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      Opportunity Flows

      Posted by Jack on Dec 21, 2020 9:31:58 AM



      There are 3 types of sales opportunities available:

      1. New Business
      2. Service Line Addition
      3. New Staff Introduction

      Related Article: Nurturing & Follow-up Expectations

      New Business

      This type of opportunity represents an opportunity for a property that is net new to Rent Ready or an opportunity with a property from the past that hasn’t been recently working with Rent Ready.

      This Opportunity should be created and managed by BDMs and should always start as a ‘Lead’ in the system.



      The Lead is where all New Business Opportunities should start. A Lead is characterized by a contact (any level – regional, property management, maintenance, etc.) that you are trying to connect with by any means (phone, email, face-to-face, LinkedIn, Facebook, etc.).

      How to create a lead in the system:


      STEP 1! 


      You can globally search in Stella for any contact or account records to determine the answer for each. If either of these are a 'yes' then you need to LINK to existing records. If they already exist AND you don't link them you will create duplicates. Duplicates are bad, very very bad.


      Create from the Lead Entity

      1. Navigate to SalesHub, and to the Lead entity (from the left sidebar menu) and find the green "+" option in the top menu bar
      2. Property Lookup
        1. IF the property is already in STELLA, utilize the 'Existing Account'
        2. If the account is NOT in STELLA, search for the property in the SmartApartments lookup field (this will auto-populate Property Input data)
      3. Select Lead Main Source
      4. Add Contact information. IF THE CONTACT IS ALREADY IN THE SYSTEM, LOOK THE CONTACT UP IN THE 'EXISTING CONTACT' FIELD. By not doing this, you will create duplicates in the system when you qualify the lead
        1. The first and last name will populate from the contact record, as well as a known phone number
        2. You will need to select the Contact Type and Email (Job Title and Mobile are optional and should be filled in if known)
      5. Select 'Save' in top menu bar OR bottom right


      HubSpot Video


      Existing Contacts and Properties:

      If you have used the lookup fields for known contacts and properties in the system, you will Existing Account Details for properties and Existing Contact Historical Associations on the right hand column of the page

      What transitions the Lead to a Viable Opportunity:

      When interest is shown from a lead (i.e. a reply to an email, a form submission asking for more information, a meeting accepted, a meaningful phone conversation)

      When you think there is even a small chance that this lead could end up using Rent Ready services based off of their engagement with you is when you would move the lead to next stage.

      How to qualify a lead in the system:

      When you're ready to qualify the lead into a viable Opportunity

      1. Navigate to the Business Flow and lookup the Account from the system (if the Account already exists)
      2. Save the record
      3. Select the 'Qualify' button the top menu bar - You should not use the 'Next Stage' button within the flow

      If you select Qualify the Lead prior to associating it to an existing account, you'll be prompted to associate it, or to create a net new Account. 




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      The Qualify stage is where you have entered into a conversation with a lead and are pitching the Rent Ready value to them. 

      Qualify is the first stage that attributes to a pipeline – the first stage that we associate a dollar amount to.  We attribute a 25% probability of the estimated run rate to the opportunity portrayed in a pipeline


      Fields in the Qualify Stage

      • Opportunity Type
        • New Business Flow
        • New Site Introduction
        • Service Line Addition
      • Property - this will link back to the Property/Account Page
      • Management Company - a lookup field to input the Management Company
      • Number of Units - if this information is known from the linked Account page, it will populate for you. If this is a new Account in the system, the unit count that is input will flow back to the Account page once the Opportunity is won and Account is marked as 'Current'
      • Turn Profile - this selection will roll over to the Quoting stage and will start the Run Rate Estimation data input
        • Add-On Only
        • Simple
        • Standard
        • Full
        • Sanitization
        • Office Clean
        • Individual Services
      • Property Market and Property Status - these are the only two fields that have to be updated on the Account page
      • Run Rate Estimation

      Run Rate Estimation

      This section is to determine the estimated run rate value of this opportunity. Based off of the Turn Profile selected, services will auto select. (Ex: Simple = Paint & Clean). Since Resurfacing is considered a 'add-on' service, you can manually select that service to be included in the estimation.

      Once you have selected the right services for that opportunity, you can 'Save' the record. This will automatically run the calculation in the backend. The items that we use to calculate run rate are:

      - Number of units (populated by BDM)
      - Percentage of turns per year (standard 55%)
      - Customer utilization of RR services (standard 75%)
      - Average price per service (Standard set prices for each service)


      Once you save the record the Annual and Monthly Estimated Run Rate values will populate. These numbers will be utilized in analyzing the volume and health of Rent Ready's sales pipeline.


      What transitions Qualify to Quoting:

      We should not present a quote to customers until we have confirmed buy-in on the services that Rent Ready provides. Once buy-in is established and their needs are understood, we can move the opportunity to Quoting.


      How to move an Opportunity from Qualify to Quoting in the system:

      Once all fields are completed in the system for the Qualify stage (Opportunity type, Property, Management Company, Number of Units, Turn Profile, Property Market) you can move the Opportunity to the next stage. 

      HubSpot Video


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      The Quoting stage is where you you determine pricing for the customer based on their needs and any unique characteristics.

