Lead Servicing in Real Estate

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Lead Servicing in Real Estate

  1. 1. Lead Servicing
  2. 2. Lead Servicing Lead Management Lead Generation
  3. 3. The number 1 problem: • “My agent didn’t get back to me.” • This problem is world wide. • Communication with a lead is the biggest problem. • Sellers and buyers both feel that agents are not really working unless they are updated regularly about the progress.
  4. 4. Why agents disappear? • Most real estate agents believe that lead generation is the only work of their business. • They don’t know what to do once they get the lead. • They over commit while getting mandate, hence they fail to meet expectations later.
  5. 5. Where is the money? • Agents should understand that money may get generated if the transaction is done, but profit is generated out of referrals. • So whenever a lead is generated, excellent service should be given, so even if the transaction is not done, the prospect passes leads to the agent. • Every lead gives a tremendous opportunity to build good will in the market: don’t squander it
  6. 6. Process of Serving a Seller Get the details of the lead Define deliverables and explain service Property Listing Form and exclusive mandate Ensure that price is right Search matching buyers on various platforms Post and advertise listing Prepare and send brochure of the property Coordinate Property Showings Follow-up and close Documentation and Legal Paperwork Registration and move-in processes Invoice and customer feedback
  7. 7. Property Improvements: • Sometimes there are improvements required in a property which make it more: – Easily Marketable – Get a higher value – Widen the market • For example: – Painting, repairs and refurnishing – Getting documents in order – Making it vaastu compliant
  8. 8. Market a listing? Post it on RE/MAX portal Put a yard sign / Banner Post it on Magicbricks /other portals Make brochure in Design Centre Inform in RE/MAX Network and Broker Network Make a PowerPoint and put it on SlideShare Write a blog on it and mention property URL Make YouTube video on property and tag it Put it on your Facebook page Advertise in newspaper with property URL Do postcards /flyers Include the listing in the office newsletter
  9. 9. What to communicate? • If you have got a 3 month exclusive mandate it is a good idea to update the customer every week on : – Activities you are doing for the property – Response you have got – Buyer feedback – Any changes in offer you propose • You can give over phone or email
  10. 10. Market Conditions • Balanced market : 4-6 months inventory • Seller’s market : 2 month supply • Buyer’s market : > 6 months inventory
  11. 11. Is he trading up? • A buyer’s market is ideal • A seller’s home was Rs.20,00,000 and based on the current buyer’s market must take 5% less or Rs.19,00,000, a loss of Rs.1,00,000. Their next home would have had a purchase price of Rs.40,00,000, however, due to the buyer’s market they can buy it for 5% less or Rs.38,00,000 – a saving of Rs.2,00,000. • The seller saves Rs.1,00,000 by selling and moving up in a buyer’s market. • Now if prices bounce back and go up 5%, your seller will gain Rs.38,00,000 x 5% = Rs.1,90,000 whereas if they stayed where they were they would only gain Rs.19,00,000 x 5% = Rs.95,000. A net gain of Rs.95,000 (double)!
  12. 12. Other leads : (Buyer/ tenant) • Same rules apply: – Communicate well – Have a process in place for all kinds of leads – Ensure that you have exclusive mandate before incurring a cost – Maintain proper records
  13. 13. Process of Serving a Buyer Get the details of the lead Define deliverables and explain service Property Requirement Form Understand Need, Wants, Concerns and clear requirements Search matching property on various platforms Post requirements Prepare and send brochure of matching properties Coordinate Property Showings Follow-up and close Documentation and Legal Paperwork Registration and move-in processes Invoice and customer feedback
  14. 14. New Projects: • Some times we get builders who want to market projects with RE/MAX • Ideally you should do the following steps: – Evaluate the project vis-à-vis the price / location – Is it pertaining to your focus area (geography, price point, type of property) – Does the project excite you? If yes then only even think of exclusive mandate. If no then do open listing – Donot give false commitments – Donot waste time if project is not saleable
  15. 15. New Projects: • Exclusive Projects are a huge responsibility and should be taken carefully. • Open listing can be taken, but then you should work on them else sales will not happen “magically” • Invest your time and money wisely. Do not assume that if 50% of scheme is sold, makes it easy to market remaining 50%
  16. 16. New Projects: • Only 3% of customers who walk in to a site, close. So if you have other listings in the same area, probably you can use this walkin database to sell those listings • Smaller the builder, will value you more than larger builders. They don’t have the brand/ advertisement muscle to sell 100% of inventory, so try to get more commission
  17. 17. New Projects: • One big advantage of having exclusive listing is that you get all secondary leads of : – Selling of prospects’ existing property so that he can buy a new one. – Resale of flat if he is investor – Renting of the flat – Referral from that customer for his friend
  18. 18. Focus on • Building long term relationships • Doing immediate tasks on hand • Communicating with customers • Delivering results • Satisfying customers • Keeping in touch with closed customers • NOT ON • Commission !
  19. 19. THANK YOU FOR YOUR TIME

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