Required VS Voluntary Sign Ups
I would love to get some real hard facts from agents that are actually tracking stats with goals through analytics. Not just agents that think one way is better than the other based on their feelings and their comfort level, but real data. Most likely the agent that is not going to call somebody that signs up is going to feel that a voluntary sign up is better than requiring a user to sign up and the agent that loves calling users as they sign up is going to have the opposite opinion.
The goal here is to compare real stats to see how agents can convert more business from their sites. I would like to share some stats from my Hawaii site from goals we set up and we will hopefully get some agents contributing what they are doing and their stats.
Here is how my site works so you can get a better idea of the stats and what they represent: It allows the user to search easily and get results quickly. I then have it set up to load the actual property detailed page when they click on a property from the results to get more details. Then a light box sign up form is displayed to them. They can see what they are going to get. I think this is the most effective way if you are going to require a sign up. (It can also be set up to let them view a few properties and then prompt the sign up process. I ran A/B testing and found the way I am currently doing had a 4-5% higher sign up rate.)
Here is 2 months (end of last year) of stats with goals set up in Google Analytics:
Sign Up Form Displayed = 14,816
Sign Up Form Completed = 3682
Email Requests Submitted = 766
Actual sign ups were 26% and of those who signed up almost 21% sent in an email request about more information. That gave my team 3682 people to call and 766 to engage in further conversation about real estate. Plus we also had 3682 people now signed up getting daily email alerts of new properties, which will result in more contacts with the potential homebuyers and sellers. I truly believe the more chances you give yourself to make contact with your users the more sales you will be able to do.
I would be interested to see if anybody has some stats on either required or voluntary sign ups. I would really like to see some stats that somebody has been tracking on their voluntary sign up sites (Percentage of users to sign ups and percentage of those to email requests, etc….).
If you are not tracking these things you probably should start so you can make a business decision based on real stats instead of just feelings.
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Posted at 06:04h, 20 February[…] Required VS Voluntary Sign Ups | GeekEstate Blog […]
Joshua Dorkin @ BiggerPockets
Posted at 11:33h, 20 FebruaryGreat post, Jeff! As you said, monitoring your metrics is essential to determine the effectiveness of your lead generation efforts.
BTW – It looks like you're doing a pretty good job yourself . . . nice work.
Jeff Manson
Posted at 13:06h, 21 FebruaryThanks Joshua! It is crucial to track & analyze your numbers if you want to run a profitable business.
The Ten Best in RE.net This Week: Feb. 20, 2010 Edition
Posted at 11:49h, 20 February[…] ) Required VS Voluntary Sign Ups – Here is a post from last night that is going to be interesting to follow. Do you require people […]
Laurent
Posted at 09:26h, 21 FebruaryI don't use any kind of sign up.
Property views : 21,958
Contact the agent : 55
Send to a friend : 77
I must say I'm amazed to see how often you get contacted for more information after someone views a property. Your contact rate is 5% while mine is 0.25%… Yours is 20 times better!
How do you explain it? Are you doing anything in particular to engage viewers to request more information?
Jeff manson
Posted at 13:16h, 21 FebruaryLaurent – That is because we require sign ups and they start getting daily email alerts of properties. By doing this we are creating a relationship with them and when they get properties they are interested in they send in email requests. (We also call everyone that signs up)
Plus we make it very easy for the user to do a search and see what they are going to get.
In the past I ran my site for a short time wide open not requiring registration and we saw our business starting to decline. Less opportunities for contact with the potential clients. Real estate is still a person to person business. I think some agents like to hide behind technology instead of use it to actually be able to contact more prospects.
Laurent
Posted at 13:36h, 21 FebruaryVery interesting.
At the moment I'm not able to do a required sign up on my websites because of some rules we have here in Canada.
We have a unified MLS and every agent and client has access to it. It makes it easy to know everything there is on the market and agents are able to set up email alerts and such.
Unfortunately they don't provide some kind of API to display all those properties on agents websites. This means that on individual agents websites, the only properties shown are the agent's own listings.
It makes a property search or daily email alerts pretty much useless unless you're a top listing agents with hundreds of properties.
