Real Estate in India is going through a challenging time right now. The introduction of RERA has made it more challenging for Real Estate developers and channel partners. Although, the demand for Real Estate has been constantly increasing in metropolitan cities. That means, developers need to start using maximum resources to tap into the market potential. This means collaborating with well-known channel partners to increase brand exposure and sell inventory across a vast geography. But to keep Channel Partners motivated through such a time, Real Estate developers must have a rewards program in place.
- What is a Rewards Program in Real Estate:
A rewards program is an initiative taken by a Real Estate developer, to offer monetary benefits or incentives to its official Channel Partners for closing customers on their behalf. Rewards are usually given in the form of an amount, that is a fraction of the property sale value finalized at the time of agreement.
- Importance of a Rewards Program
A carefully structured rewards program to incentivise and mutually benefit channel partners is crucial for a developer. Sometimes, developers forget just how important channel partners are. This could be because they underestimate the role of channel partners . A developer needs to know how to motivate channel partners.
Developers should note that more than 50% of sales come from channel partners. As such, incentivising them will lead to a notable increase in sales. A rewards program can help you with:
- Brand Loyalty
RERA has worsened the problems of Real Estate agents. Now, they are only allowed to earn RERA-approved commission on every sale. This can demotivate channel partners. As such, it is essential to develop brand loyalty. Offering channel partners rewards, benefits, invites to exclusive events, marketing support, all-expense-paid international trips, etc., will push them to contribute to your sales. You should invest in an exclusive CRM software to gauge how channel partner performance is helping your business.
Real Estate channel partners can help you ensure a timely inflow of cash by bringing a good amount of bookings from time to time. Your aim should be to establish long-term relationships with your channel partners.
- Improving Organic Outreach
As a developer, you can only market your business so much. Beyond that, the combined efforts of you and your channel partners will ensure that you grow organically. With synergy, every move will benefit both you and your channel partners.
Channel Partners can help in enforcing your Brand name and Property offerings, in the consumer’s minds as they are constantly meeting new potential buyers and pitching to them. This sparks a wide-spread interest in your properties, generating a massive amount of organic leads.
- Keep Your Channel Partners Rewards Program Updated
A structured rewards program is of little benefit if your Real Estate channel partners do not know about the rewards and the benefits on offer. Moreover, only informing them about the rewards won't cut it. Let them keep track of it and actively engage with the program. To make this happen, you can keep making regular changes or updates to the rewards structure, just to keep it enticing enough for CPs to stay interested.
A channel partner loyalty program is extremely vital for Real Estate developers now. Real estate CRM software can help Real Estate developers cope with RERA’s adverse market conditions and then exacerbated by the Coronavirus pandemic.