WHAT IS A CRM IN REAL ESTATE
Oct 14 2020
Managing a real estate business is a complex activity, which includes customer acquisition and providing support in time, following up on existing leads, and various sorts of marketing activities. No surprise that there is a high level of competition in this market. And if real estate managers wish to thrive, they need to rely on automation tools. Yet, most agents still handle tasks manually. If you are looking for new ways to optimize the efficiency of a real estate firm, consider implementing a CRM tool to communicate with clients more efficiently and keep track of all deals. You will also be able to monitor the effectiveness of marketing efforts and keep track of documentation. In this post, you’ll explore the advantages that CRM tools can offer to real estate.
Table of contents
WHAT IS A CRM IN REAL ESTATE?
In case you are wondering what does CRM stand for in real estate, the abbreviation refers to the term ‘customer relationship management’. A CRM is a cloud-based tool geared towards task automation and lead-tracking tools. A customer relationship management system allows the members of a real estate team to keep track of records on one platform and not lose track of data on multiple platforms.
On top of that, a real estate business can use a CRM system to get access to advanced marketing analytics and sales pipelines that help connect with prospective clients more efficiently.
Most CRM software products offer real estate managers the following features:
- Lead management tools;
- Email marketing automation suite;
- Ready-to-send email templates;
- Integrations with widely used task managers promotion platforms;
- Analytics dashboards;
- Cloud storage;
- Mobile accessibility.
The CRM market is a rapidly growing one — the revenues are expected to exceed $80 billion in the next 5 years. Real estate business owners might be wondering why CRM tools are on the rise lately — here are the main reasons brokers use it to manage leads and documentation. After looking through these benefits, you will get a clear answer to the ‘What is a real estate CRM” question.
REAL ESTATE CRM SOFTWARE INCREASES FOLLOW-UP EFFICIENCY
Taking advantage of CRM tools allows real estate firm managers to track all emails they get from leads, as well as recurring clients. These tools are equipped with email trackers that help monitor the status of an email and ensure the recipient read it successfully.
Top-tier CRM products also offer ready-to-send emails that help cut the follow-up time to a couple of seconds per lead. This way, instead of spending hours writing follow-ups, business managers can clear the inbox out in 30-45 minutes.
CRM TOOLS PROMOTE MARKETING AUTOMATION
Adopting a customer relationship management system helps business managers maximize the efficiency of marketing activities. Thanks to performance dashboards, you will be aware of how every campaign is performing, and what the return on investment is. Business owners can thus capitalize on effective activities cutting off the methods that are under-performing.
Some CRM tools offer landing page templates that help create a conversion-boosting page with no development or marketing skills. You will be able to send bulk emails effortlessly and monitor the efficiency of campaigns in real-time.
Here are the most impactful marketing automation real estate CRM features:
- Campaign scheduling and automation;
- Performance monitoring;
- Social media management tools;
- Ready-to-deploy marketing materials.
CRMS ARE A UNIVERSAL DATABASE
A CRM platform is a one-stop-shop where all team members can find lead data, keep notes and tabs on deals, store recorded calls, and other relevant information. Thanks to cloud computing, the software can be accessed from any device, including a tablet or smartphone. Thus, an agent-team can easily catch up on a client’s objections and deal-breakers and have a successful meeting.
When a team implements a CRM tool, there’s no data scattered over different platforms — thus, the odds of losing important information forever or compromising its safety are next to none.
CRM TOOLS HELP TRACK PROPERTIES
If a real estate broker uses aggregator websites to keep tabs on new properties on the market, being able to access Zillow or Realtor in one click via a dedicated platform will come in handy. CRM tools allow real estate business owners to sort through objects using a set of filters.
By not having to check multiple platforms manually and find the most relevant listings, a company manager will save time and be able to focus on processing leads and maintaining a bond with recurring clients.
CRM PLATFORMS HELP MAKE THE MOST OUT OF SOCIAL MEDIA
There’s no denying that having a powerful Facebook, Instagram, or LinkedIn business page is almost as important as having a functional website. Social media platforms are a crucial tool for looking for products or services and connecting with experts in relevant fields.
Keeping track of numerous social media profiles at once is tiresome and requires a lot of effort. For that reason, CRM software usually offers post planning and scheduling, along with campaign management and analytics dashboards.
