The star rating system in kvCORE is an extra layer of organization you can use to sort out your Smart CRM at a glance, this is also known as the "kvCORE Predictive Score".
By rating contacts, you can rank them by quality or importance, which will help you quickly see what needs the most attention. Inversely, it can also help you notice when poor quality leads suddenly become high quality which is equally important! If you saw that a lowly-rated lead suddenly saved a listing or started doing something, it could be an indicator for a lead that is now ready to buy, where they were not before.
In your SmartCRM, when viewing contacts, you can quickly see and change the star rating.
If you open a contact by clicking on their name, you can see and change the star rating on the upper left.
Of course, you can rate leads yourself. Lead quality is typically subjective. But, it really shouldn't be. The longer you stay in the lead generation game, the more refined your assessment of the amount of business you can generate off of internet leads. You will find that what really matters is the quality of their contact info, more than anything.
kvCORE will actually rate your contacts automatically with what we call Lead Validation . It will give the contact an initial rating. Note: Once you rate a lead manually, it will never be automatically rated again.
While kvCORE will rate your new leads initially, you should continue to maintain a rating that makes objective sense, as you work with them.
Here's a general guideline on how you might consider doing that.
If I have someone, who signs up with a working email address, that is automatically 1 star. If I have what looks like a legitimate name, but the email is broken, we need to examine their email address. A lot of times, there is a typo! Check! Make sure that's @yahoo.COM and not yahoo.co.
Or, if they signed up with the name of Jeremy Ageronoverlich, double check that that is correct. It might be email@example.com. (Missing the H, which is just a typo.) Therefore, we have our first requirement. If the name is obviously bogus, AND the email bounces, that is Zero stars. A valid name or email is 1 Star.
0 Stars - Bad Name, and Bad Email address
+ 1 Star - Working Email Address (Doesn't bounce)
If we've made it this far, we are looking for what might qualify them higher as a lead. So, the next basic piece information we are looking for pertains to their seriousness. There are two requirements for this. Listing History, and Search Alerts.
We give you important events to follow up on. So, in order for those events to be generated, we need the lead to be logging in and perusing your website. So, at this point we will have a lead that we can follow up with, based on their actions. AND, the lead will continue to return to the site, giving you more opportunities to do so with search alerts. That's worth a star.
+ 1 Star - Lead has looked at houses, and is set up on Listing Alerts
Pretty stringent requirements. But, as I'm sure you've noticed by now...somewhat common. Hmm.
These are leads that we're talking about, and the best way to process leads is to call them. The faster you find out what their intentions are, the more direction you have as to how to proceed with them. So, if the lead has a phone number, that is significant. It makes your job a lot easier. That is worth, one star.
+ 1 Star - Lead also has a phone number
Half way there already! What's left? There is not much left, apart from dealing with actual communications. This is pretty easy. If the lead replies to you in any positive manner, then that is definitely worth a star. How you deal with them going forward will determine what happens. The ball is not only in your court at this time, but in your hands. A lead might respond positively via emails. So at this point, a lead might have 3 stars if they did not have a phone number.
+ 1 Star - Lead replies to you in a positive fashion
Now, a lead can meet all the above criteria, but still not be able to buy. Because they have no money. A common solution for this is a credit building scheme, or renting until they are ready. You'll want to make sure you keep in touch with them. Always think about the long term as well!
However, if a lead does have buying power, that is pretty special. You know that sellers aren't gonna take anyone seriously unless they have at least a pre-approval. So make sure you are working with your lenders to get your leads some real buying power!
If your lead has money, or a pre-approval, that is definitely worth a star.
+ 1 Star - Lead has a pre-approval, or cash
On a side note, if a lead is actually a client of yours, make sure you give them 5 stars, and move them to the "Clients" status.
Of course, we must also look at the opposite side of the spectrum. You could potentially give a lead 5 stars based on the above criteria, and still not be able to convert them. Why? Because there is the chance that they would lose stars as well.
A good reason to lose a star always presents itself eventually. What I will offer to you is the reason, and the correct response to deal with these events.
Unsubscribe. Sometimes people unsubscribe, but before you get all teary eyed an upset, consider the tech. Un-subscriptions (I love making up words) can be triggered in any number of ways. Not in all cases is it someone wants to stop getting emails. Sometimes, an email provider will give us an unfavorable response to our email, and the lead is unsubscribed automatically, without any human intervention. So, when you see this even happen, you need to follow up with that lead as soon as you can. Make sure that they weren't having any trouble with the site, and ask them if they liked or didn't like the alerts they were getting. They might have unsubscribed because they thought that was how to get a different set of alerts. It's happened! Always double check.
However, sometimes they really do not want any more mail. As such, minus one star.
-1 Star - Lead really wants to unsubscribe
Another incident which may occur is if a lead insists that you not contact them, for whatever reason. They might have an Agent, or they might think that you belong to the government and are using aliens to track their location. In either case, that's kinda like slamming the door in your face. Don't worry or read too much into it. Just say, well, feel free to take advantage of the site, and let me know if you change your mind. You never know, they might come around. Rules are rules however, so minus one.
-1 Star - Lead hates you for some reason. (It's the internet, stranger things have happened.)
One more thing, if a lead disappears. If their last visit to the site was more than 3 months ago, something might have happened. A bus might have been involved. You never know. Minus 1. By default, you get notified if "Lead returns after downtime" in case they do come back!
-1 Star - Lead has not had any activity for over 90 days