The Real Estate sector has grown exponentially in the past few years, with companies employing various tactics to capture a prospect's interest. Seeing the trend and facing increased competition from peers, it’s time for Real Estate businesses to adopt channel partner solutions to stay ahead of the curve.
Channel partner management companies offer assurances of selling properties for a pre-defined commission. This professional practice is getting acceptance from many Real Estate businesses due to the quality of results and their service.
Here are some of the reasons for doing business with channel partners:
- Have become a crucial cog in realty sales
Implementation of RERA has changed the way businesses were being operated and highlighted the importance of channel partner solution in the process. As these partners are registered with RERA, they offer responsibility and accountability to projects, and thus, Real Estate companies highly seek out their services.
- Help in increasing presence across geographies
Engaging with channel partners provides developers access to a huge audience. Channel partners have info on a large number of leads in their database, enabling them to reach out to prospects far and wide and increase selling chances.
- Make property listings easily accessible
Channel partner solutions take care of various marketing activities such as property listings, lead generation, digital marketing, etc. These partners promote properties on various portals and social media channels, making the property listing easily accessible to prospects and guiding them in making an informed decision.
- Create exposure for projects during the launch phase
Channel partners can help sales teams generate buzz around new product launches by sharing content such as eBooks, brochures, and white papers and employing digital marketing strategies to educate potential end-users. The knowledge imparted helps generate positive word-of-mouth promotion for the launched project and help sales reps sell the properties even before they are ready.
While channel partners help developers in getting ahead of their peers, it’s not always that easy to work with them.
Below are some of the challenges faced by developers while doing business with channel partners:
- Clarity over reward structure and commissions pay-out
Channel partners work with developers based on set fees for services offered. Often, there is discrepancy and ambiguity between them over rewards structure, incentives offered, and pay-out timelines. Any change in expectations mid-way through the process, delay in pay-out of incentives, or clarity over the lead ownership create challenges for both parties.
- Build a brand to work with channel partners
Channel partners are registered with the regulatory authority, making it mandatory for them to abide by the rules. These partners are highly sought after as well, due to their influence and trust over prospects. Thus, these partners only collaborate with big brand companies, posing a challenge for new businesses.
- Maintain steady communication with channel partners
Developers share various details with channel partners such as property launches, offers, and discounts through email and other offline mediums. As the engagement isn’t real-time, channel partners often don’t get the latest info on these, posing a challenge for them to promote properties effectively.
- Manage conflicts between the sales team and channel partners
Often, channel partners and internal sales reps book the same property to prospects. The inventory management software being used isn’t apt enough to manage double booking of Real Estate inventory, causing embarrassments to Real Estate companies and leading to conflicts and negative experiences between developers and partners.
For developers, channel partner management is an important aspect for the growth of their business, but the above challenges faced make it difficult for them to tackle this hurdle. They have some respite now in the form of IRIS- the Real Estate inventory management software launched by Sell.Do.
IRIS offers the below advantages:
- Restructuring the complete booking process
Through a Token and Slot management system, IRIS offers a one-click booking/cancellation system with zero paperwork involved, making it one of the best inventory management software available in the market.
- Improving sales productivity
The inventory management software offers a one-stop dashboard for complete booking along with intelligent notifications and a real-time inventory view. The software also assists in generating cost sheets and payment schedules.
- Manage Inventory details
Sell.Do’s Real Estate inventory management software ensures zero chances of double booking through features such as real-time view to all stakeholders, complete view of inventory availability, and inventory release strategy.
- Generating comprehensive inventory reports
IRIS provides a variety of reports based on business needs such as real-time sales reports, sold/unsold units reports, sales incentive and channel partner commission reports, prospects pipeline, and projection reports.
- Ensuring smooth functioning of Channel Partners
The software offers an exclusive dashboard for channel partners showing details of each contact, automated commission calculation, channel partners registration, and performance tracking process.
Some of the functionalities of IRIS make it a must-have for the successful collaboration of developers and channel partners:
IRIS offers stress-free channel partner onboarding through features such as digital onboarding, online KYC, tracking the progress of the process on the dashboard, and even granting immediate access once onboarding is done.
The software provides channel partners with information on new project launches, plans through email and guides them on reward structure, offers, and sales processes. It also enables them to use drip campaigns and bulk messages to nurture the leads further.
- Sales Operation
Whether it’s about managing leads, resolving conflicts, or tracking the status of leads in real-time- the entire Sales operation can be managed through this software. IRIS also offers features such as controlled access of inventory and capturing payment-related info digitally, streamlining the booking process along the way.
- Post Booking Activities
To ensure complete transparency between developers and channel partners, IRIS offers functionalities such as ladder configuration for incentives, smoothening invoice generation, and approval process, and configuring automated pay-outs.
IRIS generates various in-depth reports on lead ownership, stage-wise bookings, brokerages paid to channel partners, property listings, and project summary. These reports help developers in analyzing the performance of various projects and plan future courses based on that.
Sell.Do have transformed the Real Estate sector through their Real Estate CRM software, but they have gone one step ahead by launching IRIS- for tackling channel partner sales issues. The software can be easily integrated with their Real Estate CRM software, providing you with the power to modernize your Real Estate related process and expand your business horizon.