Keep the great information coming!
nofluff
Posted at 16:16h, 27 FebruaryJeff,
Just wondering…do you think or do you have metrics to prove if there's a qualitative difference in the web leads that registered voluntarily vs mandatory?
Laurent
Posted at 13:16h, 21 FebruaryI actually I'm not sure the number of times the sign up form was displayed counts as views. Care to show your views? I'm more interested in that conversion rate.
What I'm seeing from your data is that you're losing 75% of your visitors because of your sign up form.
I'd be curious to see how many requests for more information you would get without the forced signed up. If you keep the same %, it means you might be missing out on 2316 requests for more information.
Maybe the people who sign up the obligatory form are more qualified and serious than the people who leave so the actual demands for requests might be lower than that. But still, you can't deny you're missing out on some requests for information.
The dilemma is as follow:
The way you have it now you get more “unqualified” leads with your sign up form. What's your conversion rate on those in terms of comission?
Is it better than having less but more qualified leads? Whats your conversion rate on the requests for more information in terms of comission?
I hope I'm making myself clear!
Jeff manson
Posted at 16:23h, 21 FebruaryWe used to have it voluntary and the amount of email requests went way down. Forms displayed is actually a unique visitor that did a search and got a form when they clicked to get more information. Page views does not help in tracking conversion especially when you have thousands of users getting daily alerts and using your search.
Silicon Valley Real Estate
Posted at 20:41h, 22 FebruaryJeff,
Still experimenting on what is best for me…I have some forced sign up forms and others not forced. I am not 100% accurate on my tracking but still getting good conversion on what i can see.
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Posted at 08:34h, 22 February[…] Required VS Voluntary Sign Ups – Do you require people to sign up on your IDX to view homes? I personally was a believer of […]
REtechToday - The best articles in real estate tech for Feb 22, 2010 — REtechSource
Posted at 14:06h, 22 February[…] The debate goes back and forth on whether or not you should force search registration or all it to be voluntary. Everyone has an opinion, of course, but statistical data determines the winner. Chime in on this post with your results. […]
Realtors
Posted at 22:21h, 23 FebruaryVery informative with the percentages. I think I have to start doing it now.
Silicon Valley Real Estate
Posted at 20:18h, 28 FebruaryJeff,
Those are some great numbers…So I have a question (it should be probably be in a separate post). How do you distribute and “follow up with your team” with all of those leads.
For example, if you have 25-50 or more leads coming in a day how did you build your team around that number of leads.
I understand the way your lead distribution works in your system…but how do you follow up to make sure the agents are doing their job. Is it all referral based?
I am curious how YOU run your team with all those leads.
If you don't mind…
Don
Realtors
Posted at 20:42h, 02 MarchNow I know the difference. Thanks for clarifying that up.
Nozmo
Posted at 08:33h, 03 MarchSorry I'm late to this conversation. We have one of the leading websites in our area – and we require sign-in to see any kind of listings. Of our traffic to our site, about 5% actually log-in. However, I would much rather do it the way you do Jeff – after some data is displayed. We just don't have that option in our state. The MLS is strictly controlled at the broker level, and getting customized IDX is not now possible – maybe in the future.
joesegal
Posted at 13:25h, 10 MarchWe are getting between 8%-20% conversion rate, (visitor to lead) depending on the keyword. But our form has many more fields than yours, can't help it due to the way our system is.
joesegal
Posted at 21:25h, 10 MarchWe are getting between 8%-20% conversion rate, (visitor to lead) depending on the keyword. But our form has many more fields than yours, can't help it due to the way our system is.
dieta anului 2010
Posted at 16:59h, 03 JanuaryI was been scouring the WWW for such info and just wanted to say thanks to you for the post. BTW, just off topic, where can i get a copy of this theme? – Thank you
REtechToday: google, idx, lead generation, seo | RETSO | REtechSouth
Posted at 17:55h, 22 June[…] The debate goes back and forth on whether or not you should force search registration or all it to be voluntary. Everyone has an opinion, of course, but statistical data determines the winner. Chime in on this post with your results. […]