Real Estate MLM Business Boosts Agent Productivity

Synopsis

Real estate MLM business is competitive and even more challenging as it deals with illiquid assets. Buying and selling of properties involves a lengthy process and takes time to generate revenue. Added to this, compliance and regulatory complexities, changing economic conditions, and other related risks and volatility make it difficult for agents and other professionals to establish a successful career in the industry.

The cyclical nature of real estate markets often experiences periods of growth, stagnation, or decline. This ideally impacts real estate companies and their salesforce. The profit of the company is directly proportional to the potential of their salesforce. With a fluctuating marketing condition, how can real estate businesses empower their salesforce to achieve increased conversions?

Problem

A prominent real estate MLM company approached us seeking a permanent solution to their agent-related concerns. The company had hit an all-time low in sales mainly attributed to the declining productivity of their agent base. Disoriented agent management system proved futile in engaging and managing a strong agent base. The organization also lacked a structured process for maintaining customer relationships.

Lack of industry knowledge, inadequate support, outdated selling techniques, and inefficient client handlings raised serious concerns. Also, agents were not trained to handle the legal and market intricacies.

The company also found it difficult to provide their agents with quality leads. This impacted agent productivity as they were unable to target the right audience.

An outdated marketing system impacted agent success with agents unable to connect with their potential clients. Gaps in client communication and support resulted in an increase in the number of dissatisfied clients. Consequently, brand reputation declined.

Absence of a structured workflow resulted in disrupted teams and lowered agent confidence levels.

Solution

Epixel MLM Software propounded a comprehensive real estate MLM solution that promised market agility, agent performance, and elevated business productivity. The MLM real estate system was tailored to address individual business concerns, with a primary focus on providing comprehensive agent support.

Establishing a well-structured sales process that involves all stakeholders—buyers, sellers, and agents—equipped agents with a comprehensive understanding of the sales process. This, in turn, enabled agents to close deals faster and offer adequate support to both buyers and sellers.

Specific set of tools were designed to streamline performance and improve agent efficiency. These tools not only helped organize routine tasks like scheduling appointments but also automated high-priority tasks that guarantee client satisfaction. This uniquely crafted solution has proven effective in improving the productivity of the real estate business.

Powerful agent support system

Crafting a solution to address the crucial concern of agent management required an end-to-end agent support system that trains, engages, and supports the agent base while also ensuring optimized agent performance and productivity.

The agent training module was designed to train agents of varying caliber to master skills needed to succeed in the real estate landscape. Through self-paced learning and microlearning modules, agents can take up and finish training sessions at their own pace. Integrating gamification into the system allowed agents to have a fun and interactive learning experience.

Admins can monitor the performance of agents and schedule notifications and alerts to encourage agents to complete training faster.

The next step to improving agent productivity was to boost engagement across agent teams. A novel engagement architecture with leaderboards, badges, and certificates instigated agent motivation and ensured a healthy competition.

An upline support system guaranteed comprehensive support for downline agents in the event of doubts and concerns related to client handling.

Improving sales with a sales dashboard

Identifying the most important sales metrics, we built a sales dashboard providing individualized views for admins and agents. Admins can monitor key sales KPIs such as number of properties sold, days on market, revenue generated, conversion rates, commissions generated, client acquisition cost, etc. The dashboard can be customized with preferred metrics by agents or admins.

They can also monitor agent sales performances and track active and inactive agents. This helps identify gaps and find areas for improvement.

The dashboard is automated to visualize real-time updates on each sales metric. Admins and agents can also choose to visualize each metric in graphs and charts. The dashboard also lets agents to set and track sales goals. The dashboard delivers data-driven insights and forecasts on sales and agent performance based on a historical analysis. The advanced sales dashboard with geo-mapping is also equipped to forecast trends on specific markets and specific geographical locations.

Agents can track leads and potential clients in the buying process and optimize their strategies to ensure faster conversions.

