[Backed By Data] What is a Good Conversion Rate for Your Real Estate Investing Website?
You’ve probably heard the phrase “conversion rate” tossed around quite a bit over the years. And that can be a great thing if you’re testing your conversion rates… but not so good if it’s inaccurate and you follow the next “guru” advice blindly without running your tests (or for Carrot members, we do this for them). Carrot is one of the leading real estate website platforms. We are confident that our members generate 60,000+ leads per month through our platform and nearly 1.7 million sessions each month because we have such an extensive data set available to us from which to conclude. So first… let’s dive into the basics of conversion rate (specifically for a real estate investor website). Then we’ll dive into why it’s important, how to do it right, and give you a few resources we use to improve our conversion rates. What Is Conversion Rate? The “conversion rate” on your website is simply the ratio between the number of people who land on your website vs. the number of people who “convert” on your website to become a lead. That could be a cash buyer lead, motivated seller, tenant, or private lender. The “conversion rate” is pretty simple to calculate. If you have 100 visitors to that page and 15 of them put in their info on that page and opt-in as a lead for you, that is a 15% conversion rate. In other words, it’s… Conversion rate percentage = (Number of people who converted on your website / Number of visitors to your website) x 100 At Carrot, we’re constantly testing our customer’s websites to see what converts visitors best. A Test In Progress On A Carrot Members Website: This is a shot from an actual test we’re running on a motivated seller website. How Do You Find Out The Conversion Rate? There are a few ways to determine your website’s conversion rate. The easiest and most accurate is using a software tool… like the one we use… VWO.com (about $49/month and easy to use). You have to get a bit of code from the software, put it on your website (really easy to do inside a Carrot account – hit up our support if you need help), and then set up the test in the software. Let the traffic come in; it’ll tell you how many people convert as a lead. It may take you a few hours your first time to set up a test, and unless you’re getting 100 visitors to your website each month, it’s probably not worth setting up a test (it would take many, many months to come up with any real info because your traffic is so low). If you’re on a budget and are not a tech person, you can count the number of leads you had in a specific period — then look up the # of visitors in that period on your analytics and divide the two. *Or, if you’re a Carrot member… and you’re getting over 500 visitors a month to your site and 15+ leads a month, we’ll do your conversion rate and optimization testing for you! Just let us know through support. What Is A Good Conversion Rate For A Real Estate Investors Website? One of the biggest misconceptions we hear all the time (and I once thought the same thing) about conversion rates from our members… is that there is a “normal” conversion rate for a website in our industry. I wish there were. But in reality… there are so many factors that can affect how many people convert on your website into a … Continued