What is a Pipeline?
My first Broker taught me about the Real Estate Pipeline. The Pipeline Principal is this, “What you do tomorrow is determined by who is in your pipeline today.” In other words, if you want to go to closing or settlement in April or May, your pipeline must hold people ready to buy or sell today.
A Proven Principal
The Pipeline Principal holds true even in this world of Web 2.0 or Web 3.0.
Our busy time of the year in Michigan is the Spring and Summer market where most of our closings occur. Therefore, to plan on having a closing in November or December, (when the market is slow) we have to have a pipeline of folks ready to buy or sell in October or November.
Who is in Your Pipeline?
Your pipeline is made up of your buyers that have told you they will be ready in 6 months, people that are moving when school is out, people working on their credit repairs and any leads that have been returning to your web site. Life changes and folks in your pipeline may be pushed to the top by the changing of their circumstances.
Keep In Touch
Keeping in touch with your potential and past clients affords you the opportunity to be there should events change in their life that will effect a move. Remember the sellers who have told you at a certain time next year they may be relocating, or you hear they have a new baby or get married. Keeping in touch with past clients will enable you to keep your pipeline full. If you have folks in your pipeline, it is time to get on the phone and call them up.
A Friendly Call
Hi, Ms. Buyer,
“Last time we spoke you mentioned you would be ready to buy in March, I’m just checking in to see if that is still your time table?”
Hi Mr. Seller,
“Wow, I can’t believe your residency is over, do you know where you will being practicing when you finish?”
If I don’t have a closing in a particular month, that is not a concern to me; however, if my pipeline of future buyers or sellers is empty, THAT is a concern.
Old Methods vs New Technology
Technology has enhanced our lives and business, but sometimes we just need to refresh our minds with basic old sales principals. Taking care of and growing that pipeline of future buyers and sellers ensures a consistent, steady source of income.
Photo by Missy Caulk taken on VA Beach 2-14-09
