The niche of Real Estate functions purely on networking. The more audience a company pools in, the more people know its name and, therefore, the more sway that company holds in the property market.
Different companies approach the matter of brand presence differently. Some rely totally on word of mouth, while some rely on actively and aggressively advertising themselves. However, there is a third, more effective way of getting a brand out there – through a Channel Partner.
What is a Channel Partner in Real Estate? Through this blog, discover what it means to work with Channel Partners.
What is a Real Estate Channel Partner?
A property business needs to generate sales in order to be successful. While advertising helps bring in leads, it doesn’t unlock the full potential of tapping into the local market. This is where Channel Partners come in – they are entities that know the market inside-out and help a property business improve its outreach through lending them their own network of contacts, referrals, consumer pool and associates. They guarantee the sale of a business’s properties within the time specified by enhancing the company’s marketing and sales strategies with their own. Channel Partners also perform underwriting of properties should a business need liquidity to expand.
This creates a win-win situation for both parties. However, for so many conveniences made available to a company, Channel Partners are a little costlier than brokers.
Working with Channel Partners requires a bit of strategizing in order to help them understand how a brand wants its assets sold. Here are some common strategies a brand can mobilize to get the most out of working with Channel partners.
Channel Partner Strategy
Working with Channel Partners involves two levels of strategies: one, the extent of a brand’s involvement with the partner; two, the detailed breakdown of that involvement. Depending on how a brand wants its properties advertised to the consumers, the involvement of a Channel Partner is decided:
When Brand and Partner Sell Together
If a brand is in possession of assets that complement the Channel Partner’s existing assets, then an arrangement can be made to club their sales together, thus not requiring additional marketing or sales pitches for the brand’s properties. The brand still gets access to a wider audience and rides on the Partner’s network.
When Partner Sells Through Brand
This strategy gives the Channel Partner the liberty to assimilate the brand’s property as its own in order to sell it. The proceeds, minus the commission, would still come to the brand. If the Channel Partner is an exceptional entity with reach in every class of consumers, this may make for a good strategy. However, if a brand seeks to make a mark in the market with its own name, this may not be the best strategy.
When Brand Sells Through Partner
If a brand seeks to swiftly list all its properties in the market and start selling, this might be a good strategy. As the Channel Partner works with many brands, they have a good resource pool and know the people that they need to pitch the properties to.
When it is decided which mode a brand prefers to set up a partnership in, it is time to put in place a strategy that ensures effective marketing campaigns and conversions.
- Communication. A brand and its Channel Partner need to be very clear about the ideas and strategies to sell a property. If required, the brand may need to train the Channel Partner representatives in understanding and pitching a property accurately to the consumers. Communication is the key to achieving great success with a Partner.
- Uniformity of metrics. In order to establish a successful marketing partnership, it is imperative to establish a uniform code of measurement metrics that both parties understand well. The Key Performance Indicators that both parties use need to be the same so that internal workflows at both ends remain undisturbed and efficient.
- Regularity in reporting. In order to be able to tell whether or not a partnership is really paying off, it is important to schedule regular meetings with Channel Partners. Doing this helps to revisit agendas and discuss ROIs, which clearly highlights the strategies that are working and the ones that need to be changed. Holding regular meetings also helps both the parties keep in touch and stay familiar, encouraging good partnership practices.
Real Estate businesses have countless options to get their properties noticed in the market. The trick to converting these leads into sales depends on how well a business is able to leverage the capabilities of its Channel Partners. This can be achieved through employing Channel Partner management tools of the best Real Estate CRMs available in the market today – such as Sell.Do.
Sell.Do – Channel Partner Management
With real estate CRM Sell.Do, working with Channel Partners becomes a breeze. The software provides digital onboarding for all the Channel Partners of a business onto the CRM, making it easy to share information with these professionals through a single channel. In addition, Channel Partners can efficiently keep the inventory updated in real-time, which gets reflected centrally – on all systems. This helps prevent double bookings and data duplicacy. Sell.Do also features a team collaboration feature with Channel Partners to make teamwork seamless and more effective.