If you are here that means you are struggling to have follow-ups with your leads. Or you are unable to convert leads into paying customers. Or you are struggling to maintain constant connection (Calls, messages, etc) with your leads. Real estate lead management is a tricky and overwhelming process.
Your prospects are not ready to spend a huge amount of money on just the first property visit. Because the ticket price is so high, ranging from Lakhs to crores, they take time. Carefully evaluate their options, and then only are ready to buy.
You have to constantly keep in touch with the leads to make sure they convert to paying customers. The sales process in the Real estate industry is long. It takes from months to years for the prospects to get ready to make the purchase.
Understanding this process is important. What is the point of investing time, money, and effort just to see your leads go cold?
Without the proper implementation of the lead management process in your real estate business. You won’t be able to sustain your business let alone be able to grow it.
Let’s first see What is Real Estate Lead Management.
What is Real Estate Lead Management
Real estate lead management is a structured way through which real estate agents deal with potential prospects. It’s about finding these potential clients. Organizing their information, and guiding them through the process of buying or selling a property. The goal is to make sure the prospects have a good experience and they find the right home or buyer.
Stages of Real Estate Lead Management
The process consists of different stages. You need to know them in detail so you can easily use them for yourself.
These are the stages through which you reach out to a lead (Potential customer). Convince them to buy, and sell them their dream home/property. And after closing the deal, make them your advocates (ask for referrals.)
This is what we are going to discuss in great detail so keep reading.
For real estate business owners or real estate professionals, the first task at hand is generating real estate leads. You need to generate leads and find people who are interested in buying or selling properties. Without them, you have no business.
Finding people who are interested in buying or selling property is tough.
Think about it – not everyone out there is thinking about buying or selling properties. So, it becomes a big challenge to figure out who is interested and who is not.
It is like searching for a needle in a haystack!
There are multiple real estate lead generation strategies that you can use for your business.
Website & SEO: Develop a website and make it rank on the first page with effective SEO (Search Engine Optimisation.) So when someone needs a real estate business, they find your site right away, and you get new leads.
Online Property Listing Platforms: You can register your business on platforms like Housing.com, Indiamart, 99acres, etc. On these platforms, you can get hot leads who are genuinely interested in buying properties.
Contact Brokers: Connect with brokers who provide contact details of leads in bulk who are interested in buying/selling properties.
These are some of the most used and effective lead-generation or real estate marketing strategies that you can use to generate leads for your business.
To make the most of these strategies, start using real estate lead management software like TeleCRM. It helps with calling, and messaging, and offers integrations from all the Online property listing platforms.
You can integrate your website as well and bring all the leads from there directly into the TeleCRM system.
Assuming that you were successful in getting leads for your business using the above-mentioned strategies. Now we move on to the next stage
Capturing Leads from Multiple Sources
Now that you have leads interested in your business. You need a place to store their information in an organized manner.
When information is stored in multiple places it becomes frustrating to locate it when you need it. Think of it – You want to get details about the preferences of a particular lead. You are on a call with a seller, you have to access multiple Excels/Google Sheets to get it.
It’s time-consuming and irritating.
You need data in a single and accessible system at all times!
The solution to this problem is simple, use a Real Estate CRM like TeleCRM to store lead information. It will be your central place for all the info you need whenever you want.
Its integration capabilities help collect info automatically from multiple sources like online forms on your website, Excel/Google Sheets, etc. Details like Name, phone numbers, and what kind of property your lead wants.
All of this data will be automatically stored in the TeleCRM system and can be accessed at any time. You can decide who gets access to your important data, making it more secure. This adds an extra layer of protection for your lead and client info, keeping everything safe.
This way no important info is out of reach or lost. You can easily manage real estate leads with TeleCRM and move on to the next stage of Lead Management.
Instantly Engage with Leads
You and your team need to make sure all the leads are contacted immediately. The reason is, that when people look for something they don’t just go to a single place for it. They reach out to multiple businesses offering what they are interested in.
Whoever is the first to connect with them and build rapport has the highest chance of making them their customer.
Your leads are actively looking for a property. They must’ve gotten into your competitor’s system from the same source they have come to you. When your agents don’t reach out to them instantly, there is a high probability your competitor will. They might offer them what they are looking for and you’ll lose a customer.
