Are Your Real Estate Channel Partner Relationships Working for You?
Here are 4 ways to tell
“You see what this is?” asked Narayan, smiling. He was pointing to a wooden statuette on his table.
Rohit, Director Sales, Enchanted Constructions wondered where this review with his CEO Narayan was going
“Yes Sir” said Rohit “I remember. This sandalwood elephant was gifted to us as a trophy by our Channel partners. That was in 2015, following an exceptional year when our channel sales soared to an all-time high”
“And this” said Narayan “Is what we are missing now”
“You mean the elephant in the room?” asked Rohit, intrigued
“Isn’t it symbolic that they gave us an elephant, perhaps to remind us of the value they add? They are our GPS to property seekers, the ones who sell our inventory. We all know that. It has always been an interdependent relationship with them. If they are motivated right, they can dramatically improve our access to the right target groups. Specially in the post pandemic market they can act as advisors to potential Customers and raise micro market visibility”
“And Sir” said Rohit “With RERA registration of channel partners coming in, that space is attracting a fresh burst of technology and youthful talent. They are no more broking agencies. They are professional influencers. The industry sees them as rising stars”
“But our sales trends don’t seem to be reflecting any of it. Quality walk-in’s through the Channel route are aren’t picking up” said Narayan “Why are we not able to leverage our channel partners for high quality lead generation? They can be a great source for well qualified walk-in’s? Can’t we treat our Channel Partners, as key relationships and nurture those showing high potential? After all these decades in realty, I can say this Rohit. There are 4 definite ways, you can tell whether or not you are utilizing the sales potential of your Channel Partners”
“Can you share them Sir?” asked Rohit
“Of course, I will” said Narayan “But when we meet again on Friday. Till then please put on your thinking caps. Let’s see if some innovative ideas can be generated , or may be we should learn how to engage better with our Channel Partners , so that they get us quality walk-in’s”
4 Ways to Check If Your Channel Partner Relationships are Working for You
- How good is your KYCP (Know Your Channel Partner)?
You can leverage Channel Partner relationships only when you know the Channel Partner well. So, the starting point is to ask - Do the Site/Relationship Managers capture vital information about Channel Partners, including – Size of presence, affinity to specific buyer segments and market reputation.
- Is there ease of doing business with them?
High quality relationships with Channel Partners are marked by a high-level ease in doing business, which among other factors, is also a function of the skills and maturity of the Partners Team from the corner room to the front line. How often and how much Real Estate Sales Training have the Channel Partners been supported with, to help them keep to pace with changing Customer preferences? E.g.: Is the Partner and Team comfortable with improving their presence on Social Media? Do their Sales People know how to generate and qualify Sales Leads?
- What is the strength of the Channel Partner Relationship?
A barometer of how much a Channel Partner Relationship can be leveraged is in answers to questions like:
- Does the Channel Partner feel motivated to take responsibility for our inventory at sites?
- Has the Channel Partner dedicated resources for our brand?
- Are there enough ‘stickiness factors’ at work?
A Channel Partner relationship builds ‘stickiness’ enduring the vagaries of time, when both the Partner and the Principal go the extra mile, in pursuit of the best mutual interests. The relationship dashboard tracks measures like –
a. No. of decision makers in the Channel Partners’ organisation who talk to us direct,
b. Our share in the Channel Partner’s total business,
c. Channel Partners willingness and commitment to invest time and resources in high quality Real Estate Sales and Sales Management Training for themselves and their people.
How about your Sales Managers?
Partner Relationships are a two-way street. Are your Sales Managers mindful of how they stack up with your Channel Partners on these 4 relationship strength metrics?
Magic happens in Real Estate Sales Conversion, when the sales energies of Channel Partners are unleashed by effectively managing relationships. And the practices that drive such relationships are learnable!
For an accurate assessment of how strong your Real Estate Channel Partner Relationships are, and how you can make the most of the current spike in Customer interest to invest in Real Estate, leave your Contacts here.
A Mercuri India Consultant will be happy to set up a conversation at your convenience to understand your specific needs, and put together a customized Real Estate Sales Training solution, that helps you get the best out of your Channel Partners, before the current demand surge evaporates. Let’s talk! Let’s make sales happen!
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