May 2020
23

New way of Doing Business in Real Estate - Referral Marketing Program

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The real estate sector consists of the property made up of land and the building on it. It also includes the natural resources and of the land, including the uncultivated flora and fauna, farmed crops, and additional mineral resources.

Real estate has three basic categories:  

  • Residential
  • Industrial
  • Commercial

When we talk about investing, residential real estate is less expensive and more feasible for individuals. As a part of the investment, real estate offers you with income and capital appreciation.

Effect of Coronavirus on real estate Sector

Due to the outbreak of coronavirus pandemic, one cannot think of a business that has not been impacted. The same applies to the real estate sector too. However, in comparison to the other sectors, the impact on real estate will be quite less, and it is expected to offer more opportunities for business in the upcoming future.

The virus has hit the real estate Sector to the lowest in March (quarter-end). According to a survey, the residential, as well as the commercial, will face the crises with the price, sales, and launches. 

Due to the outbreak, real estate has been affected by the following ways:

  • The project launchings are delayed as the country has been shut down due to the pandemic.
  • The disruption of demand and supply has led to a high amount of losses.
  • According to a survey, it will take around a year or two for the conditions to get normalized. 

Referral Marketing Program

Referral Marketing is an innovative and trusted channel. It is more reliable. This works best because it is built on the most effective strategies that are developed in the market. It is a unique concept because of its tactics. However, the recommendation & word of mouth enables a growing customer base through the network of existing customers. 

Coldwell Banker India

The Coldwell Banker India is one of the most established residential franchise systems in the USA. It has been in operation for about 108 years, making it one of the oldest real estate franchise systems. It has now become one of the oldest as well as the forward-thinking real estate brand today.

With over 3000 offices and 88,000 agents, Coldwell has a global presence across 49 countries worldwide. It has now entered the Indian market to organize a fragmented real estate sector in India. 

Referral Process: Overview

By understanding the referral process, you will come to know how does referral marketing takes place. Let us understand some important aspects of the Referral process

  • Feasibility report
  • Mandate Signing
  • Marketing activity
  • Site visit
  • Negotiation
  • Closure
  • Post closure documentation
  • Revenue generation
  • Invoice raised by you

How referral program creates a difference from the normal methodology

A referral program has its advantages than any other platform. Let us compare the two:

  • On average, referral leads have a higher conversion rate than leads acquired via any other portals. Referred leads converts 30% better than leads acquired via other channels.
  • Referral programs and word of mouth are more cost-saving as well as powerful. Good word of mouth can give 5x more sales than a Paid impression.
  • Word of mouth & Referral marketing is cost-effective, powerful, and trusted.

How you can get benefited by using Coldwell Banker Referral Program in the real estate sector

  • Refer and earn up to 30% royalty on success closures.
  • You can buy rent or sell irrespective of geographical reach.
  • CB real estate specialists will assist in selling residential properties in any part of the country. 
  • CB real estate specialists will ensure personalized services at the reach of your home.
  • Zero manpower Sales execution process with complete post-sale documentation
  • Excellent platform to be more visible and connected with CB 
  • A referral can also be exchanged as soon as your region matches. 
  • Fortnight updates on every referral with a platform where one can see regular sales update.
  • Bring IPC services within reach of the common sellers.
  • Be a part of the vast professional network spread across the country.
  • A contract of one page, which simply gives you comfort. 

Other benefits like cost benefits, ROI benefits, and client retention can also be achieved. Let us talk about them in brief:

  • Cost benefits: A referral program helps you to save a lot in real estate. The cost-saving could include your advertising and marketing costs. 
  • ROI benefits: A proven study states that a referred customer generates 16% more profits than not - referred to counterparts. Referred customers are more likely to pay the premiums to those they trust.
  • Client Retention: Client referrals are more likely to stay with their recent businesses. Researchers say that the lifetime value of a referred customer is 25% more than that of the non-referred customer. 
  • An additional source of income: You can do real estate referral marketing during your free time, along with your full-time job or business. It will help you to earn extra income and provide you a platform to leverage your network. It is best for persons who have lost their job due to epidemic or businessperson who are in loss due to lockdown.

Let us talk about one such business development professional in the real estate sector. 

Mr. Mojahid Taj Syed is leading referral program

Mojahid Taj Syed is a working professional with an overall 18 years of experience. He has been designated as Head NRI Sales in India of Coldwell Banker India. Have a look at some important work roles of Mojahid Taj Syed.

  • He helps the NRIs and PIOs to invest in the Indian real estate sector. 
  • He is the leading referral program of Coldwell Banker India.
  • He works on the “Exclusive rights to sale” basis in the residential properties of the country.
  • His USP is that within 18 years of experience, he is closely connected with over 40,000 associated channel partners of all over India.

Recently, he also released an article on his new business model (V old & traditional – Refer & Earn) 

Conclusion

All the successful real estate agents are well aware of the fact that if they wish to make money, they have to build trust with prospective clients. People are much more likely to give you the business if they find their kind of trust factor in you. 

Real estate referral programs offer you the opportunity to optimize your sales cycle. This could be done with the help of ROI benefit, cost-benefit, and client retention.  

Updated: 23 May 2020
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