If you're a real estate agent struggling to keep up with the juggling act of managing leads, nurturing relationships, and closing deals, then a real estate CRM system is the lifeline you've been searching for. Wondering what is a crm in real estate?
Well, this powerful tool can streamline your entire business process, from capturing leads to closing deals, and everything in between.
Let’s know further in the blog how CRM can help you do that.
What is a CRM in Real Estate?
CRM in real estate stands for Customer Relationship Management, and this software can be of great value to real estate agencies who need the resources and technologies to stay on top of attracting, maintaining, and managing their customers.
With a real estate CRM, you'll have a centralized place to manage all your client interactions, track marketing campaigns, and gain valuable insights into your business performance.
So, when faced with the question, "What does CRM stand for in real estate?" The answer can be a simple one: managing customer relationships effectively in the dynamic world of property dealings.
The Importance of Real Estate CRM Software for Realtors
- Each dollar invested in a CRM solution brings $8.71 return.
- 91% of businesses with 10 or more employees now use CRM software.
- Businesses that leverage CRM software see sales increase by 29%, and sales productivity increase by 34%
- CRM users found that 47% of respondents say CRM usage has a substantial impact on customer retention.
- Statistics from Forester have shown that 50% of teams improved their productivity by using a mobile CRM.
5 Benefits of CRM in Real Estate for Developers and Agents
Now that we know what CRM in real estate can help realtors and customers achieve, it is time to know the benefits it can offer. So, here is the list of the top benefits of using a Real Estate CRM system:
Helps You Capture All Possible Leads
Perhaps one of the biggest challenges real estate agents face is losing track of potential clients, allowing valuable leads to slip through the cracks. However, with a robust real estate CRM system, you can effortlessly capture leads from various sources, including popular listing platforms using a cloud-based CRM.
With a CRM in place, agents can avoid the pitfalls of manual lead management, such as lost contact information, missed follow-ups, and scattered data. Instead, they can focus on building relationships, providing valuable insights, and ultimately converting leads into successful sales.
Keep Your Information Up-to-date And Accurate
Suppose you have a big box where you keep all the important papers and details about the houses you're selling or renting out. Now, if you get a new phone number for one of your clients or if someone buys a house, you'd need to update that information in your box, right?
Well, CRM software is like a super-smart and organized digital version of that box. It helps you keep track of all the people you're working with and all the houses you're dealing with. When we say "keep your information up-to-date and accurate," it means that the CRM software helps you make sure all the details about your clients and properties are correct and current.
So, if someone changes their email address or if a house gets sold, you just update it in the CRM software, and it automatically keeps everything organized.
Helps With Drip Campaign Management
With many options customers have today, it’s not easy to make them buy immediately. As we know, trust is a big factor for customers to make their choice. This trust builds when customers believe that sellers have their best interests at heart.
To build that trust, smart real estate sellers use CRM tools to create drip campaigns, which are like sending useful emails and messages to prospects and customers. These messages could be about tips on how to take care of your home, getting ready for weather changes, or sharing the latest offers.
The best part? CRM tools help sellers know which messages are hitting the right note and which ones are duds. It helps them to know what works for customers and what does not.
While we're talking about the benefits of CRM in real estate, don't overlook the digital transformation reshaping the real estate industry.
Close More Deals Faster
About 75% of business for real estate agents and developers comes from people recommending them to others. In simpler terms, word-of-mouth referrals are the most powerful way for real estate professionals to find new clients. Yet, despite its effectiveness, less than 12% of customers ever give a referral. Why? Because businesses don’t ask.
Many real estate companies miss out on a key opportunity to grow because they lack a centralized system to track leads, store information, and request customer referrals. This is where CRM software enters – the ideal business database. It not only holds customer details but also keeps tabs on whether businesses have asked customers for referrals, thus improving sales.
Improves Lead Follow-Ups
Better follow-ups lead to better sales.
Running marketing campaigns and sending drip messages is just the starting point. To truly win customers over, your team needs to do more. They should consistently and promptly follow up on prospects toward the crucial step of signing the agreement. It's not just about getting attention; it's about taking those extra steps to bring customers closer to sealing the deal.
Good CRM software helps salespeople set reminders to follow up with customers and save details of their communication. This makes follow-ups more effective, leading to better sales numbers.
Not only does a CRM in real estate help your people to follow up better; but It also gives leaders a way to see how the sales team is doing. By looking at the team's efforts, leaders can figure out what's working well and where there's room for improvement. It's all about making smart decisions based on real data to make the whole sales process work better.
To help you make an informed decision, here are seven essential features that your real estate CRM should possess:
7 Must-have Real Estate CRM Features for Streamlining Your Business
This feature allows you to organize and maintain a comprehensive database of your contacts. You can store information like client details, preferences, and interactions in one central location. This ensures a quick and easy reference when needed.
The contact management feature also helps agents segment their contacts based on various criteria, such as property preferences, buying timeline, or location. This segmentation proves helpful when executing targeted marketing campaigns or when seeking potential leads for specific property types.
With a lead management feature, all your leads are in one place, making it easy to set up a sales strategy and track the performance of your contact sources.
Systematically managing your leads can improve your conversion rates. With personalized communication, timely follow-