CRM & Pipeline Management
The CRM: Your Most Important Tool
A Customer Relationship Management (CRM) system is the central hub for all lead information and communication. As a wholesaling VA, you will spend a significant amount of your time working within the CRM. It is essential that you understand how to use it effectively to keep leads organized, track progress, and ensure no opportunities fall through the cracks.
Popular CRMs in the wholesaling industry include REsimpli, Podio, and FreedomSoft.
The Wholesaling Pipeline
The pipeline is a visual representation of where each lead is in the sales process. Each stage of the pipeline represents a different level of engagement with a potential seller. Your job is to keep the pipeline updated and move leads from one stage to the next.
Common Pipeline Stages:
| Stage | Description |
|---|---|
| New Lead | A new, uncontacted lead has been added to the CRM. |
| Contact Attempted | You have attempted to contact the lead (e.g., called, sent a text, or email) but have not yet spoken with them. |
| Contact Made | You have successfully made contact with the lead and had an initial conversation. |
| Follow-Up | The lead is not ready to sell now but has requested you follow up in the future. |
| Warm Lead | The lead has expressed some interest in selling but is not yet ready to commit. |
| Hot Lead | The lead is highly motivated and ready to receive an offer. This is a high-priority lead. |
| Offer Sent | The wholesaler has sent a formal offer to the seller. |
| Under Contract | The seller has accepted the offer and signed the purchase agreement. |
| Closed Deal | The contract has been assigned to a buyer, and the deal has successfully closed. |
| Dead Lead | The lead is not interested in selling, has already sold the property, or is otherwise not a viable opportunity. |
Best Practices for CRM Management
- Enter Every Lead: Every single potential lead, no matter how small, should be entered into the CRM. This ensures nothing is forgotten.
- Detailed Notes: After every interaction with a lead, add detailed notes to the CRM. Include the date, time, summary of the conversation, and any next steps.
- Set Follow-Up Tasks: If a lead requests a follow-up, immediately create a task in the CRM with the specific date and time to follow up. This automates your workflow and ensures you never miss a follow-up.
- Keep Statuses Updated: As a lead progresses through the pipeline, make sure to update their status in the CRM. This provides a clear and accurate overview of your lead pipeline.
- Data Hygiene: Regularly clean your CRM data. This includes merging duplicate leads, correcting inaccurate information, and removing dead leads. A clean CRM is an effective CRM.
Example CRM Workflow
- A new lead for a vacant property at 123 Main St. comes in. You enter it into the CRM under the "New Lead" stage.
- You skip trace the owner and find a phone number. You call the owner, but there is no answer. You update the lead status to "Contact Attempted" and leave a note in the CRM.
- The next day, you call again, and the owner answers. They mention they might be interested in selling in a few months. You update the status to "Follow-Up," add detailed notes from the conversation, and set a task to call them back in 60 days.
- When the follow-up task is due, you call the owner again. They are now ready to sell. You update the status to "Hot Lead" and notify the wholesaler to prepare an offer.
By following this structured process, you ensure that every lead is managed effectively, maximizing the chances of converting it into a profitable deal.