In today’s digital world, the real estate market is volatile and competitive, as many real estate brokers have various options to attract new customers and retain the existing ones. To ease your real estate business, real estate brokers should use a sales funnel that would help you differentiate between visitors and genuine buyers. Every business thrives on the best customer buying journey and aims for good customer retention. But, real estate businesses lack in analyzing customer behaviour and ultimately lose customers for their business. Therefore, the real estate sales funnel would help brokerage businesses turn viewers into leads, then further nurture them to provide the best property buying experience.
Whether it is an online or offline real estate business, real estate brokers can guide their prospects from finding the right property to completing all documents and closing the deal. So are you ready to discover how the real estate sales funnel will help you streamline the buying process and make it efficient for the real estate business? In this blog, you will understand a real estate sales funnel’s importance, stages, and benefits.
Stages of Real Estate Sales Funnel
Top of the Real Estate Sales Funnel
This is the initial stage of the real estate sales funnel and the most tedious task for real estate brokers in their business. Lead Generation being at the top of the real estate sales funnel, lets you initiate customer engagement & increase brand awareness. But many realtors fail to start talks and follow-ups due to lacking communication skills. Eventually, the realtors fail to generate leads for their real estate business. In the search for potential buyers, real estate agents should hunt for leads through various online and offline channels.
Through lead generation, real estate brokers can reach the maximum number of homebuyers with qualified leads in their list. While listing your properties on a real estate website or portal, do speak about the details like real estate developer, property owner, registration date, loan calculator, and many more. The more information you offer to your prospective homebuyers, the more chances you have to convert the prospects into clients for your real estate brokerage business.
Schedule Site Visits
Once you have finalized your list of qualified potential property buyers, the real estate agents must schedule site visits according to the availability of the client. Before planning property site visits, the realtors should see through it that the properties are clean and presentable to attract buyers.
While presenting the property to potential buyers, the realtors should provide each and every detail about the property and carry out regular follow up to clear all the doubts regarding the property. If selling old property, staging the property might help you gain more buyers and sell your property at the maximum prices.
Middle of the Real Estate Sales Funnel
Nurturing The Leads
With the help of CRM tools, realtors can follow up on the customer journey and effectively track the leads and all the interactions with their real estate prospects. Homebuyers would always look for valuable information about the particular property by sending them regular emails and keeping in contact with them. The real estate business can share their social media posts with aspiring homebuyers. To step ahead of competitors, real estate brokers need to focus on emotional bonds and specialized offerings for the buyer’s chosen real estate property. Thus, nurturing your prospects throughout the home-buying journey is the most important for any real estate business.
Price Comparison & Negotiation
A real estate broker must give the property a reasonable price range to understand the overall real estate market in a particular location. Homebuyers would always look for more features, amenities, and peaceful living at an affordable price. Further, the real estate agent needs also to understand that they must sell the properties at market-competitive prices.
Now, at this stage of the real estate sales funnel, the game of negotiation comes into the picture, which needs to be handled by real estate brokers to settle. The realtors need to understand and initiate deal closure, comparing prices and considering the property’s amenities, features, location, shape, carpet area, and more.
Bottom of the Real Estate Sales Funnel
Closing The Real Estate Deal
Coming to the last stage of the real estate sales funnel, the realtors must ensure that both the sellers and buyers have a clear understanding and mutual agreement on the deal. If any terms and conditions are set between the buyers and sellers, they should be mentioned in the document, and both parties must agree. Real estate brokers should help the sellers and buyers complete all the documentation before closing deals.
Exchanging The Contracts
While selling/buying a real estate property, the buyer and seller need to properly exchange and hand over the documents by looping the particular real estate agent who showed the property to the buyer. The realtors should ensure that both parties have verified the contracts by looking at every detail to avoid conflicts after closing the deal. In this real estate sales funnel process, the realtors can take feedback to provide a smooth selling/buying experience while closing the deals. The feedback the sellers/buyers provide can be positive/negative. Depending on these metrics or analyses, one can improve and ask for referrals for their real estate business.
Benefits of Real Estate Sales Funnel
Generate More Real Leads
Through real estate sales funnels, brokerage businesses can increase their quality leads by applying different marketing techniques like email marketing, social media marketing, and many more. These leads can be managed with the help of CRM tools to give you the correct information about the needs and want of your aspiring property buyers. Mymagnet can also help you with its in-house CRM tool “KEYS”. By following the real estate sales funnel, real estate businesses can differentiate between the viewers and actual buyers. When there are more real estate leads, the conversion will be high, and more revenue will be generated for your real estate business.
Increase Real Estate Conversion Rates
Real estate businesses can attract more leads through unique experiences, affordable pricing plans, and limitless offerings for particular properties. After generating quality real estate leads with the help of a real estate sales funnel, the real estate brokers can try to convert more prospects into happy customers by applying different strategies like connecting & following up for the particular property with their interested buyers through emails or calls, or social media handles. Through this method of real estate sales funnel, the conversion rates of your real estate business will increase gradually over time.
Maximize Real Estate Sales
The real estate sales funnel won’t affect overnight for any business. It would take time, and realtors should remember that they need to implement a real estate sales funnel for every prospect, which they might or might not convert into customers. By following the real estate sales funnel, the real estate business can observe an increase in leads, conversion rates, and ultimately increase in sales and profits for your business.
Suppose you are still not making a profitable real estate business. In that case, it’s high time to follow different stages of the real estate sales funnel and execute them in your business to shoot up your sales and revenue in less time and run a profitable real estate business.