What is Real Estate CRM and How is it Important in 2024?

Embarking on your journey as a new real estate agent can be overwhelming. Without prior sales or recommendations from past clients, you find yourself buying leads, working your sphere, and gradually building connections – a challenging endeavor indeed. However, standing out in the market requires streamlined operations, aligned finances, and consistent follow-ups with potential clients or existing customers. This is where real estate Customer Relationship Management (CRM) takes center stage.

If you're a real estate agent, get ready to outshine your competition with this captivating blog. Discover everything you need to know about CRM software – its definition, benefits, cost, and how to obtain one. Let's dive right in with the first question: What is Real Estate CRM, and how can it elevate your life as a real estate agent?

What is a CRM in Real estate?

The real estate Customer Relationship Management (CRM) systems are designed to allow real estate agents and brokers to manage their clients, finances, and leads properly. It facilitates them to foster strong relationships with their clients thus helping them to close more deals.

The use of CRM  in real estate is widespread. Almost 72.5% (Sloboda Studio) of real estate professionals are utilizing CRM in their work.

What does CRM stand for in Real Estate?

In Real Estate the more the clients… the more merrier a real estate agent is! 

Yet at the same time, the management of clients might become difficult in terms of follow-ups and management of finances. But a CRM for real estate agents is a blessing because of the following advantages.

👉It creates a single database of contacts and categorizes them as per the parameters. 

👉Also, digs deep into client needs and constructs accurate client profiles.

👉It reduces the manual work & helps agents focus more on valuable opportunities.

👉Keeps track of conversions and creates sales forecasts.

To select and build the right CRM software for your real estate agency, it is crucial to read and familiarize yourself with these CRM types.

3 Types of  Real Estate CRM

There are three major types of CRM for real estate.

1. Cloud-based CRM 

Cloud-based CRM operates on cloud computing, known as on-demand CR. In it, the data is stored on an external and remote network that employees have permission to access anytime. It is easy to deploy and is quite cost-effective. 

Some examples of cloud-based real estate software providers are Salesforce, HubSpot, and Zendesk.

2. On-premises CRM

In an on-premise Microsoft CRM, the company administers, operates, and maintains the software itself. They buy the license upfront and the software resides on the company’s server. It requires relatively a longer period to get installed. It might be useful for companies with complex CRM needs.

3. Open-source CRM

Open-source real estate CRM is the one in which the source code is available to the public for use and modifications can be made free of cost. These modifications depend upon the business needs. It is used across different organizations and businesses, from large organizations to small ones.

CRM solutions available include OpenCRX, SugarCRM Community Edition, and Zurmo Open Source CRM.

3 Kinds of CRM Operations

There are currently three types of Real Estate CRM available in the market.

1. Operational CRM
2. Analytical CRM
3. Collaborative CRM

1. Operational CRM

The Operational CRM system streamlines the processes such as sales automation, marketing automation, and service automation as explained above. As the processes suggest, the main purpose of this type is to generate leads, convert them into sales, create data information, and serve them throughout.

2. Analytical CRM

Analytical CRM helps the administration, marketing, and sales to work at the top of their game to satisfy and facilitate customers. It analyzes customer data from different sources to get insights into customers’ needs and wants.

This analysis based on data helps the management and marketing team to devise better strategies and campaigns to attract customers and increase sales.  

3. Collaborative CRM

Collaborative CRM enables an organization to share customer information across teams. For instance, with collaborative CRM, the marketing team can use feedback from support to design new campaigns. The sales and technical teams can share information about customer interactions for a more comprehensive view. This system promotes collaborative work for better results and growth. 

Also, Read About: How to Develop a Custom CRM for an Enterprise?

9 Benefits of Real Estate CRM

The top nine benefits of real estate CRM are given below

1. Storing Information

The real estate CRM gathers essential property information in a concise, reliable, and easily accessible format. Its efficient sort and filter properties based on various criteria, enable the perfect match for the customers. 

2. Management of Contacts

The real estate CRM Software stores customer information and interactions between clients and sales representatives. By leveraging extensive data, this software tracks client communication and enhances sales performance. You can additionally integrate CRM with the different tools like digital business card for storing the contact information in the virtual address book.

3. Salesforce automation

Salesforce automation essentially revolves around customers’ behavior which helps in following leads, reaching out to potential prospects, and turning them into customers.

4. Location-based services

CRM has the technology that can align your marketing strategy and campaigns with different geographical locations of potential customers. This technology helps in designing location-specific marketing campaigns for better reach. It can be used as a tool to access an area and generate leads.

5. Mobility

In the real estate Industry, the CRM system contains a mobility feature that enables sales, marketing, and customer support teams to conveniently access information from any location.

6. Automation of the Mundane tasks

CRM helps businesses streamline their mundane workloads which enables the employees to focus more on important tasks.

7. Lead Generation

Some CRM systems offer the capability to create landing pages and squeeze pages within the system itself, aiding in the capture and conversion of internet leads. If a visitor to your website wishes to continue exploring after viewing a certain number of properties or spending a specific duration of time, the CRM system prompts them to complete a lead registration form. Upon registration, they are identified as a lead and added to your CRM database.

8. Project management

Some CRM systems contain features that can keep track of clients’ project details such as milestones, objectives, deliverables, risk management, and other processes.

9. Integration Across Platforms 

CRM systems can integrate with other software making it a more feasible software to work with.

Recommended: Reasons to Get a Custom Real Estate CRM – Why You Should Consider Getting One Today

Your CRM..then why not your Choice!
Share your requirements with us & our experienced developers will seamlessly integrate the features & functionalities you need to ensure the smooth operation of your business.

InvoZone Real Estate CRM Development

With over 8 years of experience in the industry, InvoZone has successfully provided customized CRM solutions that have significantly streamlined the operations of numerous businesses. By leveraging our expertise, we help our clients enhance collaboration, improve efficiency, and optimize their business functions. 

Whether you need a comprehensive CRM system or specific modules tailored to your requirements, our dedicated team is ready to cater to your needs. Simply share your demands with us, and we will handle the rest. Our full cycle software development services will empower your business to reach new heights of success.

Frequently Asked Questions

What is an example of CRM?

An example of a CRM (Customer Relationship Management) system is Salesforce, which is widely used by businesses to manage customer interactions, track sales activities, and streamline marketing efforts.

What is the benefit of CRM in real estate?

CRM in real estate offers numerous benefits, including streamlined lead management, enhanced customer communication, improved sales tracking, centralized data storage, efficient task automation, and personalized marketing. It enables real estate professionals to provide exceptional customer service, build strong client relationships, and maximize sales opportunities for long-term success in the industry.

How to Develop Real Estate CRM?

The building of a real estate CRM is not rocket science, all you need is a company which is specialized in making one. But before hiring any CRM development agency make sure that you are clear on what you want and your want is going to depend upon your business needs. Consequently, your business needs are going to decide the features and functionalities of your CRM.

How much does it cost to develop a Real Estate CRM?

 

The cost of real estate CRM software development usually lies between $25,000 to $200,000. However, the price may vary depending on the features and functionalities you might want. Therefore, the product or software with minimum features which is also known as Minimum Viable Product (MVP) will be more affordable and suitable for testing purposes, especially for startups and small companies.