Lead Servicing

Lead Servicing

Lead Management

Lead Generation

Dissappearing Agent.flv

The number 1 problem:

• “My agent didn’t get back to me.”• This problem is world wide. • Communication with a lead is the biggest

problem.• Sellers and buyers both feel that agents are

not really working unless they are updated regularly about the progress.

Why agents disappear?

• Most real estate agents believe that lead generation is the only work of their business.

• They don’t know what to do once they get the lead.

• They over commit while getting mandate, hence they fail to meet expectations later.

Where is the money?

• Agents should understand that money may get generated if the transaction is done, but profit is generated out of referrals.

• So whenever a lead is generated, excellent service should be given, so even if the transaction is not done, the prospect passes leads to the agent.

• Every lead gives a tremendous opportunity to build good will in the market: don’t squander it

Process of Serving a SellerGet the details of

the lead

Define deliverables and explain service

Property Listing Form and exclusive

mandate

Ensure that price is right

Search matching buyers on various

platforms

Post and advertise listing

Prepare and send brochure of the

property

Coordinate Property Showings

Follow-up and close

Documentation and Legal

Paperwork

Registration and move-in processes

Invoice and customer feedback

Property Improvements:

• Sometimes there are improvements required in a property which make it more:– Easily Marketable – Get a higher value – Widen the market

• For example:– Painting, repairs and refurnishing – Getting documents in order – Making it vaastu compliant

Market a listing?

Post it on RE/MAX portal

Put a yard sign / Banner

Post it on Magicbricks /other

portals

Make brochure in Design Centre

Inform in RE/MAX Network and

Broker Network

Make a PowerPoint and put it on

SlideShare

Write a blog on it and mention property URL

Make YouTube video on property

and tag it

Put it on your Facebook page

Advertise in newspaper with

property URL

Do postcards /flyers

Include the listing in the office newsletter

What to communicate?

• If you have got a 3 month exclusive mandate it is a good idea to update the customer every week on :– Activities you are doing for the property– Response you have got – Buyer feedback – Any changes in offer you propose

• You can give over phone or email

Market Conditions

• Balanced market : 4-6 months inventory

• Seller’s market : 2 month supply

• Buyer’s market : > 6 months inventory

Is he trading up?

• A buyer’s market is ideal • A seller’s home was Rs.20,00,000 and based on the current

buyer’s market must take 5% less or Rs.19,00,000, a loss of Rs.1,00,000. Their next home would have had a purchase price of Rs.40,00,000, however, due to the buyer’s market they can buy it for 5% less or Rs.38,00,000 – a saving of Rs.2,00,000.

• The seller saves Rs.1,00,000 by selling and moving up in a buyer’s market.

• Now if prices bounce back and go up 5%, your seller will gain Rs.38,00,000 x 5% = Rs.1,90,000 whereas if they stayed where they were they would only gain Rs.19,00,000 x 5% = Rs.95,000. A net gain of Rs.95,000 (double)!

Other leads : (Buyer/ tenant)

• Same rules apply: – Communicate well – Have a process in place for all kinds of leads – Ensure that you have exclusive mandate before

incurring a cost – Maintain proper records

Process of Serving a BuyerGet the details of

the lead

Define deliverables and explain service

Property Requirement Form

Understand Need, Wants, Concerns

and clear requirements

Search matching property on various

platforms

Post requirements

Prepare and send brochure of

matching properties

Coordinate Property Showings

Follow-up and close

Documentation and Legal

Paperwork

Registration and move-in processes

Invoice and customer feedback

New Projects:

• Some times we get builders who want to market projects with RE/MAX

• Ideally you should do the following steps:– Evaluate the project vis-à-vis the price / location – Is it pertaining to your focus area (geography, price

point, type of property) – Does the project excite you? If yes then only even think

of exclusive mandate. If no then do open listing– Donot give false commitments – Donot waste time if project is not saleable

New Projects:

• Exclusive Projects are a huge responsibility and should be taken carefully.

• Open listing can be taken, but then you should work on them else sales will not happen “magically”

• Invest your time and money wisely. Do not assume that if 50% of scheme is sold, makes it easy to market remaining 50%

New Projects:

• Only 3% of customers who walk in to a site, close. So if you have other listings in the same area, probably you can use this walkin database to sell those listings

• Smaller the builder, will value you more than larger builders. They don’t have the brand/ advertisement muscle to sell 100% of inventory, so try to get more commission

New Projects:

• One big advantage of having exclusive listing is that you get all secondary leads of :– Selling of prospects’ existing property so that he

can buy a new one. – Resale of flat if he is investor – Renting of the flat – Referral from that customer for his friend

Focus on

• Building long term relationships• Doing immediate tasks on hand • Communicating with customers • Delivering results • Satisfying customers• Keeping in touch with closed customers • NOT ON• Commission !

THANK YOU FOR YOUR TIME