Real estate MLM won exemplary growth with new business strategies

Synopsis

Real estate and property management has become a notable segment recently in the MLM sector. What makes it different from the normal real estate business is the unique approach towards property sales and investment opportunities.

When our client approached us wanting to revamp their strategies and facilitate their property transactions, Epixel focused on introducing an innovative business model combining MLM and real estate together. We also leveraged network marketing strategies to navigate challenges and maintain ethical practices to sustain their growth and reputation for the long term.

The real estate business also wanted to empower individuals joining their network by offering them enormous opportunities to earn commissions, bonuses and build a thriving network of real estate agents.

The client’s yet another concern was lack of operational efficiency which resulted in a decline in the profitability of the business.

Problem

Real estate like any other business has numerous risks involved in it. An individual, venturing into the sector must have a keen eye on the market trends, understand how the business is scaling, and strike the right chord to maintain a balance between growth and sales. Having been in the real estate business for quite a long time, what bothered our client was the stagnant growth that resulted in the disengagement of both the agents and the business owners. This resulted in a higher attrition rate weighing heavily on the business's profitability and growth.

Having a weak reporting system that reflects on missing data on product sales, enrolments, and customer purchases is also an alarm that the business needs to fix and undergo transformation in terms of its strategy and operations.

The real estate MLM business turned immobile due to its inability to keep up with evolving business trends and get accustomed to operational shifts.

Solution

Reinstating the operation as a whole was the first step towards getting the business back in action rather than nitpicking on the current system that the business had in place. We had a thorough tracing of how to replenish the business integrating strategies and technology together.

Integrating customized sales dashboards

Unlike the ordinary real estate business, with the MLM model, sales are set in prime focus. That being the case, customized sales dashboards streamlined the real estate business in more ways than one through comprehensive reports on real estate agents’ sales, new enrolments, and the number of business turnarounds and customer purchases.

Having a sales dashboard not only helps businesses figure out the growth and sales trends but also helps real estate agents identify the flaws and strengths that helped them reach a particular sales figure. This was the key starter that we had set for our client to reinvigorate their business.

We also ensured that the sales patterns and market trends were watched closely, sales performances were stringently analyzed, and Key Performance Indicators (KPIs) were regularly monitored to accelerate sales and business growth.

Interactive downline genealogy view

Real estate agents get to interact with numerous individuals on and off business and hence, it is extremely important to understand how each of their co-agents are placed in the organization. With an interactive genealogy view, it is easy to visualize the overall organizational structure and identify where they are placed. This is a great start to identifying key leaders and an encouragement for agents to scale up to new levels with their performances.

Comprehensive profile view, sales made by each agent at various cycles, commissions earned, and ranks achieved, etc can be viewed in detail that gives a consolidated idea of downline performances too. This could help agents have a thorough understanding of the network and their scope for improvement in future with the brand.

Methodical training modules

Agent onboarding must be methodical enough to educate agents to the T about the company that they are associating with, the products that the company offers, compensation plans that the company has, and the organizational best practices. Incorporating these into the system helped improve the transparency, and credibility of the business ideally improving the agent acquisition and retention rates. An agent who is well trained and supported by their organization is sure to disseminate the positivity across his customer network thus acquiring more customers into the business.

Also, integrating diverse multimedia elements like videos, animations, quizzes, assessments, and gamification techniques gave agents an interactive and immersive learning experience. Leaderboards and rewards helped foster healthy competition and motivation among agents. This also led to keeping agents engaged and committed to learning, yielding better results in their performance.

Consistent support and training

Elevating agent and customer satisfaction through comprehensive guidance and support is inevitable in the real estate MLM business. This not only helped nurture real estate MLM professionals but also improved customer satisfaction by manifolds. Building an extensive knowledge base comprising an array of articles, guides, and FAQs to cater to agents, administrators, and customer needs helped stakeholders widen their perspectives.

Integrating an advanced self-help system helped agents and overcome challenges, focus on personal growth and set newer goals for them to concentrate on.

An efficient support infrastructure comprising of a stringent ticketing system capable of efficiently tracking and resolving issues, providing real-time assistance through live chat supports, etc helped foster a positive and responsive experience for every participant in the business. Also, considering the agent diversity, we initiated multilingual support to overcome language barriers and to enable global access to all services and thus provide top-tier experience for business beneficiaries.

Identifying key leaders and areas for improvement

Performance analytics indeed is an effective approach that analyzes agent performances and indicates low performing areas. This considerably helped sponsors and uplines identify downline deficiencies and devise strategies to upskill their performance. This eventually let the business scale new heights resulting in improved profitability and business growth. This could help agents and the company identify the key areas of improvement for each individual and how it impacts the way they do their business.

Helping agents rev up their skills and capabilities through a structured training program is an ideal way to keep them motivated, retain them for a longer period and work towards better growth and success.

Efficient tracking of rank advancements

Rightly recognizing and rewarding agents is the first step to retention. With an advanced and automated rank tracking system in place, it will be easier to identify top performers and recognize their efforts with timely rewards, badges, awards and accolades.

Through meticulous monitoring and recording of individual agent performances, it will be easy to establish clear and achievable milestones that agents can strive for. This helped them achieve higher ranks and thus improve their self-integrity and confidence. Ultimately, it will also enable them for various incentives and benefits associated with higher ranks.

Streamlining overall business operations

Streamlining business operations can help organizations enhance their efficiency and productivity. Especially in the real estate scenario, one major aspect of this endeavor involves automating agent onboarding. As much as it revolutionized the business into new frontiers by bringing in new and competent agents, it also eliminated the tedious task of entering manual data and significantly reduce the administrative workload.

With an efficient Customer Relationship Management (CRM), streamlining sales and overall marketing activities made it easier for multiple teams to collaborate and work towards their progressive goals.

Structured document management

For a real estate business, each customer who makes inquiries to those who make multiple transactions everybody should be valued. From the preliminary query to post sales, every conversation between the customer and the business must be systematically documented to ensure enhanced customer experience. The document management feature also made it easier to maintain contractual agreements and notify agents of contract expirations in real-time.

Adaptability to market dynamics

Staying competent in market movements requires staying informed and updated with current market trends through comprehensive learning. Gathering insights from every possible touch point and retrieving data to understand where the market is inclining next did made a huge impact. From running surveys to gathering data in real-time, gauging market dynamics required a wide thought process, to perceive how the global market is performing.

Challenges We Faced

While our focus was to recalibrate the real estate MLM business integrating top-end features and attributes, what got us hooked for a few extra hours was on compliance regulation front. MLM industry already being under the constant scrutiny of legal and regulatory bodies, upholding stringent security measures and ensuring compliance with industry regulations and regulatory standards was a constant challenge. However, integrating compliance automation was the ultimate solution with which adhering to changing industry mandates helped protect the sensitive nature of the real estate industry and protect valuable data.

We also kept an extra eye on safeguarding the data privacy of sensitive agent information and customers to maintain trust, transparency, and legal adherence.

Customizing MLM structures and compensation plans uniquely to cater to diverse brand strategies was yet another challenge. But being an extremely flexible platform that is, any levels of customization while maintaining overall system integrity was less tedious and yielded better results.

Even after having all these in place, lack of agent engagement could be a cause of concern for businesses in the long run. Balancing competition and encouragement together at once without overwhelming or burdening agents are a constant challenge as well. We implemented a gamification module which enhanced agent engagement and rank advancement too helping participants overcome operational obstacles and enhance the overall efficiency and competitiveness of the real estate MLM business.