You will lose them unless they are not happy with what your competitor is offering them, but just like you, they have tons of options to show them. So that’s that.
The solution is simple for this as soon as the lead is in your system use TeleCRM’s WhatsApp Chatbot and send them a greeting message to connect with them instantly. The chatbot offers buttons that you can customize according to your needs and set questions or trigger actions that you want when the leads click on a button.
The chatbot will also help you with qualifying leads as to how eager they are to buy and what they want.
Once they have been engaged with the chatbot, your agents can call and understand their preferences better and offer them properties according to their preferences.
This will increase your chances of converting a lead into a paying customer and keep you one step ahead of your competitors.
You have leads and their information. Not everyone on that list is interested in buying properties or what you are offering.
Getting leads is a tough nut to crack, but getting quality leads is a whole different ball game.
Let’s say you have 10 leads in a day, but you have no idea if those leads are even interested in buying or not. For that, you need to qualify them because wasting time and resources on irrelevant leads is just not worth it and won’t get you anywhere.
The solution is simple, call them to qualify what they want. Prepare a set of questions like ‘What is their budget’, ‘What kind of property they are looking for’, “What locality do they want a property in’ etc. This way you’ll be able to find out which among those 10 leads are interested in buying what you are offering.
For efficient and effortless calling, use a Tele-calling CRM like TeleCRM.
TeleCRM offers integration capabilities from all possible sources you are getting your leads from and directly stores them in the system. This way you have all your leads in a single place, your agents can call them, leave a message, and take notes in the application of their preferences.
It’s not just limited to that, if a lead of yours is not available to talk, you set a reminder and call them at the time they’ll be free, so you don’t miss any opportunity to sell and convert a lead.
Refer to these Real Estate Calling Scripts to prepare an effective script for your calls.
Qualification of leads is important to filter irrelevant leads out of your system and only focus your efforts on the ones that have high chances of conversions.
Now that you have decent knowledge about qualifying leads for your business, will give you the ability to move on to the next stage of the process and that is.
Distributing Leads Equally Among Real Estate Agents
Assuming that you have followed all the above-mentioned stages, now you have relevant leads in your system. You have put in a lot of effort till now to get these leads, don’t let your efforts go to waste by assigning all of them to 1-2 callers.
In the real estate industry, the sales pipeline is very long as I have mentioned earlier, it takes from months to years to close a deal and there is still a very high chance the lead doesn’t buy because the investment is very high.
Think about it – You’ve got 20 potential clients, and there are 3 agents to help them out. Now, if you give 10 clients to one agent and 5 each to the other two, that’s not quite fair. The agent with 10 leads will feel overwhelmed with all the work, while the other two chill with fewer clients.
Distributing equal leads among the team is essential to ensure all the leads are engaged and no one is overburdened with work.
And the best way to do it is to get Real Estate CRM software like TeleCRM. TeleCRM will do the work of assigning leads to your agents on automation and will also give you the authority to assign a special lead to your best agent to make sure that the deal gets closed.
Additionally, this will not only grow your business but also smoothen your business operations.
Only Show Properties that your Leads are Interested In
Now that you have connected with them and have got their preferences listed you need to find properties that match their demands. And trust me when I say this, It’s not as simple as it sounds.
Your real estate agents need to work very hard to find the best match for your leads because the possibility of finding the perfect match is very rare.
Having said that, one of the most common mistakes real estate agents make is that they show properties that they have rather than understanding the needs of their leads and putting in the effort to find what they truly want.
Imagine this, you are someone who is looking for a 3BHK flat in the suburbs of a metro city, and the agent you are connected with keeps on showing in the middle of the city, and that too 2BHK. How would you feel? Frustrated right?
Imagine the amount of frustration your leads will be feeling when the same happens to them.
The solution to this is simple, start using TeleCRM to keep all the preferences of the lead in a single space. As I have mentioned earlier, the sales pipeline in the real estate business is very long and your agent can’t remember all the preferences after a week or month.
When on a call with the lead, you note down all their preferences just against their name in the TeleCRM system and that’s it. It will be there next time whenever you need it.
So keeping all the lead info in a single space is important and very useful.
