The benefits of B2B conversions for real estate agents

Over the past decade the way we market and sell properties has changed. The days of cold calling and door-to-door sales are pretty much over, and most consumers are using online resources to research properties long before they contact agents. Now, a growing percentage of real estate transactions are made through business-to-business referrals or what would be considered B2B conversions.

So how can you build and operate a referral business network as a real estate agent? You can do this by creating a marketing strategy that will drive traffic and conversions to potential business partners. Before we get into the benefits of doing so, let’s take a moment to define what B2B marketing means for real estate agents.

1. What is a B2B real estate conversion?

B2B is an acronym that describes any type of transaction between two businesses. Residential real estate has always been a B2C business, where real estate agents work directly with individuals who buy, sell and rent properties. Over the past 10 years, more and more real estate agents are entering into agreements with people referred by other companies. Below is a list of potential B2B conversions for real estate agents:

  • A mortgage lender referring a pre-approved borrower to a local agent
  • A property manager or landlord referring buyers or tenants to a trusted agent
  • A relocation service provider referring buyers to local real estate agents
  • A real estate agent representing a local home builder
  • A local agent broker representing a foreclosure bank

These are all great lead generation channels for real estate agents. B2B conversion in real estate is specifically the process of converting website traffic from these referral sources into actual referral partners.

2. How to convert more B2B customers as a real estate agent

You may be wondering how to build a network of real estate B2B referral partners. B2B marketing is a different animal from B2C. To be successful in driving more real estate B2B conversions, you must first understand your target audience.

Understand your target audience

If you want to effectively target a B2B audience, you need to understand how they differ from your traditional B2C audience. For one thing, B2B customers tend to have different issues than B2C customers. Understanding these pain points helps you craft your marketing message to provide a solution to their problem. B2B customers tend to have longer sales cycles and may have multiple decision makers. Additionally, B2B customers tend to use different channels than B2C customers. For example, you’ll likely have better luck marketing B2B with LinkedIn than with Instagram.

Identify your unique selling proposition

Once you understand your B2B audience, you can identify what unique selling proposition will resonate with them. What aspects of your business are unique differentiators from what else is out there in your market? These may include higher commissions for referrals, greater availability, or a unique approach to customer relations. Be sure to leverage these selling propositions in your marketing materials.

Build a strong online presence

Once you’ve identified the channels your potential B2B partners are using, it’s time to establish a strong online presence there. This means creating content that resonates with potential B2B customers and posting it to the places they frequently visit online. This can be done through organic posts on LinkedIn or through paid targeted content ads through social media.

Feed your leads

Typically, when a B2B customer converts on your website, it’s just the first interaction in a longer sales process. Once you get the lead, you need to use different methods to nurture those leads until they convert into a valuable referral partner. This may mean creating outreach campaigns via email, phone calls and text messages, or remarketing ads.

3. The benefits of B2B conversions for real estate agents

By creating a channel to convert valuable B2B leads, you’ll begin to build a powerful network of industry partners who can send you a steady stream of real estate leads. By focusing on how you can effectively convert these web traffic leads into a referral partner, you:

Generate more leads

Unlike B2C real estate marketing, a prospect will typically only contact you when they need to move. B2B leads have the potential to send a steady stream of leads from a single conversion. This makes B2C leads much more valuable than the standard B2C lead of an individual buying a home. Additionally, by focusing on how you can improve your conversion percentage, you will see a commensurate increase in the number of B2B leads generated.

Increased productivity

Ask any agent broker what keeps them up at night, and many will say it provides their agents with a steady stream of leads to keep them busy. Nothing is more demoralizing to an agent than a lack of potential business in their pipeline. By focusing on converting more B2B real estate leads, agents will benefit from a recurring stream of high-quality leads that will increase sales and agent productivity.

Better customer relationships

When you convert a B2B lead into an agency partner, you are building long-term, mutually beneficial relationships. Unlike B2C customers who come and go, your referral network gives you the opportunity to build strong industry connections that can pay dividends far beyond lead generation. This is why B2B lead generation is such a powerful tool for modern real estate agencies.

Comments are closed.