Real Estate Sales Process Flowchart

Real estate sales process flowchart is a step-by-step guide that helps every real estate agent identify the right real estate lead and convert them into potential sales. For a beginner real estate sales agent, this process can seem overwhelming due to its complexity. However, we have come up with an easy and simplified sales process flowchart that can help anyone venturing into the real estate market navigate and improve their business process.

As a realtor, your goal is to find and nurture the perfect leads that will be worth your time and effort, as well as land in sales while growing your business or career. Therefore, each step embedded in this sale process flowchart is focused on contributing to the work ethics of real estate agents.

Following every process and outline, you are very much likely to understand the real estate market cycle deeply. In addition, it enables you to generate leads, qualify a lead, nurture the lead, interact with the buyer, identify their needs, and finally ask for a referral.

We understand this process or cycle may seem very easy to carry out. However, you must be aware that it is a different scenario in the real estate market. In reality, there are obstacles or challenges that are bound to occur, which might keep you stuck in a particular stage of the process for a while before making headway.

Here in this article, we’re going to break down a proven and certified sales process flowchart into a simplified, detailed approach that can assist beginners and expert real estate agents in converting leads to potential sales.

So let’s get started!!!

(1) Opening/ Qualifying a lead
Many real estate agents will actually find qualifying a lead a bit difficult. However, obtaining the right information about a prospect is the goal. It gives you a clear idea of the type of property the prospect need and the kind of prospects you are about to convert to a potential client. In addition, it keeps you ahead of every other real estate agent and saves the prospect time.

So how can you best open or qualify a lead?

First of all, let’s highlight ways you can use to generate leads.

A real estate agent can use various methods to generate leads. These methods have been vetted by our experts and have helped them generate thousands of leads throughout their entire careers. Some of the ways you can use include;

• Connecting with people and other real estate professionals via social media
• Build strong partnerships
• Create your own real estate websites
• Leverage the use of marketing tools for advertisement on social media
• Advertise more on traditional channels of communication such as newspapers, billboards etc.

Next is qualifying a lead to convert possible sales. After generating leads, how do you qualify leads? There are some factors to consider in order to qualify leads. With these factors, you will be able to have an in-depth understanding of what the prospect wants and if you’re the ideal agent for the task. Also, you will be able to establish a good relationship with the prospect as well as engage with them better. These factors will help you know the kind of structured question to ask, which will show the level of readiness of the lead towards possible sales and determine if progressing with the prospect’s needs is worthy of your efforts and time.

Here are the top factors with structured questions that successful real estate agents can use to perfectly qualify real estate leads and achieve more deals.

Location – Knowing the prospect’s ideal location as a real estate agent can help you filter out irrelevant leads and save time. This will also enable you to highlight the necessary information and know the kind of property the prospect may have in mind. Once the prospect notices you’re familiar with the location, they intend to show more interest, value your time and efforts as well as prepare to proceed to the next phase of the transaction.

You can ask the prospect question like, “Do you have a suitable location or neighborhood in mind?”

Purpose – The prospect’s purpose towards buying a property can give you a sense of the prospect’s needs. It helps you identify the right kind of property based on the purpose and other requirements.

You can ask the prospect question like, “what is your intention regarding purchasing this property?” The prospect’s response can help you determine if the prospect’s offer will eventually result in sales or might just waste your time.

Budgets – Budget is a top-notch factor when it comes to selling or buying real estate properties. It helps agents present the right sets of property the prospect can pay for. Real estate agents are highly advised to know how much the lead intends to spend on acquiring the property before processing further. Once they have received such information, it will help the agent to see whether they’re a potential lead or not. You can say, “what is the property price range you intend to purchase?”

If the prospect does not have an idea of what they can afford, you can simply ask, “do you have a good credit score?”…” do you currently have any debt? If yes, how much it is?” With such information, you can narrow down the list of houses that the prospect can afford and know if they can be entitled to a pre-approved loan or not.

Mortgage – The cost of housing properties determines whether you use this factor when qualifying a lead. For example, in the United States, a lot of property purchased is usually financed by a mortgage. Therefore, knowing if the prospect is qualified for some form of pre-approval from the lender tells how serious and prepared the buyer is ready to act in order to purchase the property. You can simply ask by saying,” Mr or Mrs (name), I’d like to know if you’ve been pre-approved?”

Preference – Asking the prospect about the kind of property they need can also be used to qualify leads. An ideal prospect will give well-detailed information about every requirement they look forward to or expect in a property. You can simply say, “do you have any specific requirements for the property?” Once the prospect provides the details, it is your job to look for the closest match to their preference.

This shows the prospects have done their research and are realistic about purchasing the property as soon as possible.

Duration – Having an idea of how soon the prospect needs a property gives you an idea of how prepared and ready the prospect is. Also, it helps you know the timeline it may take the sales cycle to be complete after the first appointment till closing the deal. You can say, “how soon do you want to buy and move into the property?” The prospect’s response can help you know how serious they are towards the property and qualify the lead. As a real estate agent, you will not want to focus on a prospect that does not have a precise or realistic timeframe after meeting their requirement.

Appointment – This factor is recommended as the final stage when qualifying leads. At this point, we believe that once you have acquired sufficient information about the property and it is available for inspection, proposing an appointment can help you know how prepared the prospect is. In addition, it gives you an idea of how soon to finalize the deal and win a sale. You can ask by saying, “Mr or Mrs (name), when can we schedule an appointment to have a discussion on your property search or to inspect the property?”

The quicker the prospects agree to the meeting, the higher chances of potential sales. If the other way round, then that tells the prospect isn’t prepared to move forward with the deal at that moment.

(2) Buyer vs Seller
In a sale process flowchart, this stage can also be classified as the most far-reaching stage because the lead has already been known as a potential future client. At this point, both the agent and the prospect have to be actively involved in order to come up with a comprehensive market analysis to know the estimated worth of the property at that moment as well as terms and conditions that may work perfectly for both of them.

Some of the processes that would take place in this category include;
• Approach
• Analysis
• Intervention
• Presentation
• Addressing objection
• Decision
• Follow-up
• Commitment

Immediately, all of these can be fulfilled by both parties; then, it is worth closing the deal.

(3) Asking for referral
As a real estate agent, networking is a vital tool in the industry. One of the ways you can network faster in this market is through people referral. That is why we do urge realtors to address their prospect’s needs with the best solution. Then, once you conclude a great job for the prospect, you can leverage people in their network to expand your business growth as well as stay top of the industry.

To likely get referrals, you need to approach the prospect by asking them for it. Now, how can you ask a prospect for a referral?

The key quality you need is to build trust with a potential lead (prospect). When a prospect finds this trait in your business relationship, they will have a strong guarantee of your business quality. In addition, they’ll be satisfied to connect you to their friends, family, business associates, and anyone wanting to buy a property within their network.

However, we notice that some agents are shy or feel tense about asking for a referral. So here is a proven-record style on how to ask prospects for referrals and end up getting tons of referrals from multiple clients.

You say, “ Thank you, Mr or Mrs (name). It was a great pleasure working with you. However, I’d love to know if you have anyone that may be looking for a real estate agent? If so, kindly feel free to let me know. I will be glad to discuss and chat with them regarding their needs.”

This style is highly interactive, friendly, and comfortable for a prospect to listen attentively. It does not look pushy but focuses more on informing the prospect about your services. If they’re truly satisfied with your customer service, they will definitely recommend you.