Janelle D. By Janelle D. • August 10, 2018

Calculating the Cost of Inside Sales

In real estate, a lot of time and effort goes into nurturing leads and prospecting, but what if you don’t have the time? If you’re showing homes, who’s back at the office taking phone calls, making prospecting calls and lining up appointments? To grow your sales funnel and save time, consider hiring an inside sales rep.

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There are a lot of expenses to take into consideration, beyond payroll, benefits and bonuses, when hiring a sales rep. Think about the money spent recruiting the sales rep, training, and providing sales tools. You want to find someone who not only has experience, but is self-driven and doesn’t mind spending most of their time on the phone. According to Acquirent, some expenses to consider as you look to hire an inside sales rep are as follows:

Payroll, benefits & bonuses: $60K

Training: $1888

Recruiting: $4129

Sales Tools: $500-$5000

Mgmt Costs: $125K

According to a 2015 Training and Industry Report, $70.6 billion was spent in the U.S. on training expenditures which include payroll external products and services.

Depending on the size of your agency and team, expenses will vary but you’ll still have to pay a salary, cover healthcare costs, and bonuses (or hire an independent contractor and file a 1099). Let’s take a look at the breakdown of basic costs when hiring an sales rep:

Base salary: $35,000

Healthcare: $8,000

Bonuses: $500-$18,000

 

A sales rep can take over tasks associated with lead generation and follow-up, allowing you to spend more time with your clientele. As leads come in from your website or blog, you want a sales rep who will follow up with them immediately, nurture them and convert them into future sales. If you don’t have someone taking care of lead follow up and prospecting for new leads, you are leaving money on the table.

 

Sales Rep Roles_Lead GenerationInbound Customer ServiceReduce Churn

 

Sales reps can save you time when it comes to meeting with potential clients. In today's day and age, the majority of people do not want to meet face-to-face. Thanks to technology, it’s no longer necessary to meet off-site with potential clients. An inside sales rep can contact and nurture them through web conferencing/virtual meetings until they're ready to set up a meeting with you, the agent. The sales rep can gather and verify pertinent information, learn if they're qualified, and get to know the potential client before passing them on to you. Through the use of these virtual meetings, you can drastically cut back on the amount of time spent off-site and shorten the sales cycle. 

Conclusion

How would you feel, after returning from a day of showing homes, knowing that your inside sales rep followed up with all of the day’s leads and voicemails, set up nurturing campaigns, lined up your appointments and made prospecting calls? Consider hiring a sales rep, even part-time, to allow your business to flourish as you enjoy time in the field with clients.

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