The prospective sales you have in your pipeline need to close for you to hit your target sales volume by the end of the month and the end of the month is approaching fast. How can you speed up the sales cycle so you can hit your number? The key to successfully speeding up the sales cycle is to find the perfect balance between automating processes and personalizing aspects of the sales cycle that require a human touch.
Here are five tips for speeding up the sales cycle in real estate.
Have a Well-Define Sales Process
Early on in the sales process, you should identify potential obstacles or pain points that may prevent closings. Your sales process should ideally mirror your buyers’ process. Every step in the sales process should exhibit incremental commitment. To define a healthy sales process and gain incremental commitment, real estate agents need to dedicate time to discussing their pipeline with their frontlines.
Manage Your Pipeline Using a CRM
Real estate agents also need to strategically manage their pipeline and activity more in-depth than just looking at daily or weekly reports. You should be looking at how you can do things differently in order to win more deals. Sales pipeline management is so much more than just tracking numbers and while sales pipeline tracking produces reports, pipeline management allows sales departments to dive deep into the numbers to see where they can speed up the sales cycle. A CRM can give agents easy access to the information that is needed to manage their pipeline and speed the process up.
Automate What You Can
Look at all of the stages of your CRM pipeline and figure out which tasks can be automated. Automating sales activities can help in both scoring the lead and in improving the sales process, making sure that leads are kept up with. When you automate lead nurturing tasks like email drip campaigns and follow-ups, you can increase sales productivity. Real estate agents can spend more time focusing on well-qualified leads rather than performing tasks that could be completed by your CRM.
Nurture Leads That Aren’t Ready
Don’t clog up your pipeline with leads that just aren’t ready to start the real estate process. Make a separate list of cold leads and mark them as leads that need to be nurtured. This will help speed up the real estate sales cycle because it allows you to focus on well-qualified leads. Spending time on every lead will slow down the sales process and you may lose out on spending time and effort on those who are ready to buy or sell.
Another way to speed up the sales cycle is to go back to the beginning — to streamline your marketing with automated presentation tools that can help create proposals, BOVs, flyers, brochures and more. There are some great technologies out there that do all of this, and more! Deal rooms, for example, are another great technology that can help you manage document distribution and monitor interest. And, virtual reality tours can cut your travel time. It’s all about utilizing technology to make processes easier.
Speeding up the real estate sales cycle comes down to knowing which leads to enter in the pipeline and which ones you need to spend time nurturing. You need to define your sales process, automate tasks that you can and manage your pipeline effectively. These four tips will both improve and quicken your sales process, helping you close more deals in less time with fewer obstacles.