Real Estate CRM: A comprehensive tool for Real estate's surging needs in 2023
INTRODUCTION
The global revenue of the real estate industry is expected to reach $4.26 trillion by 2025. Isn't exciting?
As the market becomes more competitive, businesses are turning to technology to leverage this competitive edge to the full. Real estate CRM (Customer Relationship Management), is one of the tools which has been shown to improve agent productivity by up to 26%.
Before we delve into the debate of how real estate software is helpful for businesses and how to choose one for you, let's dig deep down into real estate CRM and its functionality.
REAL ESTATE CRM
So, what is real estate CRM?
It's a software tool designed for real estate professionals including agents and brokers to personalize communication, track sales pipelines, optimize workflows, improve efficiency, automate marketing campaigns, manage the entire transaction process, manage contacts & documents, generate leads, and automate tasks including email marketing etc.
The three major types of real estate CRM are as follows;
1. Contact-based CRM
It focuses on managing client and prospect information. It helps real estate professionals to streamline their communication with clients and stay on top of their sales pipeline. It includes features like contact management, lead generation, and email marketing.
2. Marketing-based CRM
It focuses on marketing automation, helping real estate professionals create and manage marketing campaigns. It helps real estate professionals to identify the most effective marketing strategies and optimize their campaigns for better results. It typically includes features like lead tracking, email automation, and analytics.
3. Transaction-based CRM
It focuses on managing the transaction process from start to finish. It helps real estate professionals to streamline the transaction process, reduce errors, and ensure compliance with regulations. It typically includes features such as transaction management, document management, and task automation.
CRM OPERATIONS
The three categories of CRM operations performed by real estate solutions are as follows;
1. Operational CRM
The prime purpose of operational CRM is to generate leads, convert leads into sales, create data information, and serve them throughout. It streamlines processes like automation, marketing automation, and service automation.
2. Analytical CRM
It facilitates the administration, marketing, and sales team to work on the top of their game as it is entirely based on data and helps the management and marketing team to devise better strategies and campaigns to attract customers and increase sales. Its features are as follows;
3. Collaborative CRM
It enables the sharing of customer information across the team. It helps marketing teams to design effective campaigns because of the constant feedback and support. The sales and technical teams can better collaborate. This system devises better growth and results by promoting collaborative work.
8 BENEFITS OF REAL ESTATE CRM FOR BUSINESS
1. Resource and People Management
Real estate CRM helps agents to manage their resources and people, including their teams and clients. A study by 埃森哲 found that using CRM software can improve customer retention by 27% and customer satisfaction by 35%.
2. Lead Management
This system enables agents to track and manage their leads efficiently, ensuring they never miss a potential client. According to Harvard Business Review , there are 7 times more chances for companies to qualify the lead than those that respond even one hour later.
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3. Marketing Automation
This system automates marketing campaigns , such as email marketing, social media, and other marketing activities. According to the National Association of Realtors, 74% of real estate agents see an increase in their number of leads using this tool.
4. Sales Force Automation
The system automates sales activities, including contact management, sales pipeline tracking, and other sales-related activities. It is primarily focused on customer behaviors and then uses the data to craft relevant business policies in order to generate leads.
5. Location-Based Service
The system provides location-based services, such as property listings based on a client's location. It also helps in crafting marketing campaigns that are location specific.
6. Automation of Tedious Tasks
The system automates tedious tasks, such as data entry, scheduling, and other repetitive tasks, and helps employees to focus on important tasks.
7. Project Management
The system helps agents to manage their projects, including property listings, inspections, milestones traction, and other related activities.
8. Integration Across Platforms
The system can be integrated with other platforms, such as email, calendars, and other software, making it easier for agents to manage their workflow without delays and hindrances.
HOW TO CHOOSE THE BEST ONE FOR YOU?
