In the competitive world of real estate, having a strong channel partner network can be the key to success for any real estate business. A channel partner is a third-party organization that sells or markets a company’s products or services. In the case of real estate, it can be a real estate agent or broker who works closely with the real estate company.

Having a channel partner network for real estate can be an invaluable asset for builders. It can help them increase their customer base, reach new markets, and generate more revenue. In recent years, we have seen many dynamics change in the real estate sector.

After the implementation of the Real Estate Regulation and Development Act (RERA) and Good Services and Tax (GST), builders are becoming more reliant on channel partners to increase their property sales.

In this blog, we will discuss the role of channel partners in today’s market, how developers can build and maintain long-lasting relationships with their channel partners, the benefits of channel partner training, and the advantages of having a strong channel partner network.

Role of Channel Partners and Brokers in Today’s Market

We live in times of uncertainty. The COVID-19 pandemic has had a great impact on the Real Estate industry as well as altered the buying tendencies of homebuyers. In such a situation, convincing customers to invest in a property is a challenge.

In this scenario, Channel Partners can assist builders by providing access to their lead databases, which will enable developers to connect with a greater number of potential buyers, thus instilling confidence in them to make a purchase.

How to Develop and Maintain Relationships with Your Channel Partners

Building and maintaining relationships with your channel partners is a key factor in the success of your real estate company. It is important to understand how to develop and maintain relationships with your channel partners to maximize the effectiveness of your partner network. Here are some key steps you can take to build strong relationships with your channel partners:

• Provide regular and timely updates: It’s important to establish regular and consistent communication with your channel partners to keep them updated about your projects, construction updates, upcoming launches and more. The channel partners can share the same information with the customers which ultimately leads to increased sales.
• Offer incentives: Consider offering incentives over and above the standard earnings to your channel partners for meeting or exceeding sales targets. This could include bonuses, discounts, or other rewards, which will help to keep them motivated and engaged.
• Provide training and support: Invest in training videos, information on the project, location, amenities and more for your channel partners to help them sell your projects effectively.

Benefits of Channel Partner Training

Creating a channel partner training program can impact your real estate business in many ways. Here are some significant differences you can see:

Improved Partner Performance

Channel partners receive training to better their project understanding. A qualified partner can explain the property details in length to the customers. They can persuade better, which significantly enhances their performance and your sales.

Strong & Growing Brand

Trained and long-standing channel partners contribute to brand growth. They show a higher degree of brand awareness and can help you increase brand visibility.

Better Customer Retention

Training for managing channel partners can enhance their performance by encouraging them to be more responsive and proactive towards their customers’ requirements. As a result of this, when customers align themselves with proficient partners, their satisfaction levels increase significantly, and content customers tend to remain associated with a business for a longer period.

Feedback From Partners

During and after training, you can gather feedback from your channel partners on what they think about your training program and your projects. You can use this information to improve your training program and offer better services for your customers, if necessary.

Productivity

Channel partner training can improve the productivity of your partner network. By providing partners with the knowledge and tools they need, they can work more efficiently, reducing time spent on administrative tasks and increasing time spent on sales.

The Advantages of Using a Strong Channel Partner Network in Real Estate

Having a strong channel partner network in the real estate industry can provide numerous advantages for developers. Leveraging your channel partner network can help to increase sales, attract relevant leads, and improve brand visibility. It also provides access to new markets and resources that would otherwise be unavailable. Here are some advantages of using a strong channel partner network in Real Estate:

Increased Reach

One of the most significant benefits of having a strong channel partner network is increased reach. With the help of channel partners, real estate companies can reach a wider audience of potential customers.

Local Expertise

Another advantage of working with channel partners is the local expertise they bring to the table. Real estate agents and brokers are often well-versed in the local real estate market, which can be invaluable for companies looking to expand their operations in a new area.

Cost-Effective Marketing

Marketing is a critical component of any real estate business, but it can be costly. Working with channel partners can be a cost-effective way to reach potential customers. Instead of spending money on expensive marketing campaigns, real estate companies can leverage the networks of their channel partners to promote their listings and services.

Increased Credibility

When a real estate company works with trusted and respected channel partners, it can increase its credibility in the market. Channel partners can lend their reputation to the company, which can help build trust with potential customers.

By taking advantage of the relationships with your partners, you can gain insights into customer preferences and trends, as well as develop strategies to capitalize on opportunities in the real estate market.

Real Estate Regulation and Development Act (RERA) for channel partners:

The Real Estate Regulatory Authority (RERA) enables homebuyers to gain comprehensive information on the legal status of any real estate property they are interested in. As per this law, all developers and channel partners offering services in this sector must register with RERA.

The fact that channel partners are registered with RERA makes them a reliable buyer choice. Channel partners play a more significant role in the real estate market and sales, as they are viewed as advisors and sales professionals rather than mere brokers. They are expected to take responsibility and be accountable for their registration with RERA.

Developers and agents must provide full disclosure of project details, and RERA maintains a record of all registered channel partners on its website. This ensures transparency and accountability in the real estate industry and gives buyers the confidence to trust and work with registered channel partners.

Conclusion

A strong channel partner network can be an asset for any real estate business. By leveraging the networks and expertise of their channel partners, real estate companies can reach a wider audience, gain local insights, reduce marketing costs, increase credibility, and achieve greater flexibility.

Having a strong channel partner network can help you stay ahead in a highly competitive industry by providing them access to cutting-edge technology, apps and more. One such example is the WinnRE app by Reloy, which is a channel partner platform offering digital amenities to ensure a smooth home-selling process that ultimately leads to improved sales and profits.