When your job relies on turning leads into sales, the process of actually working those individuals through your sales funnel can feel overwhelming. Your success in the industry is entirely reliant on how much time and effort you put into crafting lead generation and management techniques– it’s understandable that the process can seem intimidating to some.
Fortunately, there are six simple steps you can take from initial contact through making a sale that help boost your shot at success. You’ll need to work hard to form genuine connections and start molding your leads into qualified property management gurus, but the job is far from impossible.
This goes without saying– it’s difficult to start pushing leads further down the sales funnel if you haven’t even connected with them yet!
Outside of the obvious need to make contact, you should also be working to form genuine connections with your leads. Select your means for initial outreach carefully– numerous factors can influence how, where, and when it’s best to get in touch with a lead. If you have intrigued parties fill out a form online or in person, consider asking them how they’d like to be contacted and when the best time to reach them is.
Once you get talking, you’ll need to worry about what it is you’re saying. Focus all of your energy on a lead when you speak to them; people can tell when your mind is wandering elsewhere, and it comes across as unprofessional and rude. You should be working hard to create meaningful and lasting relationships with sales prospects.
In some cases, you may wind up with leads who have already taken the steps to get qualified for the job on their own terms. Your job in these cases is pretty simple– in fact, you get to skip this step!
The majority of leads won’t know where to start with racking up qualifications, though. Since you’re the one who pulled them into the fringes of the industry, it’s your job to serve as a temporary mentor and direct them when it comes to the steps they should be taking to prepare for work. Give actionable pointers and offer references for the most streamlined route to qualification.
Nobody ever made a sale without their client experiencing some perceived need. Sometimes, you need to create or highlight these needs yourself– other times, your leads will already know what needs solving.
Regardless, it’s your job to pinpoint the needs of your future clients and start offering hard evidence that you can provide them with a solution. You should never lie or exaggerate during this process- being genuine, honest, and forthcoming goes a long way in establishing trust.
Get your leads excited and invested in the opportunities you’re about to give them access to. You should have a clear, concise plan in place for pulling them into the fold and getting them integrated into the property management experience. If you don’t have any strategic insights or plans to offer your leads, your position as a knowledgeable authority figure begins to slip quickly.
Those needs and solutions we talked about earlier? This is where you need to start advocating for them much more strongly.
Prove that what you have to offer is the ideal solution to whatever problem your leads might be experiencing. Are they struggling in their current field and need a more flexible, lucrative career? Great! Tell them all about how more than a third of US homes are renter-occupied or that almost 90% of property managers increase their rental rates over the course of a year.
If you’re a true professional in your field, you should be confident enough in the sector and in your knowledge to refute just about any objection that comes your way. Never lie to prove your point– the web exists and it’s easy to find holes in stories.
Focus on being open and honest as you leverage persuasion to lead clients further down the sales funnel. Cite meaningful, exciting statistics; speak about the opportunities that property management offers today’s busy working professional.
If you’re interested in learning more about how to build an effective sales strategy for a property management business, get in touch with our team today. Our team will be glad to speak to you about your concerns and goals moving forward in the business. Those who are interested can also download our killer sales email templates designed specifically for professional property managers.
If you are looking to start your own property management business and purchase a business license, you should be familiar with lead qualification and how it will help your marketing strategy. A lead is someone that could potentially become a client. They’re more likely to rent one of your apartments or even buy your entire property. They’ve expressed interest in your property. This lead can be acquired through a variety of methods: brochures, billboards, ads, email newsletters, etc. Lead qualification involves filtering through these opportunities to find the best ones that will eventually end in a sale.
A marketing qualified lead, or MQL, is more likely to become a client or purchase a product than the average person. A typical person may visit your website, read your blog posts, and then leave, uninterested in the product or service you offer. MQLs are more likely to subscribe to your email list, chat with you on social media, download an eBook, or fill out an online form.
A sales qualified lead, or SQL, is the next stage. They ask specific questions about your sales price and how your product or service works. So when it comes to property management lead qualification, an SQL is asking about your rent price, amenities, pet-friendliness, the number of bedrooms, and the community where the property is located. If they’re satisfied with what your property has to offer, then you’ve turned that sales qualified lead into an actual sale.
Differentiating a MQL from a SQL may not seem important, because you may think that a lead is a lead. However, knowing the difference between the two can help your marketing team prioritize their activity and prevent them from wasting time on leads who won’t convert.
Converting a MQL to a SQL involves you gathering information about a prospect to determine where they fit in a buyer’s journey. Then, you take action from there.
Below are a few ways you can convert a MQL to a SQL:
When handling a SQL, you should understand their pain points, their stage in the buying cycle, and their budget. This will ensure that you’ve addressed all issues and thus, will help you achieve your ultimate goal: making a sale.
At Property Management Pros, we will show you how to successfully establish your property management company. Our compound marketing system will help you optimize your property management lead qualification. Contact us today to learn more!
