Real estate industry comes with its own set of perks and challenges, especially for realtors. Purchasing homes is everyone’s goal; people need securing in the place they’re residing. Therefore, real estate agencies always remain in the spotlight.
When it comes to securing life and career, Millenials and Gen Z are leading the way; at 37%, Millenials are the biggest home buyers in the market.
So, it’s not sufficient to follow the same process for capturing leads and making a deal proposal. Realtors need to go that extra mile and stand out from others because 73% of home buyers choose the first agent they interview. So, once the lead falls through the crack, consider them gone.
Now, without a streamlined real estate sales process, it’s difficult to delight your customers and prospects. A fragmented sales process takes up more time, is complex, and can lead to loss of crucial data and information.
Therefore, we’re here with a simple solution for every real estate agent. From property valuation to closing the deal, we’ll run you through every step and provide information on how you can develop a robust real estate sales process.
Table of content
1 Pricing sellers’ home – Property Valuation
Property valuation is made up of multiple factors; you need to consider the location, taxes, sellers’ concession, as well as the staging and prep fees. Before the final asking price goes to the buyer, it should include each and every cost that goes into selling the property.
How to determine the price of a house?
- A realtor needs to create a comparative market analysis (CMA), that includes all the factors that affect the price of the property and based on that, the realtor can value the said property. You can also enter the property into the Internet Data Exchange (IDX) so that the members of multiple listing service can market the properties to potential buyers.
- If you find property valuation difficult, there are various tools available online that help get an estimate. Opendoor home sale calculator is a reliable tool that will help you determine the estimated value of the property. You can add the property price based on the location and market value, check for any unpaid taxes or mortgage, and then calculate the final amount.
You must be wondering, how is a realtor supposed to execute all these activities on their own? Well, take a seat back and relax, because CRM is here to put an ease to your work.
Stay productive with Mobile CRM
An advanced sales CRM streamlines your entire property valuation process. Since you’ll be constantly working on the field, surveying the houses, meeting locals, a Mobile CRM can help you enter data and information in your CRM even when you’re not at office.
Most CRMs are limited to the cubicle, however, CRM with Mobile Apps have more potential when it comes to accessing client information while on the field.
2 Stage your listing
You never get a second chance to make first great impression.
Let’s be honest, first impression matters a lot; in meeting people as well as when we’re purchasing something.
If you were to purchase a house, you first look at the condition of the house. Since it’s a place where most house owners spend their entire life, they do want the place to look attractive and as per their preferences.
When you stage your listing, you need to think of it from the buyers’ perspective and provide all the relevant information.
Let’s find out how you can make your house listing more attractive to your online buyers.
Use professional photos
Before approaching any real estate agent, many buyers take it upon themselves and go to online sites to search for the house. When they’re looking for best properties, your real estate website must have professional photos and highlight the features of the houses you’re offering.
A clear photo media will help buyers decide which property they are interested in. In fact, you can also use the feature where the buyers can hover the images and get a 3D view of the rooms.
Give your listings more visibility
Listing the property on MLS isn’t enough; you need to cover wider platforms to reach maximum prospects. The more your properties are visible on various platforms, the more you’re likely to connect with potential buyers.
Syndicate the listings on websites like Zillow, Trulia, and Realtor.com. These channels are trusted by buyers and realtors and can provide higher visibility.
Improve efficiency with integrations and bring all leads in one place
Realtors have a lot on their plate; and managing listings on different platforms can get tedious. So, you can pick a CRM that integrates with real estate listing websites and bring all your lead information and contacts inside CRM so you don’t have to toggle between various platforms.
Offer a virtual tour
To accommodate your buyers’ busy schedule, offering virtual tour can save their time and help them make an informed decision.
Walk them through the house, provide information about its history (if it’s a resell), the location, neighborhood (if it’s kid-friendly and suitable for senior citizens), and how it will be the right fit for the buyer. When they look at the property through a video call, they’ll gain confidence and close the sale faster.
Listing on real estate magazines and Facebook Marketplace
Even though most people go online for purchasing houses, there is a demographic and investors that closely follow real estate magazines and online selling platforms such as Facebook Marketplace.
Therefore, ensure you list the properties on the real estate magazines.
3 Negotiating the deal
Once you’ve listed the properties and have captured potential buyers, next step in your sales process is negotiating the deal. This is the make-or-break situation because now the planning phase is over, and you need to move on the negotiating stage where you encourage the prospect to agree to the terms by bringing all the concerns on the table.
Realtors engage with multiple clients, and the trait of a good negotiator is to know which negotiating strategy to apply on which client.
Here’s how you can negotiate the deal where both parties benefit from it –
- Use affirming language when interacting with leads. Now, you wouldn’t like it if someone forced their opinions onto you, would you? Likewise, sellers want to believe that you’re on their side, and you must be if you genuinely want to help them. Therefore, use affirming language and encourage the person to close the deal.
- Your focus must be on data; collect as much information as possible and leverage it to your benefit. When you’re negotiating, the only way you can have an upper hand is by possessing more information than the opposite party so you can justify your price.
- Manipulation will get you nowhere while being true to your work will certainly attract more leads. Always start your conversation with true facts so they can make informed decisions and recommend you to others.
- Discover the pain points of the opposite party, whether they’re buying or selling, figure out what they want from the deal. Ask them the reason for buying or selling, and create a negotiating strategy based on that.
Negotiation part must seem daunting when you need to manage so much data, paperwork, and conversations. To simplify this sales process of negotiating, you can use the CRM so send digital files that take up too much space.
Many CRMs have media library or they’re integrated with cloud-based storage such as Google Drive, and this can be utilized to exchange details about the properties so you only have to carry important documents.
4 Make the owner aware of the closing cost of their property
One of the most crucial aspects of the real estate sales process is determining the closing cost of the property. Many agents face disputes due to misunderstandings between offered price and its actual closing cost.
When the seller puts up a house for sale, they only consider the value that they want to get from the property. However, when the title is being transferred from seller to buyer, expenses like Escrow fees, commissions, loans, insurance payoff, and various miscellaneous expenses add on.
Hence, in order to avoid any confusion and lose the deal at last stage, you need to discuss the closing cost of the property with the buyer so you’re both on the same page.
5 Close the sale
Coming to the final stage of your sales process, it’s time to close the sale!
Once you’ve cleared everything with your client, closing the sale should be a piece of cake! Both parties have already passed through the stage of property discussion and negotiation, so what’s left is going out and closing the final deal. Here, you need to be straightforward and keep it simple; only put effort where it’s required.
Furthermore, you should prioritize the deals based on how much the client is interested in a certain property. Because chasing uninterested clients will take up your extra time and will lead to nowhere.
Provide relevant information and clear out all their doubts so even your client will feel confident in paying a considerable amount for the property.
Selling and purchasing properties won’t be difficult when you figure out a way to streamline your workflow and have a strong real estate sales process. To improve your productivity, you need a CRM that puts your sale has process on auto-pilot and automates your manual tasks for you.
From assigning leads, collecting client information, following-up. Scheduling meetings, you can do everything inside a smart CRM. And when you have multiple properties to handle, you can use multiple sales pipeline management in a CRM that provides complete visibility of all the deals at their various stages. Therefore, you can analyze the sales process and focus on high-intent clients to close more deals.
A solid real estate sales process consists of awareness, knowledge about the property and market, and ability to use the CRM in a way that adds value to the work.
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