HOW TO USE YOUR PIPELINE TO INCREASE YOUR LISTINGS
When you’re out in the marketplace, you have a higher chance of meeting someone who will list their property in two or three months time than hit the jackpot with someone who will list on the spot.
That’s why you need to build a pipeline that has a consistent flow of sellers and listings moving through it in order to avoid the ups and downs of the real estate roller coaster.
The thing is, you need to manage those sellers once they enter your pipeline to ensure they keep moving. So, what is the key to unlocking consistent flow in your pipeline and business?
To start, let’s imagine there are two separate channels in your pipeline.
The first is your ‘A-B-C Channel’. The only difference between the sellers in here is timeframe.
Pipeline A sellers will list in the next 30 days. B’s have indicated that listing is 60 to 90 days away, while your Pipeline C clients are more than 3 months away from going to market.
Your goal for this channel is simple: move a C to a B and a B to an A, who will in turn flow into a listing.
Having a client enter your pipeline as a C or B gives you the opportunity to build a relationship with them, add value, deliver service and take competitors out of the equation well before you even get to the listing appointment.
Communication is the key to keeping your pipeline sellers active and frequency of that communication is what builds trust in those people.
When it comes to frequency, you should ideally be touching base with your Pipeline A sellers two to three times per week because they are the people who are going to list their property in the next month.
You need to be communicating and building your relationship with your Pipeline B clients two to three times each fortnight and Pipeline C, two to three times per month. This could be via an email about what’s happening in the marketplace or a phone call or meeting for any other valid reason — as long as it adds value from the client’s perspective.
The second channel of your pipeline is for Changeovers — the people who say they will buy once they sell.
Active changeovers are out looking for property each weekend and when they find something that suits their needs, they will want their property on the market straight away. Similar to the Pipeline A sellers, you need to be in communication with your Active Changeovers two to three times per week. Be focused on serving their buying needs first and then identify and support their selling needs from there.
Passive Changeovers are the people who have described a very specific and unique property they want to purchase — and are not interested in the marketplace or moving particular property comes up. The more you can understand this person’s needs, the more you can seek opportunities to find the property that suits and do some matchmaking.
The final question remains: how many potential sellers do you need to add to your pipeline in order to achieve your listing goals each month?
Well, if you have a win rate of 75 per cent and a goal of consistently achieving four listings each month, you are going to need to add a minimum of six opportunities into Pipeline A; 12 into Pipeline B and 24 into Pipeline C!
It’s time to start doing some pipeline generating activities, such as prospecting, networking, nurturing and marketing and then manage and communicate with those potential sellers in order to kickstart that healthy flow!