A business cannot run without a customer.
The singular most important concept in a successfully running business is perhaps the sales pipeline. Knowing how to guide a window shopper into becoming a loyal patron is all that your sales pipeline is about.
While it sounds straightforward, a sales pipeline is quite complicated. This is one of the primary reasons that Real Estate CRMs are employed to handle all marketing-related processes automatically in this industry.
To better understand, read on to know all there is to know about sales pipelines in the Real Estate business.
What is a Sales Pipeline in Property Business?
A sales pipeline is a map that charts the movement of each lead through the entire sales cycle of a Real Estate business. The leads generated by marketing campaigns need to be engaged to gauge their interest in the assets your business has put for sale.
Step by step, in a thoroughly strategized manner, a sales pipeline guides leads forward with the brand and carefully monitors their behaviour to pitch a sale accordingly. Additionally, if your business has a healthy sales pipeline, it can enable you to allocate resources efficiently, plan future campaigns, review and improve business progress, make your sales process more effective, and much more.
Sales pipelines are an effective way to grow a business if appropriately managed. However, certain stages in a sales pipeline need to be individually looked at before they can be tweaked for better efficiencies.
Stages in a Real Estate Sales Pipeline
A sales pipeline has various stages that house different leads corresponding to how interested they are in purchasing a property from you. Handling each lead with respect to its position in the sales pipeline helps your business to focus more effort towards promising leads and save the wasted cost on duds. Here are the various stages of a sales pipeline.
The lead generation stage is the first stage of your sales pipeline. This is where a business pours in funds to create marketing campaigns for brand awareness that tells the potential customers out there that the brand exists.
Lead generation shows results in the long term. As more and more people get to know about a realtor, they automatically start to contact the business. At this stage in the sales pipeline, a lead doesn’t need to be ready to purchase a property. It just means that homebuyers have discovered your business.
Qualification of Leads
After establishing the first contact, a business must then determine whether a lead is:
- Interested in purchasing a property, and
- Has the means to pay for the purchase.
Lead generation will bring all sorts of customers to your door. With the help of a good Real Estate CRM, a business can determine the interest level of each lead and their willingness and capability to pay for a property.
Qualifying leads helps a business pick the best leads to proceed further down the pipeline with increased marketing input. In addition, it helps save time and money on dead leads.
When a lead expresses increased interest in purchasing a property from your firm, it should be nurtured. This portion of the Real Estate sales pipeline actively presents solutions to the lead that address their problems and makes them see why dealing with this brand is beneficial for them.
The key is to convert interest into a desire for purchase. Give your leads useful information, incentives, offers, etc., and show them why your brand is the best. Only when this happens will the lead proceed to the next stage.
This is the last stage of the sales pipeline. The time for negotiating the price and terms of the deal is now – but it must be done subtly. A sale is successful only when both parties have mutually agreed to the price, payment, and possession terms.
Automating the documentation formalities in this sales pipeline stage using good Real Estate CRM software saves a lot of time. In addition, it helps businesses close deals sooner.
Managing the entire sales pipeline using a CRM streamlines it and makes things more efficient.
Sales Pipeline Management With Sell.Do CRM
To squeeze the maximum possible ROI out of your marketing campaigns, it is essential to monitor specific metrics of your sales pipeline:
- Deal count in the pipeline
- Size of deals
- Sales velocity
All these metrics can be measured using Sell.Do – India’s only fully integrable Real Estate CRM solution. Sell.Do comes equipped with features that equip your business with the tools needed to manage the sales pipeline effectively:
- Automated pre-sales activities
- Lead management (segregation, qualification, nurturing)
- Automated lead follow-up
- Analytics reporting
- Automated marketing and campaign monitoring
Sell.Do has been created with the property industry in mind, making all its tools highly relevant and result-oriented. As a result, managing the sales pipeline is as easy as the breeze with Sell.Do.
Sales pipelines are constructs that determine how a customer moves through a brand. The trick is to know that everything in the pipeline can be closely controlled to increase business sales. Get Sell.Do today and manage your sales pipeline without any roadblocks.