Is your commercial real estate pipeline getting stuck?
Here are the three stages and the most common problems with sales pipelines:
#1 I’m not generating enough leads.
Do you have sales vehicles?
A sales vehicle (AKA lead magnet or freebie) is something you are offering to entice a prospect to contact or learn more information from you. This is commonly a free consultation, eBook, checklist, cheat sheet, webinar, podcast, video series, market report, newsletter, etc. (Lead Magnet Hero includes easy templates.)
Are my sales vehicles in front of enough people?
#1 Take an inventory of your current sales vehicles.
#2 Count how many prospects were exposed to each of your sales vehicles.
For outbound exposure, count the number of cold calls you made, cold emails you sent, cold text messages, cold site visits, or any other outbound activities like number of contacts made at networking events, etc. (You likely offered at least one sales vehicle to these leads, so we’ll assume these cold touches were exposures to sales vehicles.)
For inbound exposure, you can count how many people saw an ad, how many people looked at your landing page(s) for a sales vehicle or attended a webinar. Also find out how many people visited your website, watched your YouTube videos, or listened to your podcast, etc.
If you convert at average rates, how many people would you need in your most successful sales vehicle(s) to hit your goals?
FOR EXAMPLE:
I need 100 cold text messages to get 1 client (1% conversion rate).
My average commission per transaction is $3,000.
Therefore, I would need ~3,340 cold texts to reach $100,000 this year.
Check your numbers to ensure the top of your funnel is working properly and make changes to hit your goals.
Learn more about fixing the top of your pipeline by downloading the FREE PDF: Pipeline Lifeline – Why your pipeline is failing and how to fix it.
#2 I have leads, but no deals.
What is your Sales Conversion Rate?
Once you have a client database of people that received your ‘sales vehicle’ [your sales vehicle could be a sales call, a webinar, a newsletter or email list, etc]. what percentage are turning into paying clients for your business?
Different sales vehicles will have different average conversion rates. If you are using a different sales vehicle, do an Internet search to find the average conversion rate.
For Example:
My conversion rates are…
#% Sales Cold Calls conversion rate (Average is 1%)
#% Email List conversion rate (Average is 1-3%)
#% Freebie PDF conversion rate (Average is 10-15%)
#% Webinar conversion rate (Average is 15%)
If you are UNDER the average conversion rates for your sales vehicles, you will need to do some thinking. Do you need more sales vehicles? Do you need to improve the ones you have? Is your message landing?
Learn more about fixing the middle of your pipeline by downloading the FREE PDF: Pipeline Lifeline – Why your pipeline is failing and how to fix it.
#3 I’m maxed out and cannot take on any more work.
Do you have more clients than the ability to serve them?
If you have a waitlist, more clients than you can effectively serve, and/or long lag-times between listing signing to close, you likely have a bottom of funnel issue. Your quality is suffering because you are currently serving too many clients to be able to deliver with excellence.
List the number of people waiting:
# of Clients waiting for a call back
# of Emails waiting for answers
# of Wait-listed people
FOR EXAMPLE:
I get 10 emails per day asking for broker opinion of values and I can’t get to them.
If you are overwhelmed, you’ll need to do an assessment on the management of your sales process. Can you streamline admin tasks with technology? Can you use a CRM to better track all your deals? Can you standardize your process to save time and energy? How much can you delegate to Fiverr.com or an assistant? You’ll need to start thinking about different tools you can use to increase your growth and efficiency, so you can handle more transactions.
Learn more about fixing the bottom of your pipeline by downloading the FREE PDF: Pipeline Lifeline – Why your pipeline is failing and how to fix it.
If you’re ready to start working on your pipeline, check out my lead generating websites. Your pipeline will have a base of a website designed to turn traffic into leads. And the sales funnel masterclasses (free with website purchase) have templates and easy trainings that will get your pipeline running like clockwork.
Anyone can create a pretty website, slap buttons on it and claim it’s “lead gen.”
I’m the only one offering the Sales Funnel Masterclass to give you strategies on how to drive traffic to your website, create lead magnets that work, and nurture your leads so you can bring in more sales.
A website without the ability to generate leads is jewelry. It’s nice, but not useful.
Without a sales funnel, you won’t get long lasting results, period.
If you’re nodding along, let’s get started! Schedule a call or zoom.
I help commercial real estate agents and brokers make more money.
I build lead generating websites and provide everything you need to build and automate your sales funnel.
I’m out to take the “broke” out of commercial real estate brokerage.
I want to start with you.
You ready? Schedule a call or zoom.
