Could you be missing out on potential new business?

A new study reveals that failure to respond to leads in a timely manner is a major problem for many real estate professionals.

The study, by WAV Group and Weichert Lead Network, details lead responsiveness results from a sample of 384 different brokers across 11 states.

Missed leads are a “solvable problem if you have the correct systems in place and make the right investments,” according to Victor Lund, author of the study and partner at consulting firm WAV Group.

WAV Group found that 48 percent of buyer inquiries never receive a response from the agent. Realtors® call leads back an average of 1.5 times and send an average of 2.07 emails. The average response time is more than 15 hours.

In the study, they found:

• Forty-eight percent of buyer inquiries were NEVER responded to
• Average number of call back attempts after the initial contact was 1.5
• Average number of email contact attempts was 2.07
• Average response time was 917 minutes (or 15.29 hours).

Lund added that the missed leads represent an important opportunity for real estate professionals. “If brokers and agents take steps to rectify this problem, and respond more effectively to consumers, they are opening the door to a great increase in revenue,” he said.

The National Association of Realtors® (NAR), which represents one million members across the country, says successful Realtors® respond to buyer inquiries, but they can find themselves in exception situations when they are too busy.