Real estate sales funnel: strategic tool to improve your business
Many terms, concepts and techniques are part of the daily life of professionals in the real estate market. Therefore, it is important to have knowledge about them and also about the resources that help in the growth of a real estate company. Knowing how to take advantage of them in the face of the reality of each business is essential. One of these features we call the Real Estate Sales Funnel. The Real Estate Sales Funnel is a process that consists of conducting / accompanying the customer from the moment he becomes aware of his property until the negotiation is concluded. The real estate agent, for example, will be able to have an accurate notion of the progress of each negotiation. Thus, he will be able to take more specific actions according to the customer's location in this tool. Observe from the initial service, when the registration is made in the customer relationship management system, or in the CRM, until the stage of finalizing the sale. This way, your customer will advance the sales funnel steps. The Real Estate Sales Funnel is structured in three main phases, which can be subdivided. There is the top, middle and bottom of the funnel. According to the book "The Sales Funnel in Practice", a functional sales funnel generally has between 5 and 7 steps, such as: registration, interview, qualification, visit, negotiation and contract. Each stage has its objective. Thus, as the person advances, the sales funnel narrows. From that, it becomes prospects, leads, customer and loyal customer (trial). In this way, you are able to follow the process of potential customers in a strategic way, until the moment of conversion. This tool remains the most efficient in managing sales. Below we will talk a little about the main phases of the funnel and its subdivisions, thinking about this resource for the real estate market.
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Real Estate Sales Funnel Steps
Funnel Top
The process of buying a property, for example, as with other negotiations, is done in stages. The customer cannot find a property and already wants to buy without even visiting it. Of course, it can happen, but the normal thing is that this contact goes through an entire process. The Funnel Top, better known as the awareness phase, is the time to discover and create a problem. Here, the person is usually seen only as a visitor, either on your website or in your company. You still don't have any information about this possible customer. Therefore, it is at that moment that you need to “educate” that visitor, offering materials that encourage their conversion into leads. So, that visitor starts the funnel process.
Register
We can consider the Register as one of the subdivisions of the Top of Funnel. This is the initial phase of contacting your prospective customer. It is the registration of the “entrance door” chosen by him. So it is important to have records of how each person reaches you. In this way, it is possible to measure which advertisement, form or means of publicity is bringing these new visitors.
Interview
Another subdivision is the moment of the Interview. This step is of paramount importance for professionals in the real estate market. It is here that the real interests of these new visitors are discovered. Therefore, it is essential to listen to the needs of each person. Ask correct questions and focused on what the visitor brought as a problem, in order to find a balance between what is desired and what is possible.
Funnel Medium
The Middle of Funnel phase consists of recognizing your visitor's problem. Here a possible solution begins to be considered with the intention of resolving this issue. Both are already aware of each other. You know more information about this potential customer and he already knows more about you and your services. Therefore, it is important that at this stage you look for ways to remedy the problem reported by that visitor. Here we are already dealing with leads. These are people who have already provided more contact information with the intention of accessing some property. For this reason, it is important that you offer ways to remedy the problem. Then present him with tips and more information in order to help him solve this problem and not just to sell his business. This way you create a bond of trust between you, which makes this potential customer want to continue the funnel process.
Qualification
Qualification can be considered as one of the subdivisions of the Funnel Medium. We know that in the real estate market it is common for several people, who are not really interested, to show interest in a property. They ask for more information or even register on one of their forms just out of curiosity. It is at this stage, after the top of the funnel and after going through the registration and the interview, that the broker will be able to validate or discard a contact.
Visit
Another subdivision is the moment of the visit of this client to the desired property. In this phase, the professional moves on to the action steps of the funnel. After being validated as a really qualified contact and who wants to purchase a property, the prospective customer will get to know the properties they are interested in. Therefore, the better each stage of the funnel is performed, the more positive the work done in the next stage will be.
Funnel Background
The Funnel Fund, better known as the decision phase, is when the lead has reached the final moment of the entire process. Here is the time when you need to be more direct in seeking approval of the negotiation. Your prospective customer has already gone through all the stages of the funnel and is ready to receive contact from a seller / broker, for example. At this point, it is valid to say that the right partner to solve his problem is you.
