If you don’t want to be stuck at the bottom of the real estate sales food chain then read this article in which we cover the real estate sales process of expert salespeople👇
Buyers decide in the first eight seconds of seeing a home if they’re interested in buying it. Get out of your car, walk in their shoes and see what they see within the first eight seconds.
Barbara Corcoran
Did you know that almost 37% who invest in real estate are millennials? Isn’t that crazy? So, forget about the long-lost fact that only seniors are in this industry of buying real estate. It’s not only millennials who are leading but also GenZ is keeping up with the pace.
In such a situation where every generation of this world is fighting to secure real estate properties, you need to buckle up and start working hard. The same old tricks and conventional methods of convincing won’t work anymore. To capture greater leads and crack real estate deals you need to learn what’s up at this moment.
With a streamlined real estate sales process you won’t be able to satisfy your customer’s demands. Well, don’t worry, I used to feel exactly the same a few years back. With the current situation, it may be difficult to reach your target. And the pressure building inside you can really be frustrating.
Real estate sales processes are hard to master, and the ones who have dedicated themselves to them can achieve something meaningful. It’s a process full of stages and thinking, brainstorming, and finalizing, and it’s actually not that cool or easy. Along with hard work and great effort, you need an enormous amount of patience.
That’s why I have done some research and brought you an article that will help you crack that deal in minutes. Keep reading to know more about real estate sales processes.
Understanding Real Estate Sales Processes
A real estate transaction is one in which a property (known as real estate) is sold from a seller to the purchaser via a Real Estate Agent. Based on property ownership, the funds being transferred, and government laws, this procedure can be difficult and time-consuming.
As the chain begins, it is discovered that 90% of purchasers frequently use the same agent or suggest them to others because they appreciate the procedure and how they manage the matter. Without a realtor, the process of opening and shutting a property is a little more complex in this day and age. Many people like the procedure that real estate agents may utilize. This article will surely help you to understand how an agent takes a fundamental approach.
If real estate sales processes are not followed correctly, it takes a long time to close a sale, creates dissatisfaction between the buyer and Seller, and necessitates several negotiations. However, if you follow up on everything and streamline your process, you will save a lot of time, and the sale will close quickly. That’s I am here to assist you in generating sales more quickly and provide a guarantee that the purchaser will pick you up or suggest you to others.
Let us go through the elements that will assist you in keeping both the buyer and Seller on your side while also knowing the real estate sales procedure.
The five most important steps to cover in real estate sales processes:
- Curating a definite Sales Listing
The requirements of a Seller- Presenting the Property
- Advertising and Promotions
- Choosing Property Price
- Throwing Property Meets/Viewing
- A proper round for Negotiations
- Selecting a Potential Buyer
- Evaluating with the Seller
- Sale Closure
- The last round of Negotiation
- Handing over completed paperwork
Now, let’s discuss in detail each step of the Real Estate process so that you can upscale your game!
1. Curating A Definite Sales Listing
Breaking down each step always makes it easier, whether it’s real estate sales processes or anything else. This step is also divided into segments like the requirement of the property/seller, presenting the property for viewing, and advertising to ease the selling process.
You are literally like the backbone when it comes to preparing a property for selling it. It’s said so because you need to deal with a huge number of clients and visitors, fulfil their requirements, do the necessary processes, make the property presentable, etc. And if you jumble around with these steps, you will be stuck at the same point. So, developing an organised and constructive way to perform all these steps is highly crucial.
The benefit of curating a definite sales listing will define your goal and also a deadline. It will keep you organised in the long run. Now coming to the segments of curating a definite sales listing.
The Requirements of the Seller:
The most vital responsibility of a real estate salesperson is to do research. The more you learn about your Seller, the better listings you will be showing them; This means your chances of selling a property becomes more prominent.
You may ask these three questions for your research:
- Why are they selling the property in the first place?
- What are the previous selling costs?
- What are the USPs of the property?
Before your property listing is finalized, make sure to clear all the documents and property papers so that you don’t get stuck when you are ready to close a deal.
Presenting the Property
The better your property will be staged, the better footfall you will get. And consider this line to be a rule in your real estate sales processes as a salesperson. Make the Seller’s property as aesthetic and appealing as possible. This can be done by arranging the home, fixing that broken sink, or just painting the shabby walls.
In case your sellers ignore your suggestions in staging their property, make them understand how much they will lose if the property isn’t sold. Making the property appealing higher the number of potential buyers. This may involve your Seller spending some money, but you can ensure they guaranteed to sell the property.
Advertising The Property smartly.
