The real estate industry has adopted digital marketing techniques but continues to follow traditional sales practices. This often results in an inability to leverage any benefits of digital marketing while sales problems persist. The ultimate consequence of this situation is a very slow return on investments and low profitability for the real estate developer.
The role of digital marketing ends once a lead is captured. If all you do after that is track your contacts in a CRM system and follow traditional sales practices to close the deals then read on.
Introducing digital selling techniques can greatly improve your sales performance in the real estate industry. It will accelerate your return on investment, and reduce sales and marketing expenses to improve your profitability.
To help you understand this easily, we have broken a buyer’s customer journey into three parts where sales performance can be easily measured and improvements can be introduced.
Lead Capture to Onsite Visit
Every real estate developer agrees that getting a buyer to visit the development site and get an overview of the project is the most essential step in closing a deal. Irrespective of how the lead was captured – through newspaper advertisement, billboards, or one of many social media and digital marketing campaigns – by tracking all the inbound leads, we found that only 1 out of 50 leads actually visited the site within a month of lead capture.
If this ratio can be improved to get 1 out of 10 qualified leads to visit the site then the marketing expenses can be reduced by a factor of 5! Learn how you can maximize ROI on your marketing investments.
Onsite Visit to Serious Consideration
First time buyers visit multiple development sites on the same day. All the features and amenities blur out across multiple site visits. Worst of all, after the site visit, there is no good way to determine if the buyer is seriously considering your property. Repetitive inquiries by your sales team via phone calls and emails turn them off. Based on the post sales analysis, we found that only 1 out of 10 visitors seriously considered that property.
If this ratio can be improved to get 1 out of 3 visitors to seriously consider your property then the sales expenses can be reduced by a factor of 3.3! Learn how you can achieve such huge savings in sales costs.
Serious Consideration of Sale
One of the biggest hurdles of traditional selling methods is that you do not get a good indication of who is seriously considering your property and who is not. Unless the buyer is willing to meet you in person or online, you can neither influence their decision making process nor engage them on upgrades. Left on their own, buyers take forever, busily exploring other options even if your offering matches all their selection criteria.
What if you can get a clear indication of who is seriously considering your property and if you can accelerate their decision-making process by a factor of 3? It would mean that you can sell all your inventory 3 times faster and accelerate your return on investment! Learn how.
Overcoming real estate sales problems and improving your performance is easier than you think. A set of proven best practices and an all-in-one digital selling techniques platform can help you achieve better sales performance with no upfront investment and very little effort. Contact us now to discuss.