Real estate sales is known to be a high-volume lead game, where you would have to generate the maximum leads to improve the odds of acquiring genuine leads and boost the conversion ratio. Generating leads is generally not the key challenge here. After all, the real estate market is booming, and demand for properties is fairly high in strategic locations. The real challenge would be to filter out good leads and engage them with the right strategy. This is why proper lead management is necessary.
Lead Management in Real Estate
Real estate lead management is a structured approach followed by real estate agents to deal with potential prospects. It involves finding potential leads, organizing their information and guiding them through the process of buying or selling a property. Your aim would be to make sure that the prospects have a seamless experience, and can find the right home or buyer.
A good deal of planning, time and resources is needed to keep numerous prospective buyers, sellers and tenants organised, ensure proper communication balance, personalise messaging, and check no lead slips through the cracks. To seamlessly achieve these goals, you must have a robust lead management process in place for the entire journey, right from capturing leads across multiple platforms to scoring them. Today, CRM (customer relationship management) tools are often used for lead management in real estate, as they help elevate and streamline the entire experience while enabling improved customer service. You can find a variety of tools facilitating lead management CRM for real estate today.
CRM in Real Estate Lead Management
Real estate is all about building trust, and it's no surprise that 82% of new property sales are referrals from existing contacts, previous clients, family, friends, or relatives. Moreover, when it comes to real estate businesses, selling or buying is a long process, with many follow-ups and re-negotiations. In such scenarios, implementing real estate CRM software gives realtors an efficient way to manage contacts, schedule tasks, monitor their pipelines, and stay organised to build successful relationships and close deals.
CRM tools specially designed for real estate are often equipped with advanced automation capabilities that allow for hassle-free lead capturing, lead qualification, and lead nurturing. Real estate businesses thrive on the strength of relationships. With real estate CRM, you would be able to manage both your leads and paying clients. These tools often provide you with a single platform for executing sales end-to-end. They are likely to serve as an automation tool for contact and communication as well, making sure that you are able to maintain personalised relationships with leads.
Generate quality leads
Your real estate sales team might be chasing after unqualified leads just because they have downloaded a lead managed, filled up a form or sent in an inquiry. Real estate CRM and lead management must work together in order to steer clear of such situations.
While today leads can be automatically sourced from several platforms, you would have to assist your sales team in discovering the best possible opportunities for closing property sales. CRM makes it easy to define what qualifies as a high-quality lead. The system ideally scores each lead on the basis of your own criteria and ranks them. Therefore, your sales team would be able to identify which leads to follow up on first or schedule site visits with.
Automated lead segregation
Leads will keep coming. The more leads you get, the more overwhelmed your sales team is likely to feel if you do not know how to sort them effectively. Proper lead segregation is vital for identifying leads worth pursuing and storing them in a manner that aids you in pulling up and engaging with the right leads at the right time. Lead management CRM for real estate allows for automated lead segregation based on distinctive parameters like configuration preferences, personal details, budget comfort, and more.
Automated lead qualification
After the leads are generated and segregated, it is important to validate them and start communicating with the right ones. For this, lead scoring would be necessary. Automated lead scoring involves assigning scores on the basis of predefined criteria that help in validating the lead as Hot, Warm or Cold. This would make it simpler for your sales team to start engaging with Hot leads, and do not waste too much time on leads that have very little to no potential for conversion.
Automated lead nurturing
After the communication is initiated, there are likely to be several stages of engagement before the customer takes action like scheduling a visit or inquiring about the property. During this time, your sales team should ideally send them follow-up emails, each of them having some value for the prospect.
Broadly speaking, the use of lead management CRM for real estate helps improve efficiency in the process and build better relationships with clients. It shall ultimately contribute to the success and growth of your real estate venture.
Author bio: The author has been a subject matter expert in the field of real estate for over a decade. He has worked in tandem with real estate professionals and has vast knowledge of the real estate industry.
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