Understanding the impact of contact center & pre-sales solution software in the real estate sales & marketing cycle
Real Estate sales and marketing strategies rely heavily upon two things for better sales conversions - their knowledge about buyers and impactful first communication. However, most real estate project or companies risk this crucial step each time they overlook their contact center set up.
To boost real estate sales it is important that real estate companies diligently set up a smart and intelligent call center. Most real estate businesses feel that setting up a smart contact center solution is an over-rated task. There are certain key perspectives that they are missing. Let us try and understand it in detail.
Contact Center Strategy for Real Estate Industry: A Business Perspective
For any real estate product, the gross merchandise value stands around INR 45-50 Lakhs, while a typical sales cycle is of 30 -45 days. In addition to this, real estate buyers seek a detail-oriented and quick servicing. To increase the probability of sales closure, each inquiry needs to be serviced to its maximum potential.
This means, at all instances where a prospective buyer is not attended to quickly and appropriately, it amounts to a loss of business worth 50 Lakhs and 30-45 days worth the cost-of-time resources.
By having a contact center or pre-sales software in place, real estate projects can streamline communication and establish the right flow of information to the prospective buyers. This means increasing the probability of sales closure, shortening the sales cycle and driving faster revenues.
Now, the buying trends in the real estate industry, suggest that buyers follow a ROPO model i.e. ‘research online, purchase offline model’ where lead conversion reduces if you time for ‘the first contact made to lead’ is high. This, in turn, affects the return on marketing investments. Wondering how? Here is an example.
Consider a scenario, a Facebook advertising campaign successful in generating leads at a frequency of 10 leads per day at 500 rupees per lead, costs INR 5000 rupees. With a smart contact center solution, each of those leads shall receive communication and get serviced appropriately thus raising the probability of conversion. Without a contact center solution or pre-sales software in place, the response time for lead servicing increases to more than 60 minutes and decreasing your lead conversion probability by 50%. This means, the 5 leads that are likely to convert with a spent of INR 5000 i.e. 1000 per lead, double your marketing spends.
Check out our blog on "How to Select a Contact Center Software that is best for Real Estate Projects?"
Streamlining Sales & Pre-sales: Lead Qualification and Productivity
In real estate business, pre-sales representatives are generally the first point of contacts. They provide required information to the prospective buyers and lead qualification depends on their client interactions.
To get the best out of this set-up, real estate sales head must have pre-sales software that allows them to keep a check on crucial KPIs to ensure the following:
A thorough product knowledge and presentation skills via built-in Call Recording facilities. This information assists business heads to identify the root cause for lost cases and lead qualification quality.
By listening to call recording of a conversation with pre-sales agents, sales representatives can better understand the buyer’s intent, requirements and knowledge about the product.
Contact center software also gives out the productivity of pre-sales agents to help sales and marketing understand the level of their productivity. It allows them to create convenient call routing and streamline lead servicing, depending on regular data about availability of an agent, the general disposition patterns etc.
The next big impact of a smart contact center solution will be on the performance of real estate sales representatives. Sales representatives are always on the move and business would want them to spend the most time on servicing clients, conducting site-visits and making more closures. While this is true, establishing strong communication is also the key to more conversions. Contact center software allows calling through a mobile application.
Typically, a sales representative receives a plethora of leads on a daily basis, often they struggle to contact every lead and set proper follow-up. This cause quality leads to drop-off and eventual loss of business. Again referring to the gross merchandise value of the real estate products averaging INR 50,00,00 and loss of a couple of leads means opportunity worth 10 million lost.
Your real estate sales team needs smart contact center software that allows automatic follow-up scheduling. This not only saves sales representatives’ time and effort but also makes sure no lead is missed.
Finally, it should show the overall calling performance of all sales representatives to check productivity and performance within the CRM. This makes it easier for sales & marketing heads in understanding sales performance.
Contact Center Strategy as a part of Real Estate Marketing
The key to persuading a buyer to make a purchase is to know them better. An end-to-end contact center solution allows the pre-sales team to not only contact the buyer in no time but also provides marketing team with the data to understand his/her channel-wise performance (Facebook, Google, Billboards, Newspaper - Magazine ads, etc.).
Real estate marketing involves omnichannel marketing approach i.e. using Facebook Advertising, Google Advertising, various online campaigns, and BTL campaigns like billboard campaigns, radio advertising, and even print media. With an exclusive contact center solution, real estate marketers can tag a unique virtual number. Any inquiries through those unique virtual numbers will be indicative of the performance of those marketing channels.
With these sophisticated contact center solutions, marketing teams can check their media plans and optimize them depending on the performance of each channel.
Another advantage of having an exclusive call center solution in place for real estate pre-sales team is “Call recording”, marketing teams can now check the call pitches and train pre-sales team for better buyer interactions and raise sales opportunities.