The Business Analytics Pipeline is a visual representation of the progression of your database from the outer reaches of your sphere to completed deals and transactions. The balance of the numbers of contacts within each status will vary widely depending on many factors. However, with each method of business management applied, you would expect to see a certain balance of numbers that will offer you the greatest amount of success. Taking that information and applying it to your coaching and training practices will help you see your business processes in entirely new ways.
The pipeline has two primary views, which will be selected depending on if you select an entity from the drop-down menu on the upper right:
First, if you select the Company or individual Agent you will see a primary top-down view of the numbers of contacts housed within each status.
If you select an Office or a Team you will also see an interface that breaks the numbers down by agent.
The statuses and their total number of contacts in each run along the top. The agents and their individual numbers are then shown in the chart below.
The statuses leveraged by the pipeline are hard-coded into the kvCORE system. You have many organizational rules that you can use to sort and filter out your contacts/leads, but the statuses are permanent. This global organizational method is the pulse for the health of your business.
To learn more about statuses in kvCORE click here.
Sphere - These are people who you know, that may or may not be interested in real estate.
Prospect - People you've met or obtained info on, that you want to try to convert into a real estate lead. They are not actively searching right now, at least not on your kvCORE website. Your efforts should be directed towards getting them to do so!
New Lead - People who have signed up on your kvCORE website, or came from an ad, or from some lead source such as an email import.
Active Lead - People who are older than a few days from signing up or becoming a New Lead, who are also actively returning to your kvCORE website to view properties.
Client - People you are actually working with. Doing paperwork, showing homes, etc.
Contract - When a transaction management system is connected to kvCORE (like DotLoop, DocuSign, CORE BackOffice, etc.) if their information is found in a transaction that is synced, you can use this status to indicate that they are tied to a transaction. You could use the word contract and transaction interchangeably for this purpose.
Closed - After a transaction is closed, or if you choose to you can close a lead manually after they have completed their home purchase.
How you want to manage statuses or require how statuses are utilized is up to the policymakers of a Brokerage. It can be very useful to monitor the status numbers to compare them to those agents who have a high closing rate.
As an Admin it could be equally useful to monitor everyone and compare it to a specific standard so that a coach or manager can step in and try to help those who need a little extra hands-on help utilize the system to its fullest potential! The effort put into such a method is a great approach to training on kvCORE.
TIP: Keep in mind that statuses can trigger automation! Automation such as Smart Campaigns can be particular to statuses, or status/hashtag combinations. If you want to enforce a particular follow-up process, for example, you could create an 'always run' campaign that consists only of reminders to the agent to complete relevant tasks to that status.
Have more questions? Please reach out to Customer Support via the blue chat bubble to the right or by emailing firstname.lastname@example.org!