Lead management in real estate fills in the gap between marketing and sales. It is a process of acquiring customer data that qualifies as a potential lead, notifies them, nurtures them, and when the leads are sales-ready they get passed on to the sales department. An effective lead management process in real estate can improve the results of the lead generation efforts and eventually contribute to better sales.
Challenges in Lead Management
Lead management challenges are faced by any sales person who tackles more than one lead at a time.
The initial problem is lead sourcing. The leads captured are either not good enough to make them fruitful or the data is just not sufficient. Some organisations still rely on old techniques of buying customer data and making cold calls to generate leads.
The challenge does not end here! If in case enough leads are generated, then the qualified leads are not moved quickly enough to the sales team. Hot leads do not have a longer shelf life. The speed of processing a prospective lead can be critical as hot leads turn cold if not moved quickly. Not all the collected leads are hot and not all hot leads get converted right away.
Those that get held up will turn cold if not followed up. These leads need to be worked on, they need to be nurtured, and those not converted should be steered back to the system. If the sales team does not steer back non-converting leads to the marketing team for additional nurturing, the process breaks down. If the marketing team does not get qualified leads to the sales team in a timely fashion, it breaks down too. Fortunately, these challenges can be automated with software technology.
Facing lead management challenges in real estate with an outdated portal?
Download a cloud-based lead management mobile app for Android or subscribe a real estate CRM software that has the ability to perform lead management functions focussing on the effectiveness of lead acquisition, lead scoring, lead nurturing, and lead distribution.
Captured classified and distributed
The lead acquisition is the basic effort of attracting prospects and customers, and learning as much as possible about them even before the first interaction. An effective lead tracking tool for real estate will ensure that all leads are captured on a single platform. The leads could come in from different channels like websites, landing pages, online and offline campaigns or other portals.
Lead segmentation is the classification of leads into categories. The lead captured in the lead management software for Real Estate can be classified based on various parameters like location, project, sales team, type of lead, the source of lead, round-robin technique etc. This helps in qualifying leads, using criteria suggested by both sales and marketing to determine which leads are hot that could be easily converted, which are warm that needs short-term nurturing, which are cold that needs long-term nurturing and which should be discarded. This is typically accomplished through a process of lead scoring which also allows in removing any duplicate data, flawed entries and other data that can be a waste of time and efforts.
Lead distribution takes the information and automatically forwards it to the right resource. Qualified sales lead need to be moved quickly to salespeople for immediate follow-up. Leads that aren’t as hot can be returned back to the marketing department for lead nurturing automatically. A good real estate CRM should not only provide details about the leads and clients but also a complete history of the available properties. This will provide an overview on who has visited the property, how many leads have been generated for it and feedbacks about it. This information will be a great help in negotiating and fixing a fair price with the owner, evaluating the effectiveness of the sales staff and analyzing how the deal was clinched.
The activities used for the lead generation plan can be analyzed and calculated to find out which of them produced the desired results. The marketing team can then focus on those specific lead generation activities with the assurance that their desired results will follow. Repeatable activities can be perfected over time with practice for increased efficiency. Feedback and recent conversations can be stored to ensure that every lead is served in the best possible way. The Real Estate CRM system also generates ROI based sales reports giving different kinds of insights that can lead your way to success. The reports can be generated channel wise, sales team-wise, area wise or more to track the sales performance.