What is Real Estate CRM and How is it Important in 2021?
What is Real Estate CRM and what makes it so important for property agents and businesses?
Read to learn how it can help in growing and managing your real estate business.
Table of Contents
Real estate CRM is the amalgamation of technologies, strategies, and practices used to interact and manage customers’ data throughout the customer lifecycle. It is to make it easy for the company and its customers to have interactions and access data without any avoidable hassle.
The objective of real estate CRM is to assist customers and strengthen their relationship with the company alongside improving the sales growth drive. It is a holistic approach to manage data that allows you to streamline customers’ data and interactions across different platforms (telephone calls, emails, live chat, and zoom meeting calls, etc) for easy access and management.
How do real estate systems benefit businesses?
If we are pointing towards a technology shift for the real estate software industry then what are the reasons behind it and how will this be beneficial to them. These are some of the concerns that businesses commonly share while making a shift.
Following are some of the highlight-worthy features of real estate CRM software that has proved to be beneficial for businesses
- Having easy access to customers’ preferences and past purchases can help customer representatives facilitate and manage customers’ queries and concerns in a better way.
- Data indicating customer preferences, past purchases, and tendencies to follow trends can greatly predict customer behavior and allow you to make policies along those lines.
- Automation of necessary customer support tasks.
Beneficial elements of CRM for real estate agents
Real estate CRM comprises elements and processes that play an important role in the working and growth of an organization.
Following are some of the components of real estate software programs
Management of resources and people at disposal
Management of people and their skills is crucial to the proper working of an organization. If not managed properly, you simply exhaust your employees and they won’t be able to work to their maximum potential and in areas that work perfectly for them. Therefore, it is important to have an understanding of what your employee’s strong suits are and which department they should be working in. It benefits both the organization and the employees to exhibit their best.
Keeping track of sales and distribution is at the core of lead management. Property management CRM directly impacts sales, call center, and marketing industries. The activities involve running marketing campaigns, targeted emails, and customized forms, and other procedures. All of this is aimed to garner maximum attention and sales. This can work extremely well if you can have access to customers’ patterns, purchases histories to predict the likelihood of future sales and align your marketing campaign alongside that.
Real estate database software tools in coordination with marketing automation can generate great results. It can automate repetitive tasks to enhance marketing efforts and overall aid to the Lead generation process of making the maximum of it. For example, it can help to turn sales prospects into full-time customers. It can regulate marketing campaigns by taking on the task of sending automated marketing emails and messages during sales campaigns. All in all, it can prove to be of great assistance and help in lessening the burden and saving everyone’s time.
Salesforce automation essentially revolves around customers’ behavior and aligning certain business policies according to that to generate leads. This helps in following leads, reaching out to potential customers, and turning them into customers.
CRM has the technology that can align your marketing strategy and campaigns along with different geographical locations of the potential customers. This technology helps in designing specific physical location-based marketing campaigns for better reach. It can be used as a tool to access an area and generate sales leads.
Automation of the mundane tasks
CRM helps businesses streamline their mundane workloads which enables the employees to focus on more important tasks.
Some CRM has features that can keep track of clients’ project details such as milestones, objectives, deliverables, risk management, and other processes.
Integration across platforms
CRM systems can integrate with other software making it a more feasible software to work with.
Types of popular real estate CRM technologies
Microsoft, Salesforce, SAP, and Oracle are the four main and most named vendors of the CRM systems. Not to say that these four are the only options, there are other options available that caters to the small and midsized corporations whereas these four caters to the large corporations primarily.
Types of real estate CRM
Could-based CRM operates on cloud computing, known as on-demand CR. Data gets stored on an external and remote network that employees have the permission to access anytime they need to with an internet connection and that’s about it. The reason why cloud happens to be one of the four main is that its relatively easy deployment capabilities attract companies that don’t have much to spare.
As much as the external storage of data provides convenience, it serves as a security challenge for the companies. If the cloud is acquired by another company or some other issue comes up, an organization’s data can get lost or compromised. It can give rise to compatibility issues as well.
These are the cons to it but another pro is its cost-effectiveness. Vendors offer subscription plans based on yearly and monthly subscriptions and companies find it cost-effective. But, where does it stand when it is compared against on-premises models?
Popular cloud-based real estate software providers are Salesforce, HubSpot, and Zendesk.
It inherently is different from the cloud-based CRM in that the company administers, operates, and maintains the software itself. They buy the license upfront and don’t get it from some vendors. The software resides on the company’s server and they are responsible for maintenance and upgradations thereof. It requires relatively a longer period to get installed and to fully integrate the data. It might be useful for companies with complex CRM needs.
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 too. It gives organizations the liberty to use it and customize and introduce modifications to it to make it compatible with their system/ These modifications can be made to better suit the organization’s need. It is used across the different scales of organizations and businesses, from large organizations to small organizations alike.
CRM solutions available include OpenCRX, SugarCRM Community Edition, and Zurmo Open Source CRM.
Learn more on: WHAT ARE THE TOP 10 TECHNOLOGIES TO LEARN IN 2021
Three kinds of CRM operations
Following are the three types of CRM operations for real estate software solutions
- Operational CRM
- Analytical CRM
- Collaborative CRM
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.
Analytical CRM helps the administration, marketing, and sales to work at the top of their game to satisfy and facilitate customers. It does data analysis of the customers’ data coming from different sources and gathers it at one to get better insights into the position of the organization.
This analysis based on data helps the management and marketing team to devise better strategies and campaigns to attract customers and increase sales. This allows them to build strong customer relationships by providing the customers with instant and best customer services.
Features of Analytical CRM
- Structured way of putting together customers’ data for better access and use.
- Help the organization formulate a business plan to help sales and marketing teams better assist the customers.
- Analyze key performance indicators and improve the CRM effectiveness through customization and updates.
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 of their account history which will guide future decisions on how best to serve them. This system promotes collaborative working for better results and growth.
Challenges of Real Estate CRM
If CRM isn’t properly managed it can become counterproductive. With all the CRM advancements, it is important to properly manage, store and distribute data for customers to access it easily.
Companies may also struggle with achieving a single customer view of the data organized in a single dashboard or interface. Duplicate data and outdated information on customers can also become a challenge with the potential to disrupt the system. Ultimately, these problems can cause lag in the system, the customer wait time will increase and you will get on the customer’s bad side.
To overcome these problems, it is pertinent to keep track of the customer’s information, discard the old information timely to make space for new customers’ information, and to keep the system from lagging.