All of us love it when it’s “easy”. Think about the things that used to be hard; banking, buying insurance, even buying a car. Yet today those things are so much easier. In essence, what happened was the “friction” points were reduced, automated or removed. The experience was stitched together in a way that it just made sense and as a result, everyone adopted them. It’s got to the point where we expect this from everything!
Yet “easy” is actually quite hard. It means making the experience work for everyone involved. Let’s go back to banking, buying insurance or buying a car. For each to be easy, they need to provide a great buying experience, ensure that the needs of the bank / insurance company / car company are met and they need to be available anywhere, anytime from any device. Yet each of these are complex transactions involving close governance over both the processes and the data. Yet with a lot of work by some courageous people, they are made easy and as a result, more universally available.
New home sales transactions are complex and long lasting, yet they need to be easier for everyone involved: the developer, their sales and marketing partners, realtors and buyers. This is why Transaction Management Software (TMS) exists; to make everyone’s life easier while also governing the process and data at the same time.
Let’s break down new home sales transactions. They begin with lead acquisition, a hybrid in-person and virtual sales process, resulting in a contracting process that captures critical home-specific data and requires local regulatory compliance. New home transactions don’t stop there, as they require accurate data to ensure compliance and reduced errors in construction, ongoing buyer communication through to a transaction close that is often years after contract signature. This entire lifecycle is managed on Avesdo TMS and only charged when a sale goes firm.
To reduce the friction of new home sales transactions, a TMS must be able to manage the complex processes and data management requirements. To do so effectively, a fully functional new home TMS must have the ability to:
- Acquire leads early in the project lifecycle, store them in a secure place and facilitate the 1:1 selling experience
- Facilitate time-based allocations to realtors and buyers to drive purchase urgency
- Execute multiple selling strategies at the same time, in real-time, closing deals both virtually and in-person including deposit collection
- Optimize project revenue / yield of projects with real-time pricing adjustments
- Sell all types of new home projects, including single family homes with architectural controls
- Manage contract data including selections, custom requests, deposit schedules and commissions in a secure central repository to reduce errors in finance and construction
- Enable the ongoing changes in the contract and project lifecycle adhering to regulatory compliance
- Facilitate the closing process at completion
In new home development, the most common systems are Customer Relationships Management (CRM) systems for engaging potential buyers and construction management systems for managing the building process. When it comes to sales, CRMs have largely been the sole software of choice for new home sales and marketing. When you look closely, most developers use their CRM systems to manage the digital marketing interactions with potential home buyers and track their progress toward a sale and typically stop there, possibly updated later after a sale has been made.
Alternatively, a Transaction Management Software platform manages the unique data associated with a new home sales purchase and its evolution through the entire lifecycle of a new home transaction. Avesdo TMS provides interoperability with popular email marketing engines available in CRM technologies, and is complementary with emerging 3D digital buying experiences enabling a seamless transaction through the Avesdo TMS platform.
A transaction is far more than a signature (or digital signature). Yes, it’s an important piece of the pie but there is much more that goes into a transaction, especially for real estate. A transaction includes ensuring that you are compliant with your regional real estate councils. A transaction includes managing your inventory and having control over your allocations to realtors. A transaction includes your deposits from the initial deposit to the last. A transaction includes having access to the data as you build out the project and being available when you need to refer back to that deal.
On top of the countless steps to complete a transaction, there are also a lot of people involved in the process. For buyers, a new home is the biggest purchase of your life. This in itself is very stressful. You don’t want to add any extra stress because the process of completing the transaction is confusing and inefficient. For developers, you’re taking on huge liabilities and risks with your projects. You want to make sure that selling your homes is easy, simple and as efficient as possible. Sales representatives have to qualify hundreds of potential buyers and make sure their activity levels are high enough to hit their targets. You want to be able to qualify these leads and focus your efforts on those who are actually interested in buying and make your life (you guessed it) easy, simple and more efficient. Same with administrators, buy-side agents, parents helping out their children with financing and whoever else is involved.
In the end, sales transactions are what make or break a project. Done right, everything is easy and the project is a runaway success. Transaction Management Software makes this easy for everyone and significantly increases the chances of success, a great experience and a project that hits the targets. Isn’t it time to make your life easier when it comes to new home sales transactions?
Interested in hearing more about our TMS platform? Connect with us today.