CRM for improved client relationships

The client relationship management system helped agents in creating positive client interactions and enhanced buying experience. It empowered admins to track agent performance and identify gaps to tailor better training sessions and support.

Data from the lead management system was directly channeled to reach CRM. It stores, organizes, and segments client information based on their property preferences, location, and communication history. Agents can review past interactions and communication history to engage clients in more informed and meaningful conversations.

The CRM ensures that the potential clients are followed up promptly by sending alerts to respective agents on important tasks such as client appointments, contract expirations, registrations, and property showings.

The CRM system enabled agents to provide a highly personalized experience by keeping track of client preferences and behavior. Data-driven insights from CRM assisted agents in tailoring their approach to enhance client experience. The CRM also delivers key performance insights on marketing campaigns and client engagement for agents to review and optimize their strategies accordingly.

Accurate and real-time commission process for agent satisfaction

Identified as the key factor of agent satisfaction, the improved commission management system assured agents with real-time payouts.

The automated commission system simplified the processing of complex commissions and bonuses. The payouts were directly sent to agent bank accounts or ewallets. Agents were also given options to customize their mode and frequency of payments. Easily configurable platform allowed for limitless modifications and additions of commissions and bonuses.

The commission analytics feature delivered crucial insights on commissions and payouts by analyzing the past transaction history. It gave businesses a reliable forecast of the future with the current compensation plan. Accordingly, the organization was able to modify or introduce new commissions to suit their organizational goals.

The commission system built on a scalable architecture ensured flawless commission processing even for a huge agent base.

Lead management system for quality leads

Leads were routed to the lead management system from different sources such as website, social media, emails, etc. These leads are then filtered based on various metrics using lead scoring techniques. The system segments leads based on their potential and priority and assigns it to highly skilled agents.

Task and calendar management

The simple yet the most advantageous feature for agents allows for scheduling and managing all their tasks efficiently. Agents can schedule their client appointments, property viewings, and follow ups and get notified promptly. The feature helped agents establish a consistent and organized selling process.

Agent genealogy for network management

The genealogy management system arranged agents in a family tree model based on organizational hierarchy. The MLM genealogy feature for real estate allows the organization to track active agents, get a comprehensive view of individual sales conversions, commissions earned, together with their basic profile details.

Rank advancement system for accelerating growth

The agent rank advancement system automatically promotes each agent to the next rank upon completion of preset criteria. The system is designed to update their commissions and bonuses as and when an agent achieves a new rank. Admins can choose to manually promote agent ranks or automate the process with preset metrics.

Dynamic marketing module to stay connected

The marketing module, designed exclusively for real estate agents, optimized their marketing efforts, improving client engagement and increasing conversion rates. It lets agents stay connected with their potential buyers across the channels of their preference. The omnichannel marketing system has pre-built campaign templates that agents can leverage to create personalized marketing campaigns.

Client support system promises enhanced satisfaction

The client support module was integrated with a ticketing system that queued and prioritized client concerns. An automated response system with live chatbots handled real-time addressal of customer queries. Based on the level of urgency and importance, client tickets were carefully assigned to specialized agents to ensure efficient handling and swift resolution.

Challenges We Faced

Keeping a diverse agent group engaged, entertained, and productive at the same time involved challenges that impacted the development process. Real estate, a business that involves properties rather than products made it difficult for agents to make quicker conversions. Agent burnout increased because of the complex and lengthier sales process. Developing the platform to address agent challenges required a detail study of the market, agent base, and organizational policies.

Complexity of the compensation plan triggered serious concerns in payout and plan management. Designing unique MLM structures that befit the nature of the business and suit agent understanding was crucial to the success of the business. Our team of plan consultants conducted a comprehensive analysis of the business, scrutinizing market dynamics and profitability factors. Subsequently, they crafted a customized compensation plan that not only guaranteed agent satisfaction but also aligned with the organizational expectations, striking a delicate balance between the two.