What is the Seller Leads feature in BrokerWorks?
Seller Leads is a new, optional BrokerWorks feature that allows participating business brokers (agent accounts are not eligible) to receive leads from business owners looking to sell, and that meet the broker’s preference criteria, for a per lead fee. The program functions as a service that facilitates matching sellers seeking assistance with brokers who can help.
Why is BizBuySell offering this program now?
BizBuySell is well known in the industry as a leading source of buyer leads. Lesser known is that BizBuySell has thousands of business owners who visit every month and are looking for information and assistance with selling their businesses. Many of these owners find brokers through the BizBuySell broker directory. The Seller Leads program is intended to supplement this for brokers who seek to reach additional sellers who want professional representation. The use of this new feature is optional.
How does the Seller Leads program work?
Brokers can opt-in to receive Seller Leads and set a monthly budget (billing is per lead). Brokers can also set preferences on the types of business owners they want to be matched to (location, industry, business size, etc.).
Business owners who have registered on BizBuySell can request to be matched to brokers who can help them sell. Selling owners provide information about their business (location, industry, business size, etc.) that is aligned with the preferences set by brokers.
Business owners are then matched with up to three participating business brokers. Brokers are billed a per lead fee for each match. Sellers and brokers can then message each other through BrokerWorks. To encourage participation, sellers identity and contact information are kept confidential until they decide to share it with any matched broker.
How do I sign up to receive Seller Leads?
To enroll in the Seller Leads program, follow these steps:
- First, make sure your broker profile is complete and professional, as matched sellers can see this.
- Under My Account > Preferences, set up your preferences for sellers you prefer to work with. This will affect who you get matched with and billed for.
- Under My Leads > Seller Leads, review the program overview and then click “Join Seller Leads”.
- Set the email address where you would like to be notified of matched seller leads, and a monthly budget. Agree to program terms, and join.
- You are all set and will be notified of any seller lead matches you receive. Be patient, as it will take some time for this new service to become known. You are only billed for the matched leads you receive.
I received a notification I was matched to a seller. How do I reach that seller?
To encourage participation, the business owner's identity and contact information are kept confidential while they review their matches, and sellers control when they are ready to have a conversation with a matched broker. The first step is to ensure that you have a complete and professional broker profile so that you stand out next to the other 1-2 brokers who may have also received the same match. The next step is to promptly and professionally message the seller through the platform, and respond to their follow-up questions promptly as well.
How can I talk directly with the business owner?
Earning the trust and respect of the seller is the key to having that first conversation. It starts with a complete and professional broker profile on BizBuySell (which the seller can see) and is followed by prompt and professional communication through the Seller Leads messaging tool. Pro Tip: After communicating why you are well-suited to help, ask the seller for a good time to speak and for their phone number, rather than asking them to call you.
The business owner isn’t responding to my messages. What can I do?
Like all forms of marketing and lead generation, perfect conversion of leads to customers is not to be expected. Some sellers will decide to go another route, some may not be ready to move forward, others may just be busy or are procrastinating a big decision. All you can do is ensure you communicate promptly and professionally and seek to be helpful. Some business owners may come back after some time, and your ability to message the lead will remain in your account as long as you are a BrokerWorks subscriber, even if you opt out of receiving future Seller Leads.
How do these Seller Leads differ from owners who may find and contact me through the BizBuySell broker directory?
The BizBuySell broker directory and your profile within it will continue to be an important source of leads of sellers seeking assistance. The ability to search/browse through the thousands of brokers in the BizBuySell broker directory remains. Some owners will prefer this route. Others are too busy or want a narrowed set of choices. The new Seller Leads feature is more of that guided, concierge service of recommending brokers matched to an owner’s business. This will provide an incremental source of seller leads for brokers who want them.
What does the Seller Leads program cost?
Rather than a fixed monthly cost for an unknown lead volume, Seller Leads are billed upon a match on a per lead basis. This ensures you only pay when an opportunity is presented. Seller Leads will be billed at a limited time introductory rate of $50 per matched lead. Note that a matched lead does not guarantee a listing agreement, or that you will receive that seller’s contact information, or they even respond to your outreach. A matched lead represents an owner meeting your specified criteria with an intention to sell, and the ability to communicate with them through the messaging tool. With modeled contact and close rates, this lead pricing is still expected to provide a strong return on investment while allowing BizBuySell to continue to invest in the platform and in driving more and better seller leads your way.
How can I change my monthly Seller Leads budget?
Your monthly Seller Leads budget will automatically carry forward to the following month each month. Once a month has started, the budget for that month is set. If you want to change it for the following month, simply visit My Account > Billing Information and select Edit Seller Leads Budget. From here, you will be able to change the budget for the following month (and going forward until you decide to change again).
Note that while you cannot change the budget within a current month, once it has begun, you can change your preferences for the types of sellers you want to be matched with at any time. If you find yourself wanting fewer seller leads at any time, you can simply change your preferences and the matching algorithm will honor those immediately. For example, you can narrow your industries or raise your minimum revenue or cash flow thresholds to receive fewer seller leads.
How can I change the email address where I am notified of new Seller Leads matches?
Under My Leads > Seller Leads, click the Preferences link in the upper right corner. From there, select Contact Email and make your desired change.
I no longer wish to receive any Seller Leads. How do I cancel my enrollment?
You can cancel your participation in the Seller Leads program by visiting My Account > Billing Information and selecting Edit Seller Leads Budget. Then select the “Cancel My Seller Leads Enrollment” link. Cancellations are effective at the end of the current month. You can rejoin the program at any time if you decide you want to receive Seller Leads again in the future. You will still be able to message any seller lead you have received even after you leave the program.
I still have questions, who can I call?
We are here to help. Please call our customer success team at 1-888-777-9893 or reach out to your account representative directly.