Let's Discuss Workflows
A workflow is a sequence of actions within a business process. They are used in every business industry.
For example, a business process might be, tagging a certain lead (i.e. Seller Lead), sourcing that lead (i.e. Website) and sending a follow-up email to that lead (i.e. Thank you for submitting a webform, we are reviewing your offer will be contacting you shortly).
All of which happens in that specific order. A workflow is programmed to ensure those tasks within a business process take place.
There are 16 different features inside your REI BlackBook workflow builder. You can build workflows for different business processes that you may have.
- Text Reply
- Contact Tab
- Update Contact Field
- Trigger Workflow
- Smart Routing
- Ringless Voicemail
- Contact Note
- Optin Status
Manual and Automated Workflows
You can have automated and manual workflows. The difference is, in a manual workflow, you have to make sure you do the actions within your business process yourself.
For example, if you missed a call from a lead, you are responsible for following up with that lead on your own.
In an automated workflow, actions within your business process are completed for you.
For example, if you missed a call from a lead, an automatic workflow will send that lead a follow up reply via text, email or ringless voicemail. However you choose to reach out, your workflow will make sure that piece of communication is sent, so you don't have to worry.
Automated workflows will improve your company's efficiency, establish accountability between you and your team members, reduce processing time, simply the delegation of tasks and ultimately help your company move forward.
More Benefits To Having Workflows
You're busy running your real estate business and you don't have time to answer everyone right as they opt in, so workflows ensure a follow-up process is in place and help you to not let any potential deals fall through the cracks.
Did you know that the average company waste 71% of the leads that they generate?
Real estate investors across the country are clawing tooth and nail to find the newest, biggest, and baddest way to generate motivated seller leads, but they are overlooking a massive black hole that exists in their business.
That black hole is the gap between marketing and sales, and it’s the reason why so many good leads go cold on you.
In a study published on Forbes.com, Dr. James Oldroyde tested over 10,000 companies, over the course of 5 years, and found that only 27% of the leads were ever contacted.
Why is that? The answer is pretty simple. Most businesses don’t respond to leads fast enough.
As you can see in the screenshot from the article below, response time matters a great deal.
The image above shows the likelihood of a business contacting new leads based on how long it takes to make the first outbound dial in 5-minute increments.
The study shows that you are 100X more likely to contact a lead if you reach out to them in the first 5 minutes after they become a lead compared to 30 minutes.
So the question you have to answer as a real estate investor is this…
Do you have the resources needed to respond to every single lead in the first 5 minutes?
Unless you have dedicated callers on your team, and a systematic way of delivering them new leads, the answer is probably “No.”
You might be lucky to contact them in the first 24 hours.
This is where REI BlackBook Workflows will save the day, and will help you contact and engage a larger number of your leads, so you can close more deals each and every month.
We appreciate you taking the time to learn about workflows! It's a lot of information to process at once. If you have more questions, contact us at firstname.lastname@example.org.
Now that you have a little better understanding of what workflows are, click here, to learn about all of the features inside your workflow builder.