leads
FAQ About Leads
- What is The Cost Per Lead?
- What is a “Lead”?
- How Do You Get Leads?
- How Long Until My First Lead?
- How Do I Know When I Receive a Lead?
- What Information Do I receive About These Leads??
- How Many Leads Can I Expect to Convert to Closings?
- Is there a minimum amount of leads I need to agree too?
- How Soon Will I See Closings?
FAQ For Support/ BLIS (Boomerang Lead Information System)
- What is a CRM?
- What is the Star Rating System When I Receive a Lead?
- What is the difference in the Lead Types?
- Do Callers From the my Website Count As Leads?
- Why Can’t I Save a Search For Clients I Added?
- How do I see/ add notes for leads?
- How do I manage tasks for leads?
- How do I e-mail leads?
- How do I set up automatic e-mails? Please contact your project manager for any other support questions.
What is the cost per lead?
Price of leads has several different factors associated. The best way to find out what this will cost is to speak to a representative.
Cost is mainly influenced by which plan you choose. We have two plans, the Pay-Per-Lead and Pay For Referral program.
If you pay per lead, this cost varies based on area and the price of $15/lead is slightly negotiable. Learn more about the Pay-Per-Lead program here.
To be in our most popular referral program the cost is a 25% referral fee on all closings that result from leads from your sponsor site. Read more about the referral program here: Boomerang Referral Program
This per lead rate will likely rise in the future as the demand grows.
What exactly do you mean by “leads”?
The majority of leads your sponsor website will generate will be registrations of people who are looking at homes for sale in your area. These people start looking for homes for sale on the website, and are then asked to register with their contact information in order to continue.
Some of the leads will also be direct inquiries requesting showings for specific homes for sale, or requests about more information for different listings. Occasionally you will also receive CMA leads from people wanting to know the value of their property.
Once you’ve been in our system for a while you will also get a good number of phone call leads (About 1 phone call for every 12 new registrations). These are generally “hot” leads that are ready to start working with a Realtor. These leads call the showing hotline number on your sponsor site (its a google voice number where we can track the lead phone calls made). If you are in our pay per lead program, we only charge for the buyer leads the IDX website generates, not the leads you gain from a phone call or otherwise website generated. For those in our referral program you are required to pay us for any closings that resulted from showing hotline calls, regardless of if they registered online. Read more here
How do you get the leads?
Through years of experience we have learned the best ways to position our sites where home buyers are looking. We ensure that when visitors come to our sites they are both intuitive and friendly website where any can easily navigate and browse for real estate.
By making these sites so friendly and “sticky” potential home buyers are willing to give us their information to continue viewing more homes.
How good are the leads?
In the world of online leads, ours are the best. The way we design our websites and the visibility which we generate online is a sure-fire to attract potential home buyers. There will always be those that register with bogus information, there’s no way around that, however, we’ve found that 80-90% of our leads register with at least one good piece of contact information (phone/email).
How Long Until My First Lead?
You will should your first lead within one week after setup. Setup takes as long as one week – one month. (refer to) How Long Setup Take?
How do I know when I get a lead?
You’ll know when you receive a lead. We send both an e-mail alert to your inbox and a text message to your cell phone. Lead notifications are sent automatically as soon as you’re assigned the lead. Lead assignments are automatic as well, so you’ll have the alert within seconds of the lead registering (unless of course it is being reassigned to you manually by your group admin). At that point the ball is in your court to make contact and make a real estate transaction happen.
What Information do I Receive About a Lead?
When a lead registers they are prompted to offer their name, e-mail, and telephone number. We then contact them and gather other valuable information such as where they are looking for a home, what price range, if they need lender assistance, what time frame they are looking to purchase, and if they have any other questions or requests.
With that information, you’ll be able to cater a great approach to your lead and be a very helpful realtor!
Is there a contract?
