Real estate pipeline management is as important as for other businesses. Lest, there is one small yet crucial difference; real estate business is a single-deal model where you have to keep looking for new prospects.
For a real estate agent, this is a challenge. You are always hunting the market for leads making the process a bit competitive.
But we are not here to tell you the obvious, right? We are here to let you in on real estate pipeline management tips, so without further delay, let’s jump right into it.
The crisp insight
We are hoping that these pipeline management tips will help you achieve your numbers every month.
Let’s get into the groove, shall we! First, take a look at your daily process as a real estate broker.
Are you taking an entire day or more to revert your prospects?
If the answer is yes, then my friend, you are 60 times less likely to hit your numbers.
Well, you are losing too many prospects in the process of the competition, simply put they are gobbling up your customers.
The simple solution: Effectively managing your real estate pipeline DAILY with devotion.
You have floated your ads on the social media channels and sites that list real estate brokers.
A few of the prospects have landed on your website, they went through the properties you have listed on your website, area-wise. They are impressed with the location and the prices at which they are getting their own space.
They filled up your personal detail forms.
And the same is being added into the spreadsheets, daily.
- Do you have a process of following up with these prospects?
- Is there a system available that will automatically send out welcome emails to these prospects?
- Are your real estate brokers given enough access to these prospects?
I am sharing a few tips that will help you manage the real estate pipeline and make you more efficient.
Remember, you are trying to communicate these prospects to go for closure. There will be no second chance because your competitors are also keeping an eye out for new leads!
1. Are you qualifying these prospects at an early stage?
80% of prospects never turn into customers!
There are numerous leads flowing daily through your pipeline, so predicting the closure rate is tough. But with the CRM system in place, and with the experience of the market, you can set the win rate for each of the deals.
As the above statistics bring into the highlight, you must concentrate on identifying and qualifying these 20% prospects!
Ask these questions to the prospects.
- “Are you looking for other properties?”
- “How much interested are you in the listings on my website?”
- “Are you looking to make a property purchase in the coming 6-12 months?”
Asking these questions to your leads will help you convert them or push them for further nurturing. Yes, you must not let go of these contacts that you have generated from your marketing campaigns.
Not having purchase ready prospects in your pipeline will often clog it, making it difficult to move them forward. This will also prevent you from focusing your efforts on other important prospects.
Let’s be truthful to each other here, they are the ones that you want to win as a real estate broker. Create a filtered pipeline that is ready to convert and push the ones who aren’t ready into a different pipeline.
By using Salesmate CRM you can mark them as warm, hot, moderate, and cold leads. This way you will be able to focus your resources accordingly.
Qualifying your prospects also helps you know how much they are engaged with you based on their website and email communication activity.
You can assign ranges to these scores and categorize leads into cold, warm, or hot and pursue or discard them accordingly.
Until you contact the customer, you haven't done anything.
Start prospecting using Salesmate features now.Try Salesmate For Free!
Solution: Creating an efficient sales process for your real estate business
Identifying the obstacles in your sales process is the best way of dealing with a clogged real estate pipeline. Create an efficient sales process that is based on the customer’s journey.
You must discuss the entire process with the upper-level management so that you get the required efficient sales process.
2. Are you meeting them personally or just relying on the digital conversation?
Technology has brought businesses to the consumer’s mobile screen, yet, the factor of human interaction will never get old. It is one of the most common ways of creating trust amongst your prospects.
“Why? There is no repeat customer in this line of business”
Well, although that is the truth there is a need for establishing a trust for developing a lasting relationship with them. The reason being they are your brand ambassador. And, in the long run, they might need your services for resale or purchase/renting of new properties.
So the question is how you will create a lasting relationship with your prospects? Scheduling an in-person with your prospect is one way to do it. You get to know the person by having a detailed conversation with them. You can note down what they like, which is their preference, how much budget they can shell out for their dream property.
Showing up on these meetings is crucial for building rapport. It must be one of your top priorities to meet them. You can create your meetings with any calendar app. One more way is to sync your calendar with the CRM of your choice. Apart from reminding you of the meetings, this software is capable of providing you with the information about the current stage these prospects are in. With the qualification marks against their name, you can decide how and when to spare out your time. After all, you are trying to close a deal by the end of the day, aren’t you?