The following factors are taken into consideration while selecting a CRM;
1. Budget-Friendly
When searching for CRM software, it's crucial to establish your budget first, as costs can range from free to over $1,000 per month. By setting a budget, you can narrow down your options more efficiently and focus on evaluating feature sets and service plans that fit within your price range. This approach can help optimize your search process and improve your chances of finding a suitable CRM system that meets your business needs.
2. List out Features
It's common for even a basic CRM system to have numerous tools and functions, which can be daunting to navigate. To avoid confusion, it's recommended to make a list of must-have CRM features and desirable features that are not essential. Gathering feedback from other team members who will be using the CRM is also valuable as they may suggest features you haven't considered or identify ones that aren't necessary. This approach can help streamline the decision-making process and ensure you choose a CRM system that meets your business needs. By prioritizing the features that matter most, you can optimize your CRM usage and improve your team's productivity.
For example, as a real estate firm, you'll be managing sensitive data, such as customer information and financial data. Therefore, it's crucial to choose a CRM system that offers robust data security features to protect your data from unauthorized access. We have witnessed Salesforce suffering a number of data breaches . Such breaches put a question mark on the credibility of the business. Adding to that, if you talk about real estate, where information about money is involved, any kind of data break will cost the company a lot. So list out all the essential features after keen analysis, pondering, and research.
3. Gather Referrals
In a competitive sales technology market, selecting the appropriate CRM can be overwhelming. However, recommendations from industry insiders who comprehend the unique requirements of your business can be immensely valuable. Seeking advice from experts in your field can help you make an informed decision and choose a CRM system that aligns with your business goals. By leveraging the insights of those who understand your industry, you can optimize your CRM usage and improve your chances of success.
4. Assess the Current Market Positioning
The landscape of the CRM industry is constantly evolving as technology advances, meaning that previously renowned solutions may no longer be the optimal choice. Therefore, it's essential to stay up-to-date with the latest trends and popular solutions by consulting small business advice websites and trade publications. These resources can provide valuable insights into the current state of the CRM market and help you make informed decisions about which solutions to consider. By staying informed about the latest CRM technologies and trends, you can enhance your business operations and maximize your chances of success.
5. Read Reviews
As you expand your list of potential CRM candidates, it's important to take the time to read user reviews. These reviews can offer valuable insights into how different solutions perform in real-world scenarios, which can be more informative than vendor-provided information. By examining user feedback, you can gain a better understanding of the strengths and weaknesses of each CRM solution and determine which one is the best fit for your business needs. This approach can help optimize your decision-making process and enhance your chances of selecting a CRM system that will provide the most value to your business.
6. Test Your Top Choices
After researching various CRM software options, it's important to take the leading contenders for a test drive. Fortunately, most companies offer free trials, allowing you to explore the software's features and functionality before committing to a permanent solution. While sales representatives are available to answer your questions and provide product demonstrations, it's crucial to remember that their primary goal is to promote their CRM. Therefore, the most effective way to evaluate a CRM system is by using it yourself. By testing the software firsthand, you can determine if it meets your business needs and aligns with your goals. This approach can help optimize your decision-making process and enhance your chances of selecting a CRM system that will provide maximum value to your business.
7. Make Your Decision
After conducting thorough research and evaluating your options, it's time to make a final decision regarding which CRM system to select. Although this process may require a significant investment of time, it's a crucial step in ensuring that you choose the optimal solution for your business needs. By investing the time to conduct due diligence, you can avoid costly mistakes and select a CRM system that will provide long-term value to your organization. Ultimately, the effort and time invested in selecting the right CRM solution will be well worth it in the end.
SUMMING UP
Real estate CRM software can greatly benefit businesses by providing them with powerful tools for managing resources and people, automating marketing campaigns, streamlining sales processes, and much more. By leveraging the latest technology and data insights, they can stay ahead of the competition and deliver exceptional value to their clients. Whether you're a solo agent or part of a large brokerage, investing in a high-quality real estate CRM can help take your business to exciting heights in your career.