As we’ve already established in our earlier article, customer relationship management (or CRM) software is an innovative tool, highly demanded by lots of companies these days. Generally, it allows you to improve client communication and conveniently store data. But what does CRM stand for in real estate? Let’s find it out.
What is real estate CRM
Good customer relationships are a cornerstone of most businesses’ success, and real estate agents know this perfectly well. To efficiently deal with tons of inquiries and endless databases, you must ensure the organization of all received information, which might be hard to provide if you have more than 100 buyers. That’s where customer relationship management comes into the picture.
So what is a CRM in real estate? The answer is simple: it’s a service that can make your life much easier by automating a large part of your work. It can also support your business in numerous ways.
We’re talking about gathering and putting data in one place as well as centralizing interactions for potential buyers and sellers with links to properties. With CRM, you’ll be able to monitor any interest in individual and commercial ones, real estate sectors, and property groups.
What are the benefits of a real estate CRM
If you want to understand consumers better, you need to know their preferences and concerns, but whether you’re more focused on the prospects, you have to determine what will engage and interest them. And that’s only some of the things the real estate CRM can help you with. Here is the list of advantages we find particularly critical:
01 Adaptable data storage
With CRM, it’s easy to keep your property information systematized and give your team easy access to it. You can sort everything based on multiple factors to find a perfect match for your client, enjoy comprehensive management, and easily structure your operations around properties.
02 New prospects
CRM can help to track and analyze customers’ activity on your website. Discover what appeals to them and consider it while reaching out to potential ones. Not only will it increase your chances of getting the attention of a new audience, but it will also guarantee most of it will be of quality.
To put it another way, when you notice people are interested in specific properties, you’ll have more chances to come up with a tempting offer.
03 Effortless management
The software allows you to record clients’ conversations with a sales CRM representative and safely hold consumer information. It means you’ll have an opportunity to closely monitor customer interactions and increase sales by being extra considerate of leads’ wishes.
04 Personalized service
It’s always better to work on your audience’s trust from the first interaction. Employ real estate CRM to quickly answer all their questions and leave a good first impression. You can also get detailed information about each prospect and use it to your advantage.
Refrain from sending the same messages to different clients and tailor your responses accordingly. People will appreciate your time without a doubt, which can eventually make you their first choice.
05 Profit growth
As you already know by now, the software’s automated processes and great data organization can save you time. For example, some CRMs (such as Agile CRM for realtors) can generate astonishing, extensive reports for you.
You can choose customer, property, or seller data to get a deeper understanding of what’s going on in your business, analyze received information, and change things for the better. That way, you’ll be able to focus on strategy strengthening and profit growth.
06 Effective integration
Since sales and rents are complex and interconnected processes that rely on numerous technologies and third-party data, seamless integration becomes even more necessary. A real estate CRM can connect to software and manage any possible interactions, acting as a hub. Convenient, isn’t it?
07 Insightful follow-ups
Use CRM to reach out to your sellers and buyers via emails, messages, or phone calls from a single dashboard. You can also divide your leads and actual customers into several groups to provide them with a personalized experience.
It won’t hurt to keep a record of your follow-ups to pay enough attention to everyone and secure the deal as well. Plus, you’ll be able to check out clients you’ve already connected with and the outcome of your conversations at any time.
08 Access to contracts
If you need help while managing your contracts and transactions, CRM is here for you. The tool simplifies the procedure and allows you to share your contracts when requested.
You can also monitor the progress of their projects, see the results and status of all initiated transactions. In case you have trouble with some of your contracts, you’ll be able to find the reason for their failure.
Another great benefit of CRM is its capability to make data equally available to all your teams. For instance, your customer support team won’t have to disturb the marketing or sales professionals to get some information. This approach saves everyone’s time and ensures work processes run without troublesome complications.
10 Reliable closing procedure
Finally, we have the most important part — the deal closure. Applying CRM software means avoiding transaction delays and securing you’ll close a deal as smoothly as possible. This is particularly crucial for companies that plan to expand or have technical problems when it comes to receiving the payment.
2 types of real estate CRM software
There are 2 primary types of CRM available on the market. Either of them can be of help to your company, but it’s still worth knowing their differences to make a choice that will suit you better. Here they are:
- In-house or on-premise software
If you choose in-house software, it’ll be installed on each of your company’s computers and managed by your IT team. In other words, only you will have control over it. There will be fewer recurring costs as well.
- Web-based or cloud-based software
This software is hosted in the cloud and requires access to a web browser. It’s normally paid monthly based on the number of users. The big plus of web-based software is that it can be used on any gadget — all you need is a connection to the Internet.
What tasks of your real estate team can solve CRM
We’ve already determined that real estate CRM might be valuable for your whole company, but what advantages can it bring to your team members? Let’s see.
Real Estate Agents
CRM can be a great help for realtors to:
— Increase closing rates by locating desirable properties for the right audience;
— Learn more about customer and seller requirements and clients’ financial resources;
— Collect additional information about the property to give it the best possible presentation.
Once you’re actively promoting your services, your marketing team will be able to turn to CRM to:
— Come up with profitable marketing strategies and adapt them for different segments of your audience;
— Track the progress of your campaigns to ensure their success;
— Detect the properties that will contribute to your business;
— Engage potential clients by showing them cases they may be interested in.
Real Estate Sales
Your sales department can take advantage of applying CRM by:
— Working with third parties for a better customer experience;
— Saving and managing all relevant buyer and seller information;
— Ensuring that the law is being followed while signing the contracts and closing the deals.
Provide your administrative team with a CRM tool to aid them in:
— Defining new properties and providing details for everyone to see;
— Creating reports on KPIs such as leads, closing rates, etc.;
— Arranging appointments and communicating with clients in agreement with the policies.
Real Estate Customer Support
The CRM software can be beneficial for customer support in order to:
— Show consumers you care and encourage them to contact you if they have a problem;
— Make sure your clients get all their questions answered and keep them updated on the status of their transactions;
— Learn about any issues as soon as they arise and handle them competently.
On a final note
With a CRM system, it’s now easier than ever to locate amazing properties, attract prospective buyers, and close deals in real estate. The software can assist your team in getting more leads, organizing the time and work processes, and generally growing the business. It’s a great way to know your audience better, assess their requirements, and build up the strategy that works best for you.
We hope you’ve found the information in this article useful. However, don’t hesitate to reach out to us if you have a query or need some help. We’re always here for you.