Lead conversion has been a big challenge for almost every industry. It is the most critical process between initial contact and the final sale of a product or service. This process represents the lifeline of any business, as a failure in conversion leads to loss of prospects and missed opportunities.
Likewise, conversion in the real estate industry is quite a daunting task for property developers and real estate businesses, especially when it comes to maximizing ROI.
One of the prime factors contributing to this challenge is that every lead is different and comes with a different perspective. Hence, while dealing with leads and trying to convert them, it is essential to remember the unique requirements different audiences bring and unique ways to convert them into successful clients.
An effective way to increase your conversion rate is by setting up a robust system to assist with the conversion process. CRM software has proven useful in this regard as it is a one-stop shop for all your real estate management requirements, including marketing and sales.
In addition to using real estate CRM software, there are certain strategies that one can adopt that increase your conversion rate. This article will look at four simple steps to incorporate into your overall sales strategy to improve your conversion rate.
4 CRM-driven Strategies to boost Real Estate Conversions
1. Working with the right leads:
When working with leads, it’s important to know what is working for you. There are many lead generation sources that you could be working with including, Search Engine Marketing, Email Marketing, Social Media, and other down-line marketing systems, but only a few of these venues will net you good quality leads. Which ones? You have to determine that.
In other words, work with the right leads. Most real estate businesses don’t know how to identify those leads, so they spend much more money than they should on lead nurturing. You also want to increase the conversion rate from a prospect into a customer by knowing if your prospect is ready to buy or need a little more education about why it is a good idea for them to buy from you. You can do this using lead scoring.
Lead scoring, an important feature in CRMs, is an automated technique of sorting leads that you receive from various sources. It's a strategic approach to identifying how promising each lead is, depending on how it met the target criteria for your business. Basically, it helps you pinpoint which leads are likely to convert into paying customers down the line, and which leads are not. That’s why lead scoring is one of the most important tools for modern sales and marketing departments.
2. Understanding your customers:
Any business entity ideally should be customer-oriented, which implies having a clear understanding of its customers’ behavior, expectations, needs, and requirements to serve them better. Effective communication brings in strong relationships with the existing and potential customers as it provides them with a skillful way of expressing their requirements that strengthen the relationship.
As real estate professionals, you will need to learn the importance of communication and how it plays a vital role in nurturing a lead. Having a solid communication foundation will allow you to build rapport and influence your customers, making you a trusted partner in their property investment. And the best part of all; you can easily manage all types of communication whether it is a personalized email, a WhatsApp message, or even a simple SMS through a CRM. What’s more, all these different communication modes can also be automated with a few clicks.
3. Targeted content:
Your sales reps need to experiment with various types of engaging content depending on the type of response they are getting from leads. Your content must be tailored for each buyer persona you’ve identified to ensure the end result is what they are looking for.
A one size fits all approach will fail to create any conversions as real estate is more about the emotional connection and experience than the product itself. Services offered must be personalized as it encourages the lead to build a relationship and increases the likelihood of being converted. Make sure you track interactions with the lead and make them feel heard.
A CRM with pre-defined email and content templates will help you deliver targeted content quickly and with better personalization. It would be best if you had a single access point of your customer data and a means of communicating with them in an efficient manner that is not too time-consuming. By implementing an individual buyer’s journey, you will be able to identify your prospects’ buying triggers by collecting their data and leading them through the buying cycle.
4. Finding new angles for more coverage:
It is important to remember that conversion is more of a marathon than a sprint, whether it is to remain in communication with the lead or subtly yet diligently follow up with the information. Great sales teams use CRMs to track their leads’ progress through the sales funnel. By analysing calls, emails, and lead data, the CRM software helps sales reps identify new ways to generate more coverage for their company and close more deals.
Another essential purpose of a CRM is for sales reps to understand better how often leads fall off. For example, a rep with 20 leads might know that 5 of them are no longer interested in the product or service. But with some analysis of the data from the CRM, he/she can pinpoint which methods and strategies worked best at generating new coverage and which need improvement.
A high conversion rate is what each real estate agent aspires to have. This takes consistency, authenticity, and transparency. It is crucial to utilize all the tools available to you as a real estate agent to ensure that your leads are converted to clients and that your clients remain happy and satisfied with the sales process. More often than not, previous clients serve as your best source of new leads and clients.
So, in addition to a proper conversion strategy and intense online and offline presence, you must also be able to maintain and manage both leads and clients efficiently.
Use Sell.Do real estate CRM for managing your sales and for complete end-to-end real estate management, from start to finish, in a hassle-free manner.