Why building a pipeline of property deals is critical to your success
If you want to be a success then having a big pipeline of property deals is crucial.
Property investors face two main challenges; the first is getting the money, the second is having a steady stream of good deals. Without a good pipeline of property deals your business isn’t moving forward, and a pipeline doesn’t work unless it consistently receives new inputs.
To avoid your pipeline of deals drying up, you must continually be adding new ones.
How do I build my property pipeline?
A quick and effective approach is to treat every viewing as an opportunity to fill your pipeline. It doesn’t matter whether you make an offer or not; it should still be added to your pipeline as a prospective deal.
Right now it might not be a good deal, but if you can revisit it in two, six, 12 or even 24 months’ time the situation might have changed.
How do I manage my property pipeline?
Your pipeline of deals is going to be prodigious. Therefore you’ll need a scalable system that can cope with the number of deals you need to manage.
Spreadsheets and folders won’t cut the mustard – analysing deals takes a lot of time and effort this way. You need to be able to see the progress of every deal that’s in play at a glance. Plus, you need to be able to access all the information attached to each one simply and quickly, including your ‘power-team’ of contacts who could help push the deal through.
Some of your best opportunities will be deals that have taken time to become a good proposition, e.g. the sales process has fallen through several times, and the owner is keen to sell. To ensure you are in the position to take advantage of these opportunities you need to have been tracking and evaluating your deals on a regular basis so that you are ready to move when the time is right.
A CRM configured for property can help you do this.
How can CRM help me manage my property pipeline?
We know how critical it is to build up a good pipeline of deals, after all, it’s a numbers game. The bigger the deal pipeline you build, the bigger the pay-off and security for you later down the line.
We use Insightly CRM configured specifically for property. It enables us to:
- Build up a healthy pipeline of potential deals.
- See the progress of every deal at a glance without having to dig through folders, emails or spreadsheets.
- Receive automatic reminders and tasks to follow-up deals every 6-8 weeks.
- Follow a simple, repeatable workflow of deal analysis stages to follow.
- Delegate work to our VA (virtual assistant) and wider team.
Having a CRM configured for property will help make your business a success by equipping you with the right knowledge, at the right time to help you close a great deal.
Get in touch to find out more.
About the author
Steven Lai is a property investor, founder of Super Developments and creator of CRM for Property Success. He is a CRM expert with over 12 years commercial experience of managing sales teams.
Join the CRM for Property Success Facebook Group to ask him anything (about CRM, property or 80's trivia!).
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Super Developments Channel
© Super Developments Ltd. All rights reserved. Company registered in England & Wales, No. 10470912.