Is your Channel Partner Strategy Old? Modernize Processes and Systems by Adopting a Real Estate CRM
If you are promoting real estate projects, one of the best ways to drive sales is to have a strong Channel Partner strategy. With the right tools and policies, you can establish your self as a trustworthy, long-term partner who is committed to the success of your Channel Partners. Gone are the days when giving strong incentives and commissions were the only way to attract channel managed sales. These days, channel partners are tech savvy, strong marketers themselves and have gained a lot of trust from the end users. Today the customer knows that a channel partner can give better options, more options, deeper discounts and relatively unbiased consulting as compared to the sales reps of the Builder. Believe it or not, but it is the channel partners rep that can gain more trust with a real estate buyer than a builder’s sales rep. And Channel Partners today want to be practical- they need transparency, priority and a clear communication line with the Builder, to keep coming back and referring more and more business. If the closing of one deal is hard for them, then however profitable it may be, they will still not want to invest their time, energy and effort. But if they see that they are getting the support, clarity and confidence in a product where they can do more volume of business, they will keep coming back to the builder. Who does not like 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: I am surprised that some builders do not have automatic sign-up for a Channel Partner on their website. All you need to do is let them sign-up automatically online, and if you really need to: Then do a meeting before making them authorized channel partners. This will save everybody a lot of time and ensure that everyone who wants to be your partner has an equal opportunity, a clear and quick way to do so. By continuing with manual processes of registering channel partners, you are only making your organization look slow and unprepared to support. Also, just a simple sign up form is not enough! Read Further-
2: Availability, Offers and Product Knowledge: Are you still manually sending availability updates, new brochures, pricing changes, commission structures and project description? Well, you should not do anything manually, that’s why we have the technology -Use the online login as a forum for you to nurture the relationship with your partner. If your partner has access to the latest information on their personalized login(after sign-up) it will make the daily communication very smooth. Not only should the channel partner have a login, but every employee of the channel partner should have a direct login to the basic sales related information. This platform should also address any doubts or queries that the partners may have. Is that enough-Well not really, here’s more:
3: System Based Support: Your partner management system must allow the channel partner to check availability, know pricing and generate quotations on the fly. Remember you have already authorized your partner-now to go ahead and give them the tools to succeed. This quotation will not only be co-branded with the partner and make them look good in the buyer’s mind but will also give you the complete peace of mind that pricing flexibility or availability of the product is not abused by anyone. The level of discount or incentive that is available to the partner on each deal should be automatically managed and clearly shown to your partner. The same holds true for the commission that is due, approved or pending approval.
4: Registering Channel Partners’ Sales Inquiries: Another basic functionality that the partner management system should give, is the ability for the partner to register their leads/deals-automatically. Every deal that the partner registers should be automatically registered and tracked. If there are conflicts, e.g. my lead /your lead/ will pay /won’t pay-then it should be 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. Trust, not discounts get deals done.
5: Updates & Automatic Alerts: The partner management platform should automatically alert if certain events have happened in the deal. Also if the partner needs to know the update on the deal status, that should be available at the click of a button. If you can share little, then share little-But please share often. There is nothing worse for a partner than keep running from pillar to post, trying to get updates. If you keep updating them proactively, you will build a solid foundation of trust and avoid unnecessary dissatisfaction and communication on non-productive matters.
6. Automated Issue Resolution: Another very important aspect of managing daily operations with channel partners is conflict resolution. Sometimes two channel partners claim revenue for the same booking, sometimes a channel partner claims credit for a deal where an internal sales representative claims a direct deal, at other times the conflict begins even at the time of registering an inquiry. In all these examples and I am sure there are a great deal more, nothing works better than a system based approach. With Paramantra’s resolution centre, the channel partner manager or sales management teams can easily identify conflicts, investigate causes, make decisions and automatically communicate the entire process to the channel partner.
Paramantra’s Real Estate CRM provides a very vast array of practical features that you can utilize to drive efficiency in your channel partner strategy. From onboarding Channel partners to communicating with them, to compensating them, treating them act like an extension of your own sales team. Paramantra’s solution goes beyond the usual ordinary systems-Paramantra has features to help you with every single aspect of this very critical path to sales success. By using automated systems, you will be able to not only manage your partners better but also attract and retain them as long-term revenue contributors.