Lead management is the handling of the potential customers who are interested in purchasing or investing in properties but are not sales ready yet. The process of lead conversion is to acquire such contact details, attract them to your projects, find out their exact requirements and provide them with the best possible solution. Sounds easy, right? But there are several internal and external factors affecting lead conversions in the real estate industry within the Asian subcontinent.
External factors:
Extreme competition – If you do not convert your leads fast enough, your competitors will.
Changing political and legal environment – While the guidelines for builders and promoters have always been strict in terms of quality management, this is now also reflecting in laws, rules, and regulations about the administrative part of a real estate business. RERA laws implemented in India in the year 2017, for example, has made several changes to the business and how it is conducted.
Internal factors:
Adequate information – The market, buyers, and sellers, is so crowded that at times it seems impossible to get your hands on the right and adequate information. Databases, unless self-created, cannot always be trusted. Another information related factor affecting lead management is the recording of every inquiry and a system to track which inquiries matured to a sale and how.
Nurturing leads – This is done for buyers who are not instantly willing to make a purchase but are not way out of hand for conversion too. It is the biggest market of people involving almost 50% of the leads out there.
Handovers – Sales staff’s absence or resignations can trigger panic as leads are often recorded on notepads or excel sheets. A huge internal issue is not the passing down of processes currently (since many-a-times there are none) but the passing over of information.
So how do you get over these challenges and ensure that the lead management makes your sales operations more efficient? The answer is simple, LeadPluss. A software that helps you automate your lead management functions and introduce a process which can help your staff, customers, and the organization. Nurture your leads the way they deserve to be nurtured with LeadPluss.
LeadPluss helps you define leads in a concrete manner and track the process of every inquiry. It is a customer relationship management tool, a source to introduce process management and a database of lead management activities too. Employees are required to make notes and there has to be a system where each person has allocated workload and a time schedule to follow.
Unfortunately, real estate is not one of those that has a sales conversion within the first interaction. So nurturing leads and keeping them warm is a big part of lead management. You know you are doing well when you can track leads through their lifetime to check if they converted to a sale, why or why not. Give your sales cycle a boost. Give LeadPluss a chance to show you how effective it can become with the right automation and system in place.
