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.
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