Smart promotions and ads can always help you with the game. After all the necessary changes are done, the paperwork is finalized, and it’s the real estate salesperson’s job to advertise the property in the most appealing way. Take the help of online and social media platforms, or go for billboards if you’re looking for neighborhood buyers. There is a huge list of how to advertise your property. You can also list the property on various websites for property listing like MagicBricks, Housing, etc. Your listing must follow the MLS ( multiple listing Service) to ensure the sale of the property.
A forever real estate agent understands that the concept of home is predicated on the many changes life can bring, and it doesn’t start—or end—with the transaction.
Gino Blefari, Berkshire Hathaway Home Services CEO
Some of the ways of MLS:
- Social media sites and apps- Facebook, Instagram, Twitter
- Blogs and websites of Real estate salespeople
- Your own website(if any)
- Conventional methods like SMSs, Emails, etc.
Well, that was the end of 1st step. You may still be wondering how you will do all of this all by yourself, right? Well, that’s when TeleCRM steps in. TeleCRM can be your best buddy when it comes to real estate sales processes and selling. To successfully complete Step 1, use TeleCRM’s Automatic Distribution of Leads. You can select your partners or team members, and TeleCRM will automate the process of sending notifications to them.
2. Choosing Property Price
Your expectations are reaching the sky, aren’t it? You are most probably thinking, “Ah! I am gonna sell this one property, and the profits will set my life” sorry to break it to you, but that’s not how the entire real estate process for choosing the property price works. This step is also crucial as you have to meet the Seller’s expectations. But is our main goal to satisfy the Seller? No right?
Sit with your Seller, and do a SWOT analysis of the property that will define the positives, negatives, advantages, and disadvantages of the property. And that’s how you are going to get the ideal price for the property. Quoting a price too low or too high can actually stagnant your real estate process and stop the property from getting sold.
Here’s a step-wise guide to setting a property price:
- Take into account the cost of comparable homes in the same area as well as the cost of a recent home with features similar to the one you want to sell.
- Property upgrades made by the Seller.
- Examine outside features like a pool, a sizable yard, and many parking spaces, among others.
- What is the cost per square foot of comparable homes?
- What is the market situation where you are now selling the house?
Choosing the correct price for property makes it more achievable for the buyers to at least take a look. And after that, they will judge for themselves. Also, putting a higher price tag will scare your potential buyers.
But how will you let everyone know about a property and its price along with details? Well, TeleCRM is there to back it up. More calls and notifications mean more sales. With this facility of TeleCRM, you can make up to 250 auto-dialed calls, manage meetings, and schedule follow-ups. You can also set reminders to take follow-ups from buyers.
Success in real estate comes down to two factors: taking care of and valuing the customer.
Michael Miedler, Century 21 CEO
3. Throwing Property Meets/Viewing
Now that you and the Seller have agreed to a price that suits best for the property. There are still a few steps that need to be conducted. It is informing potential buyers that “this” property is up for sale. Now that you have successfully made all the arrangements and fixed days on which you will show the properties, it’s time to manage your contacts.
Sorting out leads, previous clients, and newer leads can be difficult. In such a scenario, taking help from a CRM list can really help you sort things out. TeleCRM helps you go through each of your contacts, tag them, use multiple labels to define them, and also send reminders. TeleCRM will also help you with the banners and ads that you might want to display for the property.
As you begin to curate the real estate process for the property, your creativity can really help. Suppose you are throwing a party that weekend; you can probably do it in the property you are selling. In that way, you can give a tour to a lot of people together. Another way is to have the options for open listing. This will help you sort the contacts, and you will only contact the ones interested.
This step is ideal for creating a positive outlook for the property you are selling. Displaying the property in real time makes a bigger impact than just showing buyers digital photos. What’s better than engraving a property in a buyer’s mind, right?
A real estate agent has two property listings. Now add 11 more. What does the agent have now? Happiness. That agent has happiness.
Tim Dulany
4. A proper round of negotiations
Any sales industry, including real estate sales processes, incorporate a negotiation round. This negotiation round helps both the buyer and Seller in determining the real value of the property. This step in real estate sales processes can be challenging.
It’s the real estate salesperson’s job to crack the deal. This can only be done when both parties come to a middle ground and agree on terms and conditions. To make the buyer agree, you first need to be familiarised with them. You also need to mention the conditions after the first round of ‘talk.’
The next thing that makes successful real estate sales processes is gaining the trust of potential buyers. Share all the necessary information, do meetings, send them real-time photos, and also give them suitable offers. You can also support them by sanctioning loans, helping them with procedures, and assisting in transferring property papers.
After the buyer has finalized his decision, clear the path of them visiting the property as many times as they want. Always finalize things before transferring the property to buyers. For that, you must evaluate your buyer and see if they are even potent enough to buy that particular property.
Selecting a Potential Buyer
There is a fine line between buyers who want to purchase and buyers who are qualified to buy a property. You surely don’t want to waste meetings, time, and information on a buyer who isn’t even capable of buying a property, right? So, before taking the step forward, ensure your buyer doesn’t have much credit to pay, they have mortgage-free approval, their credit score is good enough, and has proper employment or income source.
If your buyer has shown you pre-approved paperwork and has met your basic criteria, then only move forward with discussing more. Make the buyers sign the contract, and this makes everything a smoother and speedier real estate process.
What is pre-approved paperwork?
Pre-approved paperwork provides real estate process salespeople with vital information about the buyer. Information like loan lengths, maximum credit they are eligible for, and about EMIs and down payments.
Can you ease out this process with TeleCRM? Absolutely yes! With TeleCRM, you can stay organized and on top of things. TeleCRM makes you to access the information of a buyer easily and view their profiles and credit history.
Evaluating the Seller
This step is also called the 2nd part of the negotiation. Your seller has to be always open to answer any questions a potential buyer may have. In this case, you need to convince the Seller to do this, as you might not be that familiar with the property. What you, as a real estate salesperson, can do is update the appraiser and the Seller with the necessary information and keep them notified.
TeleCRM can really be handy in distributing information among your appraisers. You can easily check the progress at a single glance. TeleCRM runs multiple calling campaigns and sends you a report of the progress made. This way, you don’t need to do it manually and can save a ton of time.
The noise you almost always hear in life and business is the scream of the urgent, drowning out the whisper of the important.
Adam Contos, RE/MAX CEO
5. Sale Closure
This is the final and most important step, as in this step, you are going to close the deal once and for all. For a real estate process salesperson, closing a deal can be very exciting. Closing a deal means your efforts and time actually get you results. Reaching step 5 is also vital as many deals reach step 4 and still don’t work out in the end.
This final step incorporates many more segments that need to be fulfilled, like documentation, transfer of papers, a final evaluation of the property, signing agreements and contacts, passing the keys to the buyer, and much more.
Let’s see each section of this step in detail:
The Final Evaluation
Before the buyer signs the contracts, he or she would like to evaluate and inspect the property once and for all. This will ensure them that the property doesn’t need any fixtures or changes for at least 5-6 years. And vice-versa may also occur. In this situation, you, a real estate process salesperson, need to convince them and make sure necessary changes are made.
The last round of negotiation
The final inspection might result in price revisions during the sale’s closing, necessitating a final negotiating agreement. If any additional terms need to be included, they are included as part of the process.
Handing over completed paperwork
The contract is set to expire, and the price and discussion have been resolved. Therefore the paperwork comes within this phase. The necessary official documents must be provided by the agent, who must also help the client sign them.
So, everything is all set, right? Well, great. With the help of TeleCRM, you are finally here to close a deal. Well, if you are still wondering how to get connected with TeleCRM, here how you can:
Way 1: The Free Trial
- For beginners, you can opt for the free DIY trial, in which you can book a free demo from TeleCRM.
- You can also watch videos on TeleCRM to learn more about Real Estate Processes.
- If you still get stuck, TeleCRM’s expert team will come to your rescue at any time.
Way 2: Guided Onboarding
- Book a live Demo on Real Estate processes and get all your queries cleared.
- Purchase the necessary license. Start your own website or app along with your team.
- If you ever get stagnant and do not understand what to do, the experts from TeleCRM will back you up.
Successful people do what unsuccessful people are not willing to do. Don’t wish it were easier; wish you were better.
Jim Rohn
Concluding Lines
The property sales procedure can be time-consuming. However, the longer it will last, the more money your Seller will lose, and the more time your organization will have to spend finding a buyer.
You should try to conclude a home transaction as soon as feasible. Organizing the Seller from the beginning of the selling process may make a huge difference in how fast and smoothly the transaction goes. CRM solutions may also help you streamline, organize, and automate your sales process.
Once you’ve piqued a potential buyer’s interest, the secret to a smoother transaction is to assist both sides with any queries they may have so that you can eliminate any objections that may impede the sales process. After all, 89 percent of house sellers utilize an estate agent, so having a good sale might open doors for your company. Not just with present clients but also with homeowners searching for a reputable firm to manage their future property sales.
So, to conclude, we would say that the real estate process is not just another that you can try at your leisure. Real Estate Process Salespeople research is hard about properties, sellers, and how they can successfully crack a deal. It’s a long process, and one needs to have plenty of patience to execute a real estate deal.