ABOUT
This client provides title insurance and settlement services for real estate transactions. They play a crucial role in the real estate industry by providing assurance that the title of a property is valid and clear of any undisclosed claims or defects. They also facilitate the closing process by coordinating the exchange of documents and funds between the parties involved in a real estate transaction.
The client operates across many regions, having distinct teams and procedures in place for title officers and escrow officers. With over 200 sales reps, procedures and rules vary across teams, and their sales and marketing processes are unique.
CHALLENGES
Coming to OBO, this client was primarily focused on optimizing their sales processes, with a strong emphasis on customer relationship management. Working on a nationwide scale results in rapid and consistent requests. The client wanted to be able to accurately measure how many transactions they were receiving, filtering by the source of business. Previously, they had been relying on reports and spreadsheets to review transaction data.
Challenges included:
Transaction Tracking: The client needed to accurately track whether transactions had taken place and identify the touch points involved.
Transaction Volume: With transactions occurring frequently, they needed a reliable system to keep pace with the high volume.
Agent Attribution: They wanted to differentiate between the selling agent and the buyer’s agent in order to track and refer business effectively.
Client Lifecycle Management: The client required a standardized process to manage their contacts’ progression through different lifecycle stages.
Client Retention: They needed a reliable mechanism to identify when a client was at risk of being lost based on their transaction history.
Their overarching goal was to encourage continuous deals from their clients. Further, it was imperative that they knew whenever they were at risk of losing a client.
SOLUTIONS
Based on the client’s assessment, OBO established the following project goals:
- Establishing a user-friendly CRM;
- Developing a scalable and integrated technology stack;
- Centralizing contact data;
- Configuring insight-driven reports.
The client was initially using SugarCRM, which is an on-premises CRM. OBO proposed HubSpot as an alternative. HubSpot’s ecosystem would increase transparency for sales reps and better align with their marketing team by using data from the client’s title and escrow production software.
Integrations & Automations
ResWare is an on-prem system that was being used for the client’s transaction data. An integration was built between ResWare and HubSpot to document transactions across both systems. The data translated to HubSpot properties as follows:
- Transaction = Deal
- Partner Company = Company
- Source of Business = Contacts
OBO introduced workflows and automations to indicate any updates to transaction records. For example, whenever a new transaction comes into the system, the source of business is automatically notified. Notifications are in place for both opening and closing transactions. This provides a more seamless engagement with the sources of business, enabling reps to maintain good working relationships.
Standardizing the way contacts are labeled and managed was another major goal. OBO introduced a standardized naming convention for incoming contacts to make searching and filtering universally simpler. Integrations assign the appropriate contact owner to tasks and deals. Workflows were implemented to update a contact’s status as it moves through the funnel. All of these updates work together to streamline the relationship management process with clients.
A webhook was created between HubSpot and MMI, which provides metrics and intelligence on contacts. MMI offers Contact Level data and other valuable metrics to hone in on valuable targets for WFG. By integrating this data with HubSpot contact records, users can more easily measure a target’s potential for conversion.
Reporting & Metrics
To track when the client may be at risk of losing business, OBO introduced properties documenting the last transaction the contact record had, as well as the cumulative number of transactions each client has. An automation is in place to notify when a client’s last recorded transaction exceeds a certain number of days.
New reporting abilities enable users to see valuable metrics, including how many targets are converted to clients each quarter. Improved visualization allows representatives to understand where targets are being lost in the sales funnel. Intuitive filters allow these reports to be segmented by sales rep, team, and more.
A roll-up function on the contact record easily displays a contact’s valuable properties, including open and closed transactions, production value, and more. The left hand sidebar of a contact record features important sections such as “Year to Date Production” and “Past 12 Months Production”, offering quick and easy access to top metrics.
Ongoing Support
OBO teams continuously monitor and update workflows to ensure ongoing functionality as new users are introduced to the HubSpot instance. At the time of this case study’s publication, OBO is developing a new integration solution that will significantly reduce the manual labor required to de-duplicate data between ResWare and HubSpot.
