A strong real estate pipeline is essential in achieving your goals and forecasting your real estate business. It will guarantee you to successfully navigate through the sales process from start to finish. Those who have mastered how to build a strong sales pipeline have been successful real estate agents who are able to maximize their returns. So when selling or buying a house and lot for sale, here are tips to get around competitors and have more closing deals.
What Is a Real Estate Pipeline?
The process or stages of buying or selling real estate from the start until the end of the deal. The goal is to create a strong pipeline that your clients will think of you when looking for real estate. A weak sales pipeline is easily forgotten or the sales just go downhill.
Why Is a Strong Sales Pipeline Necessary?
Whether it’s a potential buyer or seller, it’s important to know what their objective is. It will show you what the client is looking for, how to build communication, and have more closing deals. A sales pipeline is a way to make your sales easier to manage and increase real estate sales. This also allows you to save time and prioritize deals on what matters most.
How to Create a Strong Sales Pipeline
A strong real estate pipeline is like a set of stairs, wherein those stairs are the process. Visualize each sales process to achieve your goals. No two sales processes are the same, either you are selling or a pipeline for buying, a pipeline should be able to enhance your client’s experience.
Prospecting
A strong pipeline should start with filling in the prospects. How do you make that introduction and where do you find them?
Create an ideal customer profile
Like any other business, it won’t thrive without customers. A strong sales pipeline needs to have the best leads. This stage of the pipeline is critical as those who you choose will affect your revenue.
The breakdown of your ideal customer profile starts with your best customers. Start with the demographics like location, industry, profession, budget, and other factors that would influence their buying decision.
Once you have that sorted out, you will have an idea of which among your clients or customers you have more success during your pitching; whether they are new or existing clients. With that, this will show the ideal customer or client for your sales pipeline.
Look for leads
In a real estate sales pipeline, looking for leads means finding different ways to approach your clients and what time of the day.
Maybe you have come across a couple looking to sell their property. Not only does email make it more business formal, but it is also an easier way to reuse the template.
There is also a chance that most professionals in the real estate industry use email for contacts. It would lead you to more stronger connections and better clients.
CALL
Cold calling is also convenient to explain to your prospects about your sales pitch. When nervous, just save or draft a sales script and change the details later on.
LETTER
While this method may not be used most in today’s society, written letters can still be used when prospecting and can easily be done by hand.
Be wary as letters are not trackable. Make sure that your client or customer would prefer written letters and make sure to follow up with an email or phone call.
SOCIAL MEDIA
Of course, social media will give you a wider scope of leads for your sales. Facebook ads or ads on social media like Instagram are convenient enough to get the attention of interested sellers and buyers of real estate.
It’s also a good method for exposure on your profile and easy to prospect among leads.
WEBSITE
Lastly, a website that signifies your pitching is important as this also shows your branding. This is useful in creating forms and collecting leads.
Qualification
Not knowing your leads may end up having to spend equal time with all your clients, which, may not work with your ideal customer profile. This could result in missing opportunities with high-valued prospects, spending extra time, and putting in a lot more effort when not needed. These qualifications will show what makes a good customer which can help with your sales pipeline.
Research
Use your client’s information. Take advantage of that lead which contains details such as names and email addresses. With this, you will prioritize leads that will generate sales or are most likely to buy from you. Either use LinkedIn profiles, social media platforms, or Google search their profiles, background, their history which later, could help identify what type of client they are and may even lead to relevant clients.
Contract and Offers
So now you are able to qualify your lead, it’s time to send in your proposal. This proposal must be detailed at all costs, showing what your offering, price, and duration is. A good proposal will not only close deals but something that will show if you have won or lost this stage of the pipeline. There are other tips to help close the deal or rather, maximize your chances.
Contract Agreement
Once your clients are qualified and the realtor agreement is signed, their listing is now under contract for you to sell. Either showing or looking for potential buyers, this stage of the pipeline is for you to keep track of that activity.
All about the customer
Remember, clients will not wait for long when it comes to sending your proposal. Make sure to aid them with what they need or to solve their buying or selling problems. Include listings of the clients’ property showing that you’re doing right in looking for potential buyers. A listing that is close to what they want or a listing that potential buyers would bid for is necessary in making an offer.
Closing
Accepting Offer
A client will either accept your offer or they won’t. That’s why a distinctive sales pipeline is crucial. Once a client does accept the offer, active closing is followed. This is where the necessary paperwork is filed and signed, permits, and other necessary real estate paperwork.
Follow Up
It’s time to seal the deal, you’ve worked really hard and have made a partnership with your prospect. It is important to follow up such as:
- “Thank you”
- Checking in
If you want to make your clients remember you in the real estate venture, keep in contact. They will likely tell you or recommend you to people they know.
Other Tips for Maintaining a Strong Sales Pipeline
Keep it engaging
While closing deals don’t necessarily checking in constantly once finished with your leads, still, keep these leads on hold until they are ready to sell or buy. They won’t always close instantly, so it’s best to keep engaging often.
Focused perspective
When you have different and plenty of closing deals, you may want to focus your perspective on building more networks and new prospects. A finished deal is definitely rewarding, however, your next month might be a little too quiet. With this in mind, your pipeline will remain relevant, organized, and consistent with real estate deals.
Client communication
When remaining on top of the client’s preference, arrange client communication either by phone call or other contact methods such as email or social media.
The pandemic is one of the unexpected turns in the real estate market and much so, other businesses. It has affected most, so with these circumstances, it’s important to build stronger communication with your clients.
Remember to make these calls or messages short such as asking how they are, what they are looking for, if they changed their mind with the last property showing, or any new changes such as house plan preference.
Feedback
Lastly, keep tabs on what your clients want. Feedback will not only help update your real estate pipeline but will also help in what you could improve in terms of pitching.
You’ll get details on what real estate clients prefer, what’s new in the market, and what method will help you gain or find new real estate clients.
Related Blog: Creating an Engaging and Effective Real Estate Sales Pitch