Make good use of automation where necessary
As I said, there are tasks that need a human touch, yet, to be efficient, you must automate those repetitive tasks for enhancing your productivity.
For that, you need to have a complete view of your sales process as well as the pipeline. Based on your assessment, you can decide when and how you want to automate your lead nurturing tasks with sequences. This way you enhance your sales productivity tenfold.
Real estate brokers must spend more time on qualified leads by automating the boring tasks inside their CRM system.
3. Are you treating every prospect differently?
You have a long pipeline, there are several deals in the pipeline at various stages, the win probabilities for every deal has been set.
You have tasked your top real estate brokers to pursue these highly qualified leads for faster closure.
Filter your deals from high value to low value. Doing so helps you prioritize the right way and focus your resources on the right deal.
Use CRM software for your real estate pipeline management
Have a strategy in place for managing your deals even within the CRM.
Real estate pipeline management is not just tracking numbers.
You can create custom reports for gaining better insights into the numbers. You will know what needs to be done for pushing the conversion cycle to the next stage.
Your CRM system is accessible to the field agents at any given time from any internet-enabled device.
4. Do you have a lead nurturing process in place?
Your work does not end with a deal closure. You need to keep these customers nurtured with your business’s news.
Keep scheduling emails with new listings on your website, and smartly ask for referrals. Let them know how much you appreciate their business.
You should segment your clients based on their requirements.
But before doing so, ask yourself these questions.
- Does my customer or any of their contact require commercial property?
- How long have they been with us?
- What was their budget?
With so many campaigns or follow-ups to take care of, a real estate CRM like Salesmate is your best support system. It smartly takes in and stores all your data at a centralized data library.
You can CRM automation for
- fetching prospects detail from the website via forms
- create contact inside the system
- send out a welcome email to the new contact
- assign the contact to a real estate agent
- send a reminder to the agent for doing a quick follow-up
Always be in touch with the new leads and never forget to follow-up. Every forgotten follow-up is a hole in your revenue cycle.
Start nurturing the leads
There will always be prospects who are not ready to make a purchase yet! What do you do about them? You certainly don’t just forget them.
Inside your CRM system, you can create multiple pipelines. One which has all your qualified prospects. Another which will be populated by the prospects who aren’t ready yet.
Doing so allows you to divert your resources on the well-qualified leads. And also gives you enough space to plan on how to make these other sets of leads into repeat customers. If they are not ready for a quick purchase, rank these leads based on the tentative dates of their future purchase.
Bonus tip: Have you just started out? Start calling every contact in your list!
So you are staring at your real estate business. I am not disheartening you, but there are giants playing this game for quite some time now. More resourceful and more financially powerful than you. And not to forget they are much older and more established.
So, acquiring new leads from the market that are hot on making the new purchases will not happen quickly. Kickstart your lead generation effort by making calls to every contact in your list, right now!
As I mentioned earlier, this business banks on the rapport you create with you leads, and who will trust you quickly and easily? The people who already know about you on a much more personal level. They will trust you quickly which means they may refer you to their contacts and help you get those initial contacts much faster. Having a quick contact database is crucial for your new real estate business.
Make a good use of modern technology
Streamlining your marketing efforts using a smart CRM software is one option. You have the contacts; all you need to do is create a smart sequence that will keep pushing your emails to these contacts occasionally. Remember, proper follow-up is also a necessary factor for your real estate business’s success.
Kill them with kindness
As a real estate broker mastering your pipeline will not just give you details of the deals in every stage. It will allow you to gauge your current situation. It will help you understand if you have enough deals in the pipeline to stay afloat or not. You will be able to give your complete attention to the deals that are stuck and move them to the next stage.
Your sales pipeline report will also help you see how much time a deal takes to be closed. The same report will help you understand how your agents are performing and guide them if they are stuck.
- CRM applications increase revenue by 41%
- They help improve lead conversion rates by 300%
- Also, decrease sales and marketing costs by 23%
Just remember this.
You are a star in your field, if not you are on the way to becoming one. All you need is a smart CRM system for your real estate business that can
- Source and manage more leads
- Grow your list
- Store and process your contact data
- Help you automate minimal tasks
- Remind you of taking timely follow-ups
- Increase your efficiency
You need a robust real estate CRM like Salesmate that can reduce your manual work so that your team of real estate agents can focus on building and nurturing their bonds with new and existing customers.
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