In the competitive and dynamic world of real estate business today, it is imperative to keep track of the sales funnel. Experts say that however efficiently your sales people perform, it doesn’t convert into hard business unless the sales pipeline is managed well. For a builder, it is not sufficient to bring gross additions to the business; the only conversion matters.
Entrepreneurs of today believe in technology. They want to leverage every bit of it for contributing to the top lines. Amongst several technical tools, CRM has been incredibly effective in keeping all aspects of business, including sales pipeline management. Manage it smartly and efficiently by leveraging the benefits of technology.
Initial Inquiry
The inquiry is the first (and the most important) step of the sales process. You pour huge piles of money in the business. Hence, it is important to tap as many buyers as possible to make it profitable. Real estate business works on the concept of “economy of scales”. It means; the more customers you touch, the higher is the business. If you keep track of sales inquiries by stone-age methods, then the best business benefits can’t be anticipated. However, CRM empowered inquiry system adds great value to the business.
Whether it is a cold call (you pick potential customers and call them) or hot call (when customers call you and inquire about it); CRM takes care of it. Prospects are handled well, and you have excellent control over it. Also, the secrecy of business data is maintained well because of the access control mechanism.
It is possible to respond customers timely and systematically when you manage the things using CRM system. Using all modes of communication e.g. phone, email and messaging become easy.
Qualified Sales
Once you tap potential customers (hot and cold sales) and the sale is qualified, it is important to evaluate them based on selection criteria. CRM system segregates them in different categories, and you can focus on qualified deeds only.
Site Visit Scheduled
When buyers look for properties, they want to get convinced about every minute detail of it. Nobody wants to spend huge money without a site visit. Smart builders do it using CRM system so that not a single transaction is missed. For buyers also, it is quit convenient to schedule site visits. Builders can send automatic alerts and intimation based on scheduled events. Since it is a workflow-based system, everybody gets the information update based on the access-controlled login.
Site visit Completed
Well, as the cliché goes, “when you see it, you believe it”; customers don’t buy a property unless they have a look to it personally. Certainly, nobody can assess the material used in the construction or structural sturdiness by just looking at the building, layout and design can be evaluated for sure. It is also possible for buyers to look at the blueprint, surroundings of the project and suitability. Following outcomes can be anticipated after completing the site visit.
- Buyers assess the authenticity and genuineness of the property against the claims made by builders. Whether it is a commercial property or residential, site visit throws sufficient light on it.
- If the property is under construction, periodic site visits make the buyers confident about the progress. Since they see the milestones getting achieved, there is no ambiguity or doubt in their mind. Enhanced trust about the authenticity of the project motivates them to pay further installments. Hence, it is a Win-Win condition for both.
- As mentioned earlier, buyers can’t go into the depth of construction quality or structural sturdiness; they can have a gut feeling about the overall quality of the building. Also, buyers can verify the facilities offered against facilities assured. Any deviation can be brought to the notice of relevant people then and there. CRM greatly helps in it.
Buying a property is a big decision for a buyer and without a site visit, nobody does financial commitment. Hence, the importance of it won’t get diminished ever, regardless of technical development and virtualization.
Negotiation
“Negotiation is a transaction where both parties feel that they won”, it is a well-known saying. Leaving aside the humor, it is true up to an extent. Since it is the process of arriving at mutual consensus, the buyer and the seller feel good about it.
In the case of real estate deal, the negotiation is not always on price, but it can be on several factors. It can be adding additional facilities to the property such as extra wash room. Sometimes buyers ask value-added things such as branded bathroom accessories without increasing cost. They may ask parking area without additional payment.
Success or failure of a negotiation deal depends on how both parties look at the deal? A builder should position the company in the best way so that the likelihood of the seller’s acceptance increases. It is important in a buyer’s as well as seller’s market.
Real estate CRM greatly helps in the process of negotiation. Since you have property details on the system, it becomes quite easy. CRM is a workflow-based system where negotiation details can also be saved.
Cost Sheet
Once the process of negotiation is over, now it is the time to prepare a cost-sheet. It is the detailed description of cost head wise. When you use Real Estate CRM, preparing cost sheet is easy and manageable.
Cost is the detailed break-up of the total costing. It is a critically important piece of information you must have before buying a property.
The total cost of a property is the sum of all expenses a seller quotes to you. Preparing cost-sheet is the in-built part of Real Estate CRM.
Conversion
Bingo! You have closed the deal after immense efforts. When the real estate business is managed using a full-fledged CRM system, life is easy and smooth. You have control over each step of the transaction, and it is possible to retrieve the history any time.
Invest in CRM system to reap big benefits. You have to spend money on it; the business benefits compensate it in the long term. It helps in every stage of property dealing.
