Understanding Transaction Stages
How to increase your chance of closing more transactions.
Transaction Stages are automatically applying industry established probabilities of success to each of your transaction. Stages include; Prospect > Opportunity > Active > Under Contract > Closed Won or Closed Lost).
Each stage has a different change of actually closing the transaction, the further advanced you are in the pipeline, the higher your changes of actually closing your transaction and collecting a commission.
Here's the breakdown for each deal stage:
- Prospect (10% chance of closing): This stage is one that is not yet qualified. This could be someone who 'says' they want to buy, but may not know they aren't able to or a lead that comes from one of the website Realdax provides.
- Opportunity (20% chance of closing): Moving a prospect to this stage means you already qualified them as a customer but not yet actively searching for properties. Maybe you are waiting the the signed Exclusive Broker Agreement to qualify them as active clients.
- Active (40% chance of closing): This stage is right in the middle of the action (searching for homes, or finding buyers for listings, etc.)
- Under Contract (80% chance of closing): You're almost there! Just because something is under contract doesn't mean its going to close but you had a really high probability.
- Closed Won (100% chance of closing): Success!! Congratulation you just earned your commission.
- Closed Lost (0% chance of closing): This wont be the last deal you ever work on and I bet you learned a lot from the experience. Now that you are using Realdax, you'll be able to make sure you keep track of the lost deals to ensure you close more in the future.
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