Here’s why business owners use CRMs for social media management:
- Increased customer support quality;
- Monitoring the company’s reputation by scanning social media platforms for reviews and mentions;
- Resonating with leads better and maintaining a deeper connection with existing clients;
- Increasing brand awareness and bringing new customers in.
CRM TOOLS TRACK YOUR SALES
A CRM platform provides a big-picture view of where every lead you’re processing is on the sales pipeline. Most tools offer virtual pipelines team members can access to monitor the progress of closing deals. Typically, a pipeline includes the following steps:
- Following up;
- Scheduling a client call/meeting;
- Property tour;
- Negotiating the deal;
- Closing the deal.
If a real estate team doesn’t follow a pipeline, the odds of losing track of potential leads and forgetting to follow up or schedule a call are higher. With a dedicated platform, however, a business manager is reminded when it’s time to move to the next step in lead processing.
CUSTOMER RELATIONSHIP MANAGEMENT SOFTWARE IMPROVES TEAM MONITORING
As a business owner, you want to know how efficiently each broker is processing and closing deals. However, evaluating the performance of the team is not easy unless you have hard numeric data to back up your observations. Thanks to customer relationship management software, you will be able to monitor the efficiency of all agents using data-driven insights and improve the quality of communication between team members.
CRM tools are a widely used instrument for increasing the engagement level within the team. With built-in reward systems and leaderboards, you will be encouraging salespeople to do their best and close more property deals. The importance of healthy competition in sales is often emphasized among managers — CRM software lets you capitalize on this.
USING A CRM DOESN’T MEAN GIVING UP OTHER TOOLS
CRM software for real estate agents is extremely powerful, thanks to integrations. In a nutshell, extensions allow business owners to use the toolset the team is used to within the platform. Real estate managers can benefit from integrating with the following types of platforms:
- Task managers;
- Email clients;
- Social media platforms;
- Marketing tools;
- Other CRMs;
- Text editors.
Most CRMs offer a wide range of integrations — this way, you will not have to fully re-organize the work process and can keep using the tools the team is used to in conjunction with a CRM.
CRM TOOLS IMPROVE DOCUMENTATION MANAGEMENT
Storing paper-based documents and contracts is expensive and inefficient. Digitizing your papers, on the other hand, is considerably cheaper — yet, it comes with security hurdles. CRM platforms usually have a tight grip on security and privacy — you will be able to store contracts, tax records, and other confidential documentation in a secure vault no one but the agency employees can access.
Collaborative access and shared editing is another fundamental benefit CRMs offer. Being able to edit a contract or a deal collectively helps cut the feedback loop and ensure that agents don’t miss out on crucial details when handling paperwork.
IMPLEMENTING CRMS MAKES A BUSINESS COMPETITIVE
Last but not least, giving customer relationship management software a try is a way for business owners to ensure they are not missing out on a potentially life-changing innovation.
Since most industry front-runners rely on CRM software for real estate for lead, marketing, documentation, and transaction management, not using it means loss of growth potential, as well as missing out on a competitive advantage.
Real estate is one of the primary applications for CRM systems. These tools allow brokers to prioritize leads efficiently, store all sales-related insights in a centralized database, automate marketing activities, and track business performance efficiently. By using a CRM system, a business owner gives the team all the tools needed to achieve peak performance and improve client retention.
If you want to develop a custom CRM for real estate agents, contact Exceed Team. Our development team has years of experience in building custom software projects for real estate SMEs and large-scale firms. We will assess which features and integrations your team will benefit from the most, and create a functional and intuitive tool to fit your needs.
Take a look at our portfolio to see the projects our developers have worked on. Leave us a message to talk about your future project — we will get in touch right away.
Most popular questions
What features do CRM products offer?
Managers can effectively use lead management tools, email marketing automation and ready-to-send templates, Integrations with widely used task managers promotion platforms, analytics and dashboards, cloud storage, and mobile accessibility.
What are the key benefits of using a CRM system in real estate?
Customer Relationship Management Software can be used for numerous purposes. The most popular is having a database and track sales. Besides that, you can apply real estate CRM to improve team monitoring and property tracking, make more efficient follow-ups and social media presence, make convenient integratations, and benefit from marketing automation tools.
What digital tools can be integrated with a CRM system?
Literally anything. Task managers, email clients, social media platforms, text editors, marketing tools, and even other CRMs. Pick the ones you prefer, make integrations, and increase the efficiency of all your business processes.
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