As a promoter of real estate projects, the best way to drive sales is by implementing a Channel Partner strategy. This approach will establish your Real Estate enterprise as a trustworthy, long-term partner who believes in creating successful opportunities for its Channel Partners. Earlier, giving strong incentives and commissions would be enough to attract channel managed sales. While this approach worked for most realtors, it no longer stands strong.
Channel partners, today, are tech savvy with a strong grasp on marketing. This, in turn, builds trust with customers who approach channel partners because they provide better options, deeper discounts and unbiased consulting. The tables have turned, where a channel partners representative gains more trust than a builder’s executive.
Channel partners have also changed the ways in which they work with builders. They demand a work ethic that is based on transparency, priority, and clarity on all communications with the builder. There is no limit to the references and business you will receive once you meet the needs of channel partners. Channel partners will not invest their time, energy and effort in closing a time-consuming deal, no matter how profitable it is.
As a builder, you can provide them with the support, clarity, and confidence in a product. This will ensure an inflow of business and they stay loyal to your enterprise. Who can resist an easy deal?
What can you do to make it easy and fair for everyone involved, Builder and Channel Partner? Of course, it all begins with building the strategy as well as a process framework. Here are some basic things that you must have in place to support your channel Partners:
1: Quick On-boarding: It’s surprising how builders don’t have automatic sign-up for Channel Partners on their website. All you need to do is let them sign-up automatically. Not only will this save a lot of time but endure that everyone who gains an equal opportunity to be your channel partner. Your organization will appear to be slow and unprepared to support channel partners if you continue with a manual registration process. By continuing with manual processes of registering channel partners, you are only making your organization look slow and unprepared to support. But a simple sign up form is not enough, point 2 tells you why!
2: Availability, Offers, and Product Knowledge: Are you still manually sending availability updates, new brochures, pricing changes, commission structures, and project descriptions? Automating the process would save you a lot of time. You can use the online login as a forum to nurture the relationship with your partner. If your partner has access to the latest information on their personalized login then it will make improve regular communication. You need to make sure that every employee of the channel partner has a direct login with access to basic sales information. This platform should also address any doubts or queries that the partners may have.
3: System Based Support: Your partner management system must allow the channel partner to check availability, know pricing and generate quotations on the fly. These quotations will be co-branded with the partner and create an impression in the buyer’s mind. You also gain peace of mind knowing that pricing flexibility or availability of the product is not abused by anyone. You should be able to automatically manage the level of discount or incentive on each deal and show it clearly to your Channel Partner. The same holds true for the commission that is due, approved or pending approval.
4: Registering Channel Partners’ Sales Inquiries: Another basic functionality is the ability for the partner to partners to automatically register their leads/deals. Every deal registered by your Channel Partner should also be automatically tracked. Conflicts stemming from the issue like ‘my lead /your lead/ will pay /won’t pay’, will cease to arise once it’s properly recorded in the system. Remember the channel partner only makes money when the deal closes. Paramantra’s Channel sales module makes it easy for each employee of your channel partner to register deals and track progress over the entire sales process. Your goal is to make every step of the process easier for them. It is the trust you create and not discounts you offer, that get deals done.
5: Updates & Automatic Alerts: The partner management platform should provide automatic alerts if certain events have happened in the deal. Also, the status of any deal should be available at the click of a button. Share little if you need to, but make sure you share often. It is frustrating for your channel partner to run from pillar to post for updates. When your channel partner receives proactive updates, it builds a foundation of trust and avoids dissatisfaction.
6. Automated Issue Resolution: Another important aspect of managing daily operations with channel partners is conflict resolution. Conflicts usually arise when partners claim revenue for the same booking, credit is claimed for a deal which was closed by an internal representative or at the onset of registration. In all these examples nothing works better than a system-based approach. With Paramantra’s resolution center, the channel partner manager or sales management teams can easily identify conflicts, investigate causes, make decisions and automatically communicate the process to the channel partner.
Paramantra’s Partner Management System provides a vast array of practical features that will drive efficiency in your channel partner strategy. Starting from Channel Partner onboarding, communication to compensation – all this will make your channel partner feel like an extension of your team. Paramantra’s solution goes beyond ordinary systems with features that help you with every single aspect of this critical path to sales success. By using automated systems, you will be able to manage your partners better and retain them as long-term revenue contributors.