Yes. We are looking for long term commitments. Our lead solution is not a short term quick fix, but a sustaining, long term one. We want at least a 1 year commitment from agents and brokers who sponsor Boomerang Leads websites. We invest a lot in each of our sponsor websites, and due to the nature of SEO, don’t see the results until months later. This commitment may be negotiable depending on the site you are sponsoring. If you aren’t planning to stay in the real estate business long term, there are other services that will be better for you. Our service is for career agents and brokerage who want a long term competitive advantage.
Does this work with Teams and Brokerages?
Yes. This ideally works with teams or small real estate brokerages. Once your site begins generating more leads than one agent can handle, other agents can step in and work additional leads. You don’t want to pay for more leads than you can handle; after a few months of working leads you will have so many showings you won’t have a lot of time to actually work leads.
Real Estate brokerages, or team leaders, can greatly benefit from Boomerang Leads by purchasing the leads, and then charging their agents 20-30% referral fees. When agents are effectively working the leads, the cost per leads on a referral basis will be in the $20-$50 range. Yet, the real estate broker still only pays $15 per lead. This helps brokerages to be more profitable while providing value to their agents.
How Long Does Setup Take?
Setup may be as quick as one week, or may take as long as one month. Setup consists of applying for IDX, receiving IDX and MLS approval, designing the website, and then setting up it to receive traffic. Some sites are better prepped for this, some areas inherently take longer because the MLS is slow to act. To get a better estimate, call us up!
What is IDX?
IDX stands for Internet Data Exchange. It is the only NAR approved method for you to advertise, within your normal real estate business activities, the aggregate of MLS listings on a website. This is where you get your leads. The IDX is vital to the success of the website, and your success at converting leads into clients.
In order to subscribe to IDX service, you must get approval from your real estate broker. Some MLS’s only allow brokers to subscribe to IDX services.
What is a CRM?
A CRM is a customer relations management tool which you can use to manage all of your leads efforts in one convenient place. With our referral program, the CRM is mandatory and is included with your service. If you choose to pay-per-lead, you can choose to pay a monthly amount to have access to our CRM.
Why Do I Need to Pay for an IDX Service?
The real estate listings provided by the IDX service are necessary for us to create an awesome website that will capture leads. We also need the IDX feed for the SEO work that we do. In order for your sponsor website to become an “authority” site, that ranks highly in the search engines, we need it to have an IDX feed.
Can I Use a different IDX provider?
Some MLS’s have not yet approved our preferred IDX providers. If you are in one of these areas, we can find a different IDX provider available in your area. If you are in an area that has IDX Broker or ProAgentWebsites, then we will want you to use this IDX service.
I already pay for an IDX service can I just use it?
We use the specific IDX feed you pay for to track and mange the leads. There is no way for us to determine whether the lead is from us, or one that you generated on your own efforts without having a separate IDX feed. If you pay for an IDX feed, but aren’t getting leads from your own efforts, then we might be able to use that fee if it can be incorporated into our search engine optimization strategies.
Are there any other costs?
Some MLS’s do charge additional fees that are required to be paid up front, or added as part of your monthly IDX fee. We pay the domain registration, hosting fees, and marketing expenses.
How Many Leads Can I Realistically Expect to Convert to Closings?
It depends on how hard you are willing to work, your skills as a real estate agent, and how much time you will devote to lead follow up. If only one email is sent out, and no phone calls are ever made only about 1% of your total leads will ever result in closings. Most of these will come from the clients contacting you simply because they have been using your website. However, if these real estate leads are effectively worked with consistent follow up, and regular phone calls, a conversion rate of 5% is realistic.
The most important thing that can be done to create conversions is make phone calls. The phone calls should be made as soon as possible, and there should be multiple attempts made. Our top agent gets hold of 57% of his leads by phone. He attempts phoning each lead six times. One agent has had 9 closings in one month, all from leads.
How Many Leads Can I Realistically Expect to Convert to Closings?
This answer is similar to the previous question – it all depends on how hard you work. We have had clients who have closed their very first lead a month and a half later, whereas we have had clients who have received leads for one year and have sold nothing. Needless to say, those who sold nothing also did nothing.
A realistic expectation is to begin having closings within four months of having service activated.