Negotiation
We can consider Trading as one of the subdivisions of the Funnel Fund. At this point, decisions are already underway and it is the sales professional's responsibility to negotiate proposals. Here he will mediate interests and make the sale possible. This step is extremely relevant, as the broker must convey to that client that the business they are winning is really worth it.
Contract
Another subdivision is the moment of the Client's contract with the desired property. This is the stage of closing the deal. The customer only reaches it after going through the assessment and action phases themselves, even if not all the funnel steps have been completed. For example: a visitor, a potential customer, wants to purchase a property residing in another city and chooses not to visit it. This potential customer moves directly from the qualification stage (funnel medium) to the negotiation stage (funnel fund). Remembering that the contract is essential in any real estate business. So, don't forget that after-sales is also very important. Loyalty must be included in the Funnel Fund.
The Importance of a Real Estate Sales Funnel
After understanding how the Real Estate Sales Funnel works and the phases that the visitor must go through in order for you to acquire more loyal customers or obtain more contract conclusions, it is necessary to understand the importance of this tool. The monitoring of contacts from the Real Estate Sales Funnel provides the seller / realtor with greater agility. With that, he does not waste time with the “curious” contacts and is thus able to generate more results. It is also important to use a good CRM in order to better manage your business. The use of the Sales Funnel provides opportunities for real estate professionals not only to quantify their performance in the stages of the sales process. But it also offers instructions and clues that will help you choose the right practices to get the customer to the next step in the funnel.
How to Create a Real Estate Sales Funnel
There are a few ways to create this tool. Therefore, we will bring some tips for you to carry out tests in your company and be able to choose the best way to carry them out. Our suggestion is basically divided into three steps: to elaborate, map and define.
Elaborate:
Elaboration consists of the implementation of a sales process. Know your business well, your demands and closely follow the flow of new contacts. How are people getting to you? If necessary, improve the way you are promoting your brand. Determine the top of your funnel, regardless of how that customer reaches you (online or in person). Provide a good experience for visitors and always put them first. Focus on it and prioritize it so that you can always move it to the next levels. Know your competition. Do you know what she does? What form do visitors get to it? What standard does she use for this contact? How does your competitor react to maintain interest or increase interest? The real estate market is quite vast. Therefore, you need to understand that you must exceed the expectations of your visitors! The Sales Funnel will assist in understanding each phase of this contact with the visitor. With it you can see if any changes are needed during the levels. Positive changes in the way the relationship between company and visitor are taking place, are always welcome. But for this, it is necessary to organize the elaboration of the Funnel.
Map:
Map and monitor the visitor / prospect. So it is important that you understand who your personas are. It is also necessary to understand how essential it is that the property management work is consistent with what your company 'sells'. Map the journey so that your team does not miss the right moment for the visitor to advance to the other levels. The visitor may be lost in his problem, and, depending on his service, he may not recognize his company as trustworthy, which will actually be able to solve the problem. Therefore, it is necessary that you attract in the right way and maintain the interest of these visitors to turn them into leads and, consequently, in trials. From there, convincing new visitors to move forward in the funnel becomes easier, as you are able to lead them in a more transparent and faithful way.
To define:
The definition consists of the certainty that you and your team have in the Sales Funnel process used in the company. Everyone should know how to manage new visitors at each stage of the funnel. It is also very important to know each stage of the Funnel, so that everyone knows how to move these visitors forward. Also how to make them see value in your product. Get to know your team of brokers, in groups and individually, as each broker works in a certain way. Discover the best way for each person and optimize their skills and abilities in order to get around customer problems at each stage of the negotiation.
Bet on this resource and boost your negotiations
Each step of the process in the sales funnel has its specific characteristics and importance. Therefore, treat all stages in the same way, give the same attention, as they are fundamental in finalizing sales. From the moment that you and your team are able to use this resource effectively, they guarantee a much more organized management. Thus, they guarantee business opportunities and increase the sales index. In addition, with the use of the Real Estate Sales Funnel, it is easy to see aspects that need to be improved in order to achieve increasingly better results. With this feature you monitor your customers and also begin to understand the real reasons for contacting your consumers.
