Shortening the sales cycle in homebuilding can seem like a whirlwind of fluctuating tactics and strategies to come up with a big-budget sale in as little time as possible. No other industry competes with the same level of client expenditure as homebuilding, which is why the process of turning interest into a sale can take months, if not years.
Homebuilders may have an idea of the predetermined steps they should follow to gauge interest from potential clients and to turn that interest into a signed contract, but if general business practices and marketing has taught us anything, it’s that every business is unique and targets their audience using personalized methods.
Reeling in the interest of a home buyer is not always easy, especially when the market is continuously evolving, but it’s entirely attainable. Houses are being built and sold every day, so how can you – the homebuilder – jump in on this market activity and profit? By shortening your sales cycle.
It may be easy for us to say that a shortened sales cycle will increase your success, but as an agency we know firsthand what it’s like to address our own sales cycles, observe its benefits, and develop comprehensive, actionable strategies for our clients to do the same.
Since selling homes and selling technology can arguably involve the same level of client nurturing and patience, it’s in our best interest – and that of homebuilders – to pass along some insights we’ve uncovered to shorten our own sales cycle and the ones of our clients.
What Is Disrupting Your Sales Cycle, Exactly?
Understanding the assets that you control, such as messaging, branding, and tools used, can be a competitive advantage. What’s even more valuable is knowing what works and what doesn’t.
Here are some common internal issues that can slow down or disrupt your sales cycle.
Lack of Engaging Sales Materials
Outdated Tools & Resources
Archaic Brand Touch-Points
Slow Customer Relationship Management (CRM)
Inefficient Client Profiling
Lack of Communication on Sales Team
Managing Client Feedback & Expectations
Inefficient Data Tracking & Resourcing
Wasted Time by Sales Teams
If any of these topics seem familiar or concerning to you, it could be a good time to revisit your business strategy and improve upon the resources you have, even if you can’t always improve upon the urgency for potential clients to buy.
With a little insight on how homebuilders struggle with a lengthy sales process, we’re going to help you discover a few ways that technology can help improve upon all internal slow-downs and increase your brand’s reputation in the process.
The Implementation of Next-Gen Tech for Homebuilders
Next-gen technology may seem like an ultramodern concept for modest homebuilders, but it’s just a term that acknowledges technology that’s on the verge of becoming mainstream across every industry, replacing existing tech and delivering a better brand experience for potential clients.
The most prevalent examples of next-gen technology that can assist in refining and escalating the home buying process include: virtual reality (VR) and augmented reality (AR), artificial intelligence (AI) and machine learning, touchscreen devices, mobile and web applications, chatbots, and beacons.
Don’t be scared off by some of these terms. They’re not as complicated as you may imagine. In fact, many businesses are already jumping on these trends, with one-third of IT decision-makers already using AI specifically, and 26% planning on integrating it within the next two years.
So, how can next-gen technology work for homebuilders?
Virtual Reality (VR) & Augmented Reality (AR)
Simulate home walkthroughs, visualize neighbourhoods, customize home features, upsell clients, and make sales without involving a sales team.
Artificial Intelligence (AI) & Machine Learning (ML)
Employ a virtual personal assistant, learn about client behavior and interests, and speed up your business’ operations.
Eliminate printing costs, showcase and customize your products, create purchase channels and capabilities for additions or features, and gather and send client information.
Target and engage potential homebuyers early in the sales process, increase brand recognition and digital traffic, improve internal and external communication, harness essential client data.
Mobile & Web Applications
Interact with your team and clients in real-time, track your projects and schedule, train staff and improve skills, and provide an accessible space for project monitoring for your team and clients.
Reduce or remove the need for a customer service department, answer client questions without having to resource staff, and make predictions about where a potential client fits into the home buying process.
If you’re curious to know exactly how each piece of next-gen technology can work in addressing the challenges of homebuilders, we encourage you to read our in-depth white paper (coming soon!). This resource will help you understand how homebuilders can leverage emerging technologies to improve client and internal relations, and – more importantly – shorten the home buying sales process.
Selling a home is often a long, confusing, and paper-driven process. Our technology solutions make the prospective home buying experience exciting for visitors while simplifying the administration side for homedbuilders. If you are a homebuilder and are interested in finding out if next-gen technologies are right for your business, contact us today to set up a chat.