Can I Start With Referral Leads, and Then Switch to Pay Per Lead Later?
No. This causes a huge hastle in tracking which lead came from where. Choose wisely which plan you want before signing up.
Is there a minimum/ maximum amount of leads I need to agree too?
Yes. You must be willing to pay for at least 20 leads a month. This doesn’t necessarily mean that you will get this many real estate leads every months, but you need to be willing to work up to 20 leads each month.
If you find you are getting too many leads, and you don’t have other agents you work with who want to take over some of the leads, let us know and we will work to find another agent in your area that we can add to your system. If you don’t think you’ll be able to work many leads, then our system is probably not for you. Our system is designed for agent who plan to make internet leads a big part of their business. Most real estate agents like having the problem of too many leads. If we see that you are getting more leads than you can handle, and you don’t have additional agents to help you, we can find additional agents in your area to subscribe to our service.
Will I be the only agent receiving Boomerang Leads in my Area?
For the most part Yes. We usually only have one agent or brokerage per city. However, if we are generating more leads than you can handle for a specific area, then we can generate leads in that area for other agents. In addition, some areas will overlap. For example, we may have one client who wants leads for anywhere in Northern Utah, and another client who wants leads just in the Provo area. We will have two different websites that in essense cover the Provo area, but they will both have completely different IDX systems. Leads will always be exclusive, and we will never share the same lead with multiple clients. Unless you have a huge team of buyers agent who effectively work the real estate leads, we can’t guarantee that you will be the only Boomerang client for a specific area.
How Do I Pay?
What is the Star Rating System When I Receive a Lead?
When you receive a lead it will have a star rating option. There is no exact definition for the stars, unless you determine a system. It is very similar to the iTunes star rating, what is meant by a five star song for you or your best friend may be two very different definitions. These stars are intended to bring another level of quality to the lead. For example, a lead that has returned to the site several times, and you’ve been able to talk to them and rate them 4 stars, will definitely be a lead that you’ll want to follow up with before a lead that hasn’t returned your calls or emails, and has only been to the site one time.
What Are The Different Lead Types?
This is a lead which came from the website which we have created for you, or integrated your own site with our CRM. This simply designates the source that generated the lead.
A hotline lead is a call which came from the Google Voice number which we set up on the site. You need to understand the system which is in place for the Google Voice callers. Once somebody calls from the site, your first task is to add them into the system as a “Hotline” call. These leads will be treated as a Boomerang Lead, the difference is that they are added by you.
These are contacts or clients from your own SOI. Our software is a great tool to keep track of and every person you’re working with, whether they are a lead or a personal client.
A referral is just that, a contact or client that was referred to you by another agent. Again, keeping track of all your work in our software will help you stay organized and close more deals. It also will help you keep in contact with your past and future clients with our email campaign options.
Do Callers From the my Website Count As Leads?
Absolutely. And we do expect to be paid from the results of the valuable caller or “hotline” leads.
These callers are one of the most surefire ways for you to get closings. These callers are interested in homes and are willing to be proactive about their home search. Take these calls very seriously. Need to know what to do after you receive a call? Check out our article on What Do I Do When I Receive a Hotline Call?
Why Can’t I Save a Search For Clients I Added?
Saved searches can only be saved for clients which are from the IDX account, as this is an IDX feature. Without having a lead associated with the account you can not save a search for them, hence you cannot enable the automatic e-mail update for leads which you manually add.
How do I see/ add notes for leads?
Tutorial is forthcoming.
How do I manage tasks for leads?
Tutorial is forthcoming.
How do I e-mail leads?
Tutorial is forthcoming.
How do I set up automatic e-mails?
Tutorial is forthcoming.
Do you sell Boomerangs?
No we don’t sell Boomerangs. We are a lead generation company, and we just liked the name Boomerang Leads. Some day we just may do some Boomerang Designs and send you one. However, a favorite pastime of our bloggers and website designers is disc golf. These workers own and manage a website discgolfreviewer.com where you can read reviews about disc golf courses and purchase frisbee golf discs.