“The only thing that stands between you and your achievement is that story you keep telling yourself as to why can’t you achieve it” - Wolf of Wall Street
You must have come across this dialogue quite often in various sales workshops and sessions. While it sounds really inspiring, it’s easier said than done, unless you are a Hollywood star yourself. It is even more difficult if you are operating in the raging world of Real-Estate.
So how do you motivate your real-estate sales team to keep your bottom-line looking lucrative?
In the past few years, we tried to understand the various challenges faced by real estate sales representatives and conferred with some of the most successful real-estate sales leaders to find their motivation mantras.
Here are some of the best practices in the industry that could keep your sales team motivated and maintained.
1. Help them hit the right pitch
Majority of sales reps are neither equipped with a proper sales pitch nor are they trained enough to prepare one. In a market that is flooded with fluctuations and offers, it becomes ever more important to make a strong first impression.
The biggest motivation for sales reps in real estate is where you have plenty of warm leads up the funnel. A well-crafted sales pitch that your sales rep is most confident of delivering is perhaps “THE” motivation you need.
Here are a few good examples of real estate sales pitches that you could use as a base to develop your own.
For traditional home buyers,
Thank you for showing interest in exploring our residential project around your neighbourhood, [Project Name].
I’d be happy to assist you with your next big purchase, “Your Dream House”.
Before we jump into the details, I recommend you to get the feel and experience of our [project name] homes.
Please let me know a convenient time for a visit.
For traditional investors,
Thank you for showing your interest in exploring real-estate investment opportunities with our project [Project Name].
I’d be happy to assist you with your next real estate investment.
Before we jump into anything the details, I recommend you to get the feel and experience of our sample house and explore all possible investment opportunities.
My expertise in providing investors with the best real-estate buying options sets me apart from others in this highly competitive industry.
Please let me know a convenient time for a visit.
Now this email template can be fed into your real-estate CRM, or it can also be given as a calling script.
To have multiple templates of sales pitches that are proven and likely to drive more conversions will surely motivate your team to perform better. So the next time you have a small meet, check if your sales team is equipped with the right tools.
2. Technology awareness
A salesperson who is averse to technology and relies majorly on traditional ways to sell is often seen struggling. Sales isn’t necessarily a “thankless” job as some may refer it to be, but not knowing how to save up time and efforts to be productive is actually demotivating.
By introducing smart technology to your salespeople will help them stay productive, save time, and motivate them as well. Here are a few tech-tools that can help you and your team.
a. WhatsApp for Business
First things first, it’s NOT the same as your regular WhatsApp. WhatsApp Business is an Android app which is free to download and was built with the small business owner in mind. With the app, businesses can interact with customers easily by using tools to automate, sort, and quickly respond to messages.
b. Say No to generic CRMs:
You would know the importance of a CRM. But you need a specialized CRM that understands your business. You can explore Sell.Do, it is designed as the per real estate business and understands the key processes. It does most of the mundane tasks for the sales team and provides consumer intelligence with advanced data analysis, thus making them sell faster and better.
c. Marketing Automation Tools
Every buyer is different and so are the needs, and each one of them goes through a different buying cycle. It is important for the marketing team to consistently engage with the current prospects assigned to the sales team. It helps the sales team to pitch more effectively as the project will be on top of mind of their prospects, and it will be easier for them to describe the project.
3. Don’t just train them
Most real-estate business organizations offer formal training and assume that the job is done. However, a thorough real-estate training must be customer-centric and must include topics like:
How to establish better client and prospect relationships
Art of captivating the prospect’s attention
Understanding a prospect’s unique requirements
Site Visits techniques
How-to guides on managing the sales pipeline.
The market is full of well-trained real estate sales reps, the real difference will come if you educate your sales reps on real-estate sales over and above the formal training.
4. Rewards that matter
Just like prospects, every sales team is different. Almost every sales function has an incentive-driven sales program. Now if monetary rewards could solve all problems, your sales should achieve 100% each month.
We all know this is not the case, so what can be done? Our experience in real-estate says that there are three types of sales representatives in the business. First, those who have a strong understanding of market and work history with real estate. These amount to almost 20% of an average sales team. Second, almost 60% of your sales team will have experienced sales reps with a diverse background, and lastly, there are the newbies and rookies.
For the top performers who know the game, straight monetary targets are piece of cake. All they need is a slight push from managers.
The second group, who are 60% of your sales team, takes a longer time to acclimatize with the industry and consistently miss targets. To motivate them, a flexible multi-layered target must be set. This assures some lucrative recognition for them to look forward to, as they adjust to the entire game.
Finally, the newbies and rookies are generally millennials who care more about social recognition. Giving them the same can really motivate them enough to learn fast and work hard till they actually drive some meaningful sales.
The points discussed above try to address the vital issue of keeping the real-estate sales team motivated. We encourage you to try them out and share with your network. Let us know if you have some success story of your own on the topic and we shall try to convey it through our channel. Only then can we realize the vision of better real-estate sales and marketing ecosystem.