      We attribute a 50% probability of the estimated run rate to the opportunity portrayed in a pipeline


      Areas to be Completed in the Quoting Stage

      • Pricing Configuration
        • Basic Information
          • Property (already populated for you)
          • Turn Profile (already populated for you - if you don't see it at first, refresh the page)
        • Dates Prices List Active
        • Basic Paint Configuration
          • Does RR provide Paint
            • Yes - Base Room Paint product
            • Yes - Main Store Location
            • Yes - Kitchen and Bathroom Product
            • Trim Paint Product
            • Paint Specification Document Link
            • No - Paint Storage Location
        • Property Paint Specs
        • Floorplan Creation
        • Base Floorplan Configuration
      • Office/Sanitization Cleans
        • Office Clean Included?
        • Sanitization Included?

      The Paint Supplied Locator link is now pulled from the Account page for easy access

      How to Generate a Price List Export

      1. Go to 'Word Templates'
      2. Select 'RentReadyPriceConfig
      3. Word Document will automatically download
      4. Manually revise pricing sheet


      HubSpot Video


      What transitions Quoting to Nurture:

      Once pricing has been presented to the customer is when we should advance the opportunity to the Nurture stage. This presentation should be done on in person, video call or phone call (as a last resort, via email with a follow up call planned to review it with the potential client).


      How to move an Opportunity from Quoting to Nurture in the system:

      Once pricing has been presented, following these steps to move the opportunity to Nurture:

      1. Select 'Create/Update Price List' in top menu bar (this process can take up to 15-20 minutes to complete, when it's done, the 'Pricelist Generated Link' will auto-populate
      2. Select 'Yes' for 'Pricing Presentation Performed'


      HubSpot Video


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      The Nurture stage used to be an optional stage but we have transitioned this stage to a one that is now required after the prices have been presented. Use this stage to have negotiations about pricing, additional presentations to other team members, waiting for approval, getting setup as a vendor with the customer and all of the backend stuff required to start the partnership.

      We attribute an 80% probability of the estimated run rate to the opportunity portrayed in a pipeline


      How to update the Opportunity during the Nurture stage:

      The fields from the Qualify stage roll over to this Nurture stage as well as the addition of a new tab that can start to get populated during the Nurture stage but not required until finishing the Onboard stage. This information includes:

      What transitions Nurture to Onboard:

      Once the onboard is scheduled, you can move the opportunity to the Onboard stage and it will remain there until the onboard is complete and all needed information is gathered.


      How to move an Opportunity from Nurture to Onboard in the system:

      The only requirement during the Nurture stage is to get setup as a Vendor with the customer - all other fields can start to be gathered during this stage, but not required to move forward. Once you mark 'Setup as Vendor with Customer' as 'Yes' - select 'Next Stage'

      HubSpot Video


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      The Onboard stage is where opportunities should be once the onboard is scheduled and remain there until the onboard is complete and all needed information is gathered.

      We attribute a 95% probability of the estimated run rate to the opportunity portrayed in a pipeline

      How to update the Opportunity during the Onboard stage:

      The fields from the Nurture stage roll over to this Onboard stage. This information required to complete this stage includes:

      • Billing Information
        • Billing Batch Type
        • Billing Sort
        • PO Required
        • Billing Notes
        • Payment Method
      • After Hours Policy
      • Addon Approval Method
      • Backup Decision for Addons
      • Main Customer Approver
      • Contact Information
        • Property Manager
        • Maintenance Manager

      The Portal Setup tab will need to complete in the future prior to moving the opportunity into the Launch stage - see Setting Up Service Profile for details

      What transitions Onboard to Incubation:

      Once the onboard is complete and the PSM has been introduced is when the Launch stage can start

      Related Article: New Customer Experience

      How to move an Opportunity from Onboard to Kickoff in the system:

      Complete all required fields and say 'Yes' to 'Property Setup Fields Complete?'

      When an Opportunity goes into the Kickoff stage, the Account Status is automatically set to Current and a new toggle on the Account is switched to indicate 'New Customer'


      HubSpot Video



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      The Kickoff stage is a new incubation stage that fosters a partnership between the BDM and the PSM to ensure that the community has a successful start of services. This allows the BDM team to have more control, insight and help into the customers first 60 days.

      We attribute a 100% probability of the estimated run rate to the opportunity portrayed in a pipeline


      See [insert article on Kickoff Stage] for more details on milestones throughout the stage between the two teams


      How to manage the Opportunity during the Kickoff stage

      There is a tab called 'Work Summary' that allows a BDM a quick few into all work scheduled, completed and canceled for that Account.


      What transitions Incubation Activate:

      Once a successful 60 days of the relationship is established is when you can move the Opportunity to Activate.

      Related Article: New Customer Experience


      How to move an Opportunity from Kickoff to Activate in the system:

      1. Select 'Yes' for '60 Days of Successful Service Delivery?'
      2. Select 'Finish' on the Activate Property stage (the status of the Account is already set to 'Current' for you
      HubSpot Video


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      This the final step that closes out the opportunity in the system. Once you move it to this stage, you'll need to select the 'Closed Won' in the top menu bar to officially mark the Opp as "won" in the system


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      Service Line Addition

      This type of opportunity represents an opportunity for a current customer that would be adding a new line of service to be performed.

      These opportunities are identified by the PSM team, created by the PSM team and managed by the PSM team. They can also be created and managed by the BDM depending on the situation

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      New Staff Introduction

      This type of opportunity represents an opportunity for a property that has seen a total onsite staff change

      These opportunities are identified by the PSM team, created by the PSM team and transitioned to the BDM team as an Opportunity.

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      Topics: SalesHub, Opportunity