Why CRM in real estate is not just another buzz concept
Managing data in real estate can be as complicated and delicate as in any other industry. Still, we don’t talk enough about using technology to handle it and get the most out of it. Here is why CRM can be the answer to the challenging task of tracking, keeping, analyzing and repurposing data in real estate.
What is a CRM system?
Simply put, a Customer Relationship Management System helps you keep track of your data. It provides a central point where you can gather information about your customers, their contact information, create their profiles based on your previous interactions, thus streamlining your whole sales process.
A CRM is useful if you want to have a complex overview of your activity, automate processes, increase your sales and marketing efficiency, be more organized and coherent in your efforts, nurture your leads – it helps you grow your business sustainably.
One can go from using a basic Excel to store and manage all the relevant client information to more complex CRM software providers: SalesForce, HubSpot, SAP, Zendesk, Pipedrive being just a few of the most popular out there.
Who needs a CRM system?
Any business that has started working with partners, clients, investors and wants to scale should use a CRM. It is also important to mention that it’s not just the sales department that can benefit from it – whether you work in marketing, customer service, business development or other customer-oriented department, a CRM can work wonders for you.
You’ll save time, you’ll gain better insights on your work due to professionally generated reports, keep all data connected and avoid errors and per ensemble, make your work easier.
This means that the real estate industry should adopt this tool as well and implement it, especially given the fact that it doesn’t require too much technical knowledge. Whether you represent a landlord or a broker, using a CRM can visibly increase your productivity – a 2015 research revealed that agents who used a CRM had a 26.6% increase in transactions)
How can real estate players benefit from a CRM?
According to a study run by Software Advice in 2019, over 50% of CRM buyers in 2019 were in one of four markets: real estate, consulting, distribution and insurance. Even if many real estate professionals still use an Excel for example to keep track of their data – as we’re talking about an industry where most processes are run manually – professionals in this field can gain a lot from implementing a CRM system and here are some of them.
- Centralized data system
84% of a SalesForce survey respondents said that the experience provided by a company is as important as its product or services. This means that real estate professionals must step up their game and offer not only high quality services, but also a 360 experience that doesn’t end not even after a contract is signed.
A CRM can help keep track of each client’s requirements, adjust communication according to their sales stage, answer their needs at every step of their journey and build a solid, long term relation based on all relevant details of the deal.
- Streamline the selling process
According to LinkedIn’s State of Sales Report 2020, 53% of top performing salespeople have a higher confidence in their CRM than their fellows who are not using one.
A centralized system that shows any lead’s buying stage is a powerful tool on your journey to transform that lead into a customer. You can build a personalized pitch based on their needs, concerns, future plans as well as on your company’s own business plans, not to mention that you can prioritize those leads that are most likely to turn into customers.
Moving further, your customer service department can also use this CRM in order to answer clients’ inquiries accordingly to specific milestones.
- Vacancy tracking and real time updates
Having a permanently updated CRM can make it easier for you to know, at any given point, your building’s vacancy (as well as your parking slots or storage vacancy, i.e.) and thus, the whole selling process is streamlined. Provide information to your potential clients faser, easier and customized to their specific needs.
- Marketing campaigns optimization
With many landlords now running their own marketing campaigns and with clients’ trust dropping more and more (54% of customers say it’s harder than ever for a company to earn their trust.), it is important for real estate professionals to optimize their communication as much as possible in order to attract leads, turn them into buyers and spend less on each conversion.
In order to do so, automation is key: it allows sending the right messages at the right time, it helps filter the best potential clients, follow up according to their replies and start relevant conversations with those who have the potential to become actual customers.
A CRM can also allow you to learn where your leads come from so you can invest more in the channels with the highest return rate.
- Leads’ nurturing
No matter if you use a CRM to keep track of potential clients, for your marketing campaigns or other data-centered projects, nurturing your leads is essential and a software tool can facilitate keeping communication channels open. Nurturing happens at any stage of the buying journey, even after you sign a client – remember that we said that for most clients, the provided experience is highly important.
- Integration with other tools
Clients expect ease in their online processes which means adding an extra tech layer on all processes and combining tools in order to get a smooth digital experience. Integrating your CRM with your website, i.e., gives you real-time updates whenever someone books a meeting or a tour, asks for an offer or buys your services. Furthermore, having these data, you can not only follow up accordingly, but use the information in future marketing campaigns.
Bright Spaces CRM
If you already have a CRM in place, we can integrate it with our visualization and leasing platform, so that you’ll know, at any point, your lead number status, your vacancy, signed contracts and take advantage of potential opportunities.
If you are considering using a CRM but haven’t installed one, we have also developed our own system that we can implement for you.