A sales process for any real estate transaction goes through two routes typically. The first involves creating marketing campaigns and managing internal sales teams. And second, reaching out to a network of Channel Partners and Brokers. While marketing campaigns are sufficient to attract some customers, some need an intermediary for added assurance and convenience.
Apart from this, marketing campaigns may or may not bring in as many leads as sales can. With their local experience and outreach, Channel Partners and Brokers can contribute to overall sales through their time-tested strategies. Which is why they should be considered an integral part of the sales strategy.
Considering both sides, let’s dive deep into their roles and discover the differences, advantages, and benefits of forming a creative partnership with both parties.
Difference between Channel Partners and Brokers:
The terms Channel Partners and Brokers must not be confused as being the same. Channel Partners are agencies that guarantee the sale of properties within a stipulated time period through their own marketing and sales strategies. On the other side, Brokers are individuals or a team who act as intermediaries between homebuyers and developers. Since Channel Partners take up more responsibility of sales and also underwrite properties, they take higher commissions than Brokers.
Role Of Channel Partners and Brokers Contemporary Times:
Channel collaboration is key to success in today's business environment. By working together, channel partners and brokers can provide greater reach and coverage for businesses, as well as access to more specialized expertise. In turn, this can lead to increased sales, higher customer satisfaction, and improved brand loyalty.
Here’s how their role diversifies in modern real estate:
- Managing customer expectations
- Offering a wide range of products and services
- Improving customer service
- Saving time and money
Advantages Of Partnering with Channel Partners:
There are three main advantages of selling Real Estate through Channel Partners:
- Builders are guaranteed sales
- Channel Partners deploy their own marketing strategies along with builders’ strategies
- Channel Partners pay underwriting amounts to builders, which can be utilized for cash necessities
Advantages Of Partnering With Brokers:
- There are three main advantages of selling Real Estate through Brokers:
- Brokers have a better understanding of localities, as a virtue of which they can provide niche consulting to homebuyers
- Brokers take care of site visits, documentation, negotiations, and coordination for their set of leads. This, in a way, saves the time and efforts of sales teams
- By listing residences across property portals, Brokers help increase projects' online visibility.
Apart from the advantages of partnering with Channel Partners and Brokers, they offer a common advantage of expanded lead databases. So, builders can sell to homebuyers who haven’t even seen their marketing communications. Moreover, both entities offer qualified leads with increased chances of conversion.
Benefits of Forming Partnerships with Channel Partners & Brokers:
Greater consistency and predictability of the interactions:
Channel partner collaboration can help reduce miscommunication and improve the overall quality of communication between partners. When partners are able to collaborate effectively, they can share information more efficiently and make decisions more quickly. In addition, effective collaboration can lead to better problem-solving and a more coordinated approach to addressing shared challenges.
By collaborating closely, both parties can avoid duplication of effort, optimize processes, and streamline the overall go-to-market strategy. In addition, channel partners can leverage each other’s strengths to fill gaps in their capabilities.
Enhanced customer service:
Channel partner & broker collaboration can help improve customer service by ensuring everyone is on the same page and working towards the same goal.
Increased loyalty and engagement:
By working together, the parties involved can better understand each other’s strengths and weaknesses and the overall competitive landscape. This knowledge can then be used to create more targeted joint go-to-market plans and strategies that are more likely to result in success.
Collaboration helps stimulate creativity and innovation by bringing together different perspectives and ideas.
Through collaboration, channel partners can pool their resources and knowledge to create more effective marketing and selling strategies. They can also share best practices, which can help improve their overall performance. In addition, by collaborating with other channel partners, companies can gain access to new markets and expand their reach.
Ultimately, collaboration between channel partners can lead to a number of benefits that help create a more productive, efficient, and successful organization.
Challenges Of Partnering With Channel Partners And Brokers:
While partnering with Channel Partners and Brokers has its benefits, there are some challenges involved while forging fruitful partnerships. Some primary challenges associated with such partnerships are lead attribution and commission management. Builders often work with multiple Channel Partners/Brokers from the same area, who may bring in the same lead. In such a case, disputes may happen while accrediting the lead to a particular entity. Which in turn can cause issues regarding the commissions.
Other challenges include the identification of the best partners to work with. There is often a lot of competition among potential partners, and it can be hard to assess which ones are the most qualified or have the best relationships with customers. Additionally, once a partnership is formed, companies need to ensure that their interests are aligned and that they can effectively communicate and coordinate efforts.
Sell.Do for Hassle-free And Profitable Collaboration:
Created with a grass-root level understanding of Real Estate, Sell.Do real estate CRM comes with Channel Partner and Broker integration features. Its lead tagging and incentive management features prevent disputes as mentioned above, and its personal dashboard for both entities help track performance easily. It also gives builders control of how much data should be shared with Channel Partners and Brokers, which prevents data leakage. With these and many other features, Sell.Do ensures the partnership is beneficial and hassle-free for both parties.
Sell.Do is an exclusive CRM software for Real Estate developers in India. It has been developed by industry veterans and comes with features and updates that solve real, on-ground issues. To experience Sell.Do, schedule a free demo today!