Additionally, anyone from your team if required, can access the details and act accordingly. This is super helpful if your agent is on leave and you need someone else to take over.
Nurturing Leads Slow and Steady
Assuming that you now have leads and their preferences, there is one slight problem. People who are looking to buy homes or properties for other purposes (office space, investments, etc) are not always ready to move in the very next day or week.
And you cannot force them into making a decision no matter what. If you do that, they’ll just simply quit with you. And sign up with someone else, maybe your competitor.
Someone who has the desire to buy a home for themselves doesn’t always have the means to do it right away. The reason could be anything, finances, job, family commitments, etc. You have to be patient as a business owner or real estate agent.
So for this, you need to constantly stay in touch with your leads. Keeping them up to date with the market trends, informing them about festive offers, new project announcements, etc.
How are you going to do this?
Send messages individually to every single lead?
Will it be feasible? And how would you remember whom you have to send follow-up messages?
The solution to this issue is simple, use tools like the Bulk WhatsApp Messaging feature of TeleCRM. These features allow you to send messages in bulk to your leads without the fear of getting your number blocked as TeleCRM uses the official WhatsApp Cloud API provided by Meta.
This way you constantly stay in touch with your leads, making them aware of what’s happening in real estate, special offers, and new projects that match their preference and could be the property they were looking for.
Additionally, you can Schedule WhatsApp messages and SMS as well to send to your leads if you are planning to be away. It will reach them on the scheduled day and they will genuinely feel that your business or you as an agent care for their customers.
Property Visit and Closing the Deal
You have generated leads, got them from multiple sources, qualified them, distributed them, communicated with them, got their preferences noted, and patiently nurtured them over time.
You’ve invested time, money, and effort in doing all of this.
But now comes the part for which you have done all this work, showing your leads their dream property and converting them into paying customers. Because if you are not able to do this, all of it goes down the drain.
So now all you have to do is show the clients the property, make sure you answer all their concerns (flooring, furniture, lease, etc) help with any financial issues (loans) or concerns they might have, and make sure that everyone, the buyer, seller and you all are on the same page (agree on the same pricing and terms, etc).
Helping them at every stage of the process makes their experience smooth and effortless. This is going to get the job done for you.
You will not only get customers from this but will also spread positive word of mouth for your Real Estate business. Which brings us to the next and final stage of the lead management process
Post Sale follow-up and Referral Generation
Assuming you have followed all the stages of the real estate lead management process, you have made a sale. But now is not the time, to sit back and relax. This is the time to connect with your customers and check with them if they are happy with your services.
You check on them, see if things are going smoothly, and whether there were any hiccups during shifting, etc. What will this do?
This will give them the sense that you were there with them the whole process and you are still there to help them out if there are any issues. Instant customer support is also an essential aspect of referral generation.
But what if you forget?
Remember the TeleCRM Followup feature. You can use it to follow up post-sale with your customers as well.
Now that they have finally moved into the property and have started using it. You can ask them for referrals and at times you don’t even have to ask. People tend to pass referrals on their own if the experience is smooth and hassle-free.
They refer your business to their family members and friends whenever they need to buy a home or any property. This is because of the rapport and trust you have built with them during the entire process.
Referrals matter in real estate.
When a lead comes from someone who already trusts your business, thanks to the positive word of mouth from their friends or family who worked with you before. This makes your job a lot simpler and easier.
In the complex real estate industry, where the stakes are high, knowing the art of lead management is the key to success. This comprehensive guide has walked you through the stages of real estate lead management, from lead generation to post-sale follow-up and referral generation.
Understand this – the real estate journey is not a sprint but a marathon, patience and strategic planning are your allies and will win you customers.
Utilizing lead management software like TeleCRM simplifies the process, by generating leads, keeping your qualified leads organized, and your team in sync, and communication seamless.
Book a demo today on Telecrm.in
Remember, the most important is to stay in touch with your leads. Understand their needs, and guide them through the whole process with ease. Convince them to make the right real estate decisions.
With efficient lead management practices, you will not only secure deals but also build a positive reputation.
So, whether you’re a business owner or an agent, the roadmap is clear – use the power of technology, stay connected with your leads, and create a seamless experience that turns prospective clients into satisfied homeowners.
With a well-executed lead management strategy, your real estate journey is set to flourish.