The 6 stages
1. New inquiry
Definition: a contact has expressed buying interest via Zillow, Realtor.com, an open house sign-in, a referral, or a personal connection. No qualification yet.
Exit criteria: discovery call completed.
Typical conversion to next stage: 25-40%
2. Discovery call complete
Definition: a 30-minute buyer consultation has happened. Wants/needs, area preference, timeline, and price range documented.
Exit criteria: buyer signs a representation agreement OR you confirm they are not a fit.
Typical conversion to next stage: 55-70%
3. Pre-approved
Definition: buyer has a pre-approval letter from a lender (or proof of funds for cash buyers). They are ready to make offers.
Exit criteria: active home tours scheduled.
Typical conversion to next stage: 75-85%
4. Active touring
Definition: buyer is viewing properties — typically 5-15 homes across 2-6 weeks. Notes captured per showing.
Exit criteria: offer drafted on a specific property.
Typical conversion to next stage: 45-60%
5. Under contract
Definition: offer accepted. Inspection, appraisal, financing contingencies in motion. Title work begins.
Exit criteria: all contingencies cleared, clear-to-close issued.
Typical conversion to next stage: 80-92%
6. Closed
Definition: deed recorded, commission paid, keys delivered. Terminal stage.
End-to-end conversion (New inquiry → Closed): typically 5-10% for inbound leads, 30-45% for warm referrals.