Most businesses rely on leads to generate their sales, and property management is no different. Leads are customers who contact you through various channels for more information. They start at the top of your sales funnel, working through the sales process until they become a paying customer. Leads can come from a variety of sources. They might contact you through your social media channels, call you directly, or fill out a form on your website. It’s easy to assume that the more leads you have, the more sales you’ll generate. To some extent, that’s true. But what really matters is the quality of the leads you are getting. Not all leads are equal and learning to discern which leads are more likely to convert into sales will help you boost your bottom line in a big way.
You can predict lead quality by looking at a few factors. Over time, you’ll start to get a feel for your customer base and know which leads are the most qualified. Understanding which factors increase the lead’s quality allows you to pinpoint your sales efforts where they make the biggest impact. You won’t end up wasting effort on inquiries that aren’t likely to generate any income. To determine lead quality, you’ll want to look at three factors: the source of the lead, the information given by the lead, and the actions taken by the lead.
The lead source is an indication of the lead’s intent. The lower the effort, the lower the intent on the part of the lead. It takes a lot less effort to send a message on Facebook than it does to make a phone call. So a lead who takes the time and makes the effort of a phone call is going to be the most qualified. That doesn’t mean you should disregard other lead sources, but you should give a phone call your full attention.
How much information a lead gives you indicates their level of interest. The more information they give, the more interested they are in becoming a paying customer. Again, it’s important not to dismiss lower qualified leads. Class these as MQL; that means they are likely to become customers in the future but aren’t ready to convert to a sale. SQL indicates a highly qualified lead, usually someone who has provided a great deal of information and is ready to make a sale.
Knowing what actions a lead takes will help you determine what stage they are at in the buying funnel. This can help you and your sales team move them onto the next stage, and ultimately convert them into a sale. You can do this by asking them what actions they’ve taken to find a property during an initial email or phone call.
Once you start to learn where your best leads come from, you can develop strategies about how to generate more of them. If you are getting a lot of highly qualified leads through your website, then focus your marketing budget on driving more traffic. If you generate the most qualified leads through events, then you’ll want to focus your sales efforts there instead. This is how smart property managers increase their business and prevent wasting their time with unqualified leads.
Learning how to qualify leads correctly can be a huge help to your sales process. But it’s not something that you’ll learn overnight. It can take a lot of practice along with trial-and-error to get it right. Partnering with a knowledgeable property management professional can help. Property Management Pros offers killer sales email templates for property managers that you can download now. These email templates are perfect for generating new highly-qualified leads for your business. Looking for more help with your sales process? Contact the Property Management Pros team to learn how you can become a part of our growing network of licensed property managers.
Successfully selling your property management services involves finding prospects, identifying the common problems that plague property managers, and offering your services at competitive prices. But in order to effectively market and advertise your services, you should be familiar with pertinent property management sales terminology. Failure to know these important terms will leave you lost and confused, which is never good for your marketing strategy.
Below are some property management sales terminology you will encounter during the sales process:
A marketing funnel is a model that shows the visitor’s path to purchase, from a marketing perspective. The top of the marketing funnel represents the leads captured through various methods of marketing. This marketing strategy has slowly nurtured these prospective customers all the way through the purchasing decision. These prospects are narrowed down in each stage of the funnel.
The sales funnel is similar to the marketing funnel in that it follows the prospective customer’s path the purchase. While the marketing funnel captures a lead and takes them to the point of sale, a sales funnel involves the buying process companies lead customers through when purchasing products and services.
Someone who has visited your website or brick and mortar business. Visitors are often just browsing and don’t always turn into prospects of customers, although they can.
A contact is someone who not only expresses interest in your product, but they also respond to your calls or emails. They might even try out the product or service. Contacts differ from leads in that they are existing clients, not potential ones.
A prospect is a potential customer who is not necessarily interested in buying. In some cases, prospects do fit your target market, has the means (money) to buy, and is authorized in making buying decisions. For example, you are selling property management services (i.e. background and credit screening services, software to manage rental properties, etc.) to property managers. A prospect would be a landlord who owns an apartment building or even a housing subdivision. This prospect can afford your services and has the authorization to buy from you.
Many people confuse a prospect with a lead. A lead represents any potential client or customer that hasn’t been qualified as a prospect. Within your sales and marketing funnels, you capture leads, qualify them into prospects, and then convert them to contacts, or buying customers.
A marketing qualified lead, or MQL, is considered a qualified lead that isn’t necessarily ready for follow-up. They aren’t as far into the buying process as sales qualified leads are. However, they’re more interested in your product or service than the average person.
A sales qualified lead, or SQL, is someone who has expressed interest in your product or service to some degree. SQLs are more researched and vetted to determine if there’s an interest to connect them to the next stage in the sales process.
A deal is reached once you’ve managed to convert a qualified lead into a contact. A deal may have different outcomes: won, lost, or unqualified.
A property management agreement (PMA) is a contract between a property owner and the company or person hired to manage the property. This agreement usually includes information about the duties performed by management, fees, legal liability, owner’s responsibilities, terms of the contract, and grounds for termination. Overall, the property management agreement details the new responsibilities the property manager is taking on for the owner of the property.
Download our killer sales email templates for property managers.