“Swagat nahi karoge aap hamara?”
This is exactly how challenges knock on your door!
Be it convincing clients for a site visit or negotiating over a deal. Not being up-to-date with existing projects or missing out on new launches. Failing to make maximum out of digital marketing or not generating quality leads. Block in network development or lack of closing techniques. List is never ending.
Kya aapka bhi kuch aisa hi haal? Do you face few or all of these problems?
Some of the problem real estate brokers typically face are common, while others may vary from broker to broker.
Dont worry, support sahi toh latkoge nahi. In todays blog we will unpack all these problems one by one and I will also share few solutions to those problems. No fear when mymagnet.io is herel!
1. Real estate lead generation pe bohat kharach kiya par hath kuch na aaya (generating highly qualified leads in real estate can be a tuff job)
Suppose you solely concentrate on real estate lead generation through digital marketing and obtaining a good quantity of leads.
Now what will you do, directly call them and check if they are interested or not, if interested you will block site visit for them or may keep them due for followup.
Now in this usual process all you forgot is lead nurturing. In that case, it could sound like a nightmare.
Your real estate lead cost will soar by creating leads and purchasing them from numerous platforms, like Google Ads and other paid campaigns.
Keeping up with high lead costs and low real estate conversion rates can be a vice versa circumstance if you nurture leads well in time.
Khete hai na, “nazar hati, durghatna ghati.” Toh bas samajdhaar ko ishaara kaafi hai!
Solution for better real estate lead generation:
Do invest in platforms and portals like Google Ads, Facebook Ads, SMS, Emai, even in magicbricks and 99acers.
Understand the platform or portal in as much detail as you can
Even when lead generation starts you still have to monitor the pre and post lead generation process
Increasing your real estate conversion rate is the only way to escape this vicious circle of increasing lead cost.
Your general process will make you run for leads everyday. Instead you need to focus on generating leads qualifying them in different buckets and managing and nurturing them accordingly.
Your real estate business needs a more efficient sales process to convert more leads into customers. After getting leads, split them into groups according to their preferences, areas of interest, locations, and behaivoural patterns.
You may gradually increase your real estate lead conversion ratio by using the data to get a general idea of how likely the leads will be converted. Additionally, you may speed up your entire process by implementing several real estate lead-generation tactics.
2. Falling short of real estate listings or inventories
Imagine you went shopping and had your list ready when you arrived at the market, but you only found a few things. Will it be a letdown? You know the answer better!
In a similar scenario, real estate buyers expect to receive a wide range of real estate listings and options to find the property that most matches their needs.
On the other hand, a broker’s business will suffer if there aren’t enough real estate listings or if the inventory is low. Additionally, your business won’t benefit much from an unattractive real estate website or portal with only a few real estate listings and inventories.
Solution for real estate listings or inventories :
Use your present real estate listing and simultaneously create an attractive listing highlighting popular and inexpensive locations.
Post regional news and events on your website, whatsapp stories and on social media.
By keeping your network informed, by this, you can attract potential home buyers to convert them into clients, and also it will keep your page engaging.
Expand your network, and establish contacts with nearby firms in the real estate sector, like mymagnet.io and property investors.
3. Improper real estate sales process (Kuch toh gadbad hai Daya!)
From listing the property to finalising the deal, there are several steps in the real estate sales process. Every real estate broker needs to build a strong sales process that they must adhere to keep it organised and have a clear vision of their sales process.
Additionally, not knowing the status of the agreement can have an impact on your revenue. If it takes too long to convert, you must immediately move the deal to nurturing. Similarly, it would help if you worked harder to convert the hot leads generated into customers.
The real estate sales process revolves around attracting homebuyers and converting them into leads. Manually entering leads data takes time and is prone to mistakes. Maintaining an extensive database on tools like Excel can result in lead leakage or client information duplication.
Solution for making real estate sales process more efficient:
Create a dedicated real estate sales process that addresses every factor of your operation and contributes to expanding your clientele.
By looking at a sales pipeline, you can see where your prospects are in the sales cycle. You can take the necessary action to entice the opportunity to close deals by recognising the leads.
CRM Special – Mymagnet.io‘s KEYS CRM for real estate brokers makes the process easy to enter a client’s specifications into the database and locate a list of properties that meet those specifications.
This leads’ data is maintained in the database, allowing the broker to create a custom solution and convert them into happy clients. Assuring there are no lost inventories across numerous projects and locations, inventory management solutions in KEYS CRM can help update the status of inventories in real-time.
Solve biggest real estate problems with mymagnet.io
Learn how mymagnet.io Keys CRM helps real estate teams to grow their revenue.
4. Technology ka zamana hai mitron! Real estate has been slow in adopting technology
Finally, unavailability of modern technology is a major challenge faced by Indian real estate brokers. Despite the growth of digitization in the industry, most brokers still rely on traditional means of communication and lack the necessary resources for automated services.
As a result, brokers are unable to offer a fully digitized experience to their clients and are unable to compete with larger and more established players in the industry.
Note: Your competition will outperform you and draw in more customers if you are not utilising technology to build your business.
Solution for technology :
Utilise tools like social media, categorised websites, and other platforms to attract leads and create a solid client base.
Determine from analysis which platform is used by the bulk of your target market, and then adjust your real estate marketing strategy accordingly.
Brokers should adopt modern technology and automation. This will enable them to provide a fully digitized experience to their clients and enable them to compete with larger and more established players in the industry.
Furthermore, modern technology and automation will also enable brokers to save time and resources, thus increasing their overall efficiency and productivity.
5. Vo khel hi kya jisme competion na ho! But the competition in real estate is cutthroat
Today, real estate brokers are not just competing with their fellow brokers but are also competing with developers and their competitive prices in the heavily competitive market.
The present era expects everything to be done online, so everything from purchasing to getting services is just a click away. As a result, the competition has increased due to the growth of online real estate brokers. Additionally, you must maintain parity with others if you want your real estate business to keep expanding.
The development of home-buying apps with little to no agent involvement and the rise in listing portals present challenges in this area. Nowadays, real estate brokers are only necessary later in the buying process, and overall getting references through social media is getting harder.
Solution to beat the competition in real estate:
Implementing lead generation techniques: By implementing lead generation techniques such as email marketing, content marketing, and search engine optimization, a real estate broker can attract new leads and improve their conversion rates.
Investing in targeted advertising: By investing in targeted advertising, a real estate broker can reach their specific target audience and increase their chances of converting leads into customers.
Emphasizing on providing excellent customer service: By providing excellent customer service and building a reputation for transparency and honesty, a real estate broker can establish trust with potential customers and build long-term relationships.
Creating referral programs: By creating referral programs, a real estate broker can incentivize their existing customers to refer their friends and family, and increase their lead generation efforts.
Offering unique services: By offering unique services such as virtual tours, 3D floor plans, and personalized property recommendations, a real estate broker can differentiate themselves from the competition and stand out in the market.
Building a team of experts: By building a team of experts with diverse skill sets, a real estate broker can offer a wide range of services and cater to a diverse range of customers.
Networking: Building a strong network of agents, developers, and other industry professionals can help the broker to have the inside information of new developments and the best deals in the market.
6. Thapad se darr nahi lagta shaab, rejection se lagta hai! Cancellation and no show for site visits are story of every weekend so are bookings
Rejections are part of life, and real estate is no exception. Rejections are unavoidable due to the increased competition among real estate brokers. You will face rejections at some point in the process because not every client will accept your offer. However, it doesn’t necessarily mean that your services aren’t up to the mark just because a few clients turned down your offer.
Don’t give up; keep considering your clients even if you get rejected. Although they might not be interested in the property you presented, they might be interested in your upcoming real estate projects. As a result, you can continue communicating with cold leads by sending personalised messages and emails.
7. Bas payment time par hojaaye! Timely payouts is the only way to get access to capital
To earn the brokerage, which sometimes doesn’t even get paid, brokers invest their entire effort into preparing the real estate listing, staging the property, and addressing potential clients. The fact is undeniable that brokers are unable to predict their earnings, and this puts their work at risk.
Solution for timely payout of brokerage:
Try to build relationship with developers, avoid those developers who have denied brokerage with false means. A long term relationship with a trustworthy developer is a key for timely payouts.
Timely follow-up emails and being involved in post sales process for developer will also help in understanding the timeline for release of payment better.
For resale properties, before finalising the purchase, ensure your client knows the brokerage cost. In fact, it is advised to include the brokerage in the closing costs so that the client knows the broker’s fees when explaining all the expenditures.
To avoid getting stuck into such situations, you can be our magnet partner and enjoy the certainty of your brokerage payment. Click here now to download the mymagnet.io app!
8. Lack of Professional Education – Ek hi usul follow kare real estate ke niyam aur kanoon!
Many duties come with managing, renting, or selling real estate. Land transactions are subject to several regulations set by the government. As a real estate broker, you are required to follow real estate laws.
One of the crucial steps in selling any real estate property is this one. Before proposing a price, many brokers find it difficult to overlook specific restrictions relating to taxes or deductibles.
One of the most significant problem faced by Indian real estate brokers is the lack of professional education, training, and certifications.
In India, real estate brokers are often viewed as ‘intermediaries’ and lack the necessary qualifications and certifications that would enable them to effectively and efficiently carry out their duties.
As a result, brokers struggle to stay abreast of the changing industry trends and lack the necessary skills to practice as professionals.
As per the latest orders by MahaRERA, a real estate broker must have a Certificate of Competency for registration on MahaRERA and better validation.
Before deciding on the price of any of your listings, you must consider property tax, escrow costs, application fees, and warranty. To ensure that the buyer or seller knows all the taxes, you can make a chart outlining them.
One of the best ways to address the lack of professional education is to adopt professional education and certifications.
By doing so, brokers will be able to gain the necessary qualifications and certifications that would enable them to practice as professionals.
For more information regarding the Certificate of Competency by MahaRERA, we will be conducting a training session soon. So stay tuned!
And the list of real estate problem will go on and on…
But, as we wrap up this exciting blog, we would like to know hope you enjoyed this read!
As you are aware of the typical real estate challenges the brokers face and a few efficient tips to overcome them, now it’s your turn to bring on the implementation game. And we are sure you would like to tell this to your fellow brokers, so keep sharing and growing.