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Lead Servicing
Lead Servicing
Lead Management
Lead Generation
Dissappearing Agent.flv
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.
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.
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
Process of Serving a SellerGet 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
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
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
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
Market Conditions
• Balanced market : 4-6 months inventory
• Seller’s market : 2 month supply
• Buyer’s market : > 6 months inventory
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)!
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
Process of Serving a BuyerGet 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
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
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%
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
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
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 !
THANK YOU FOR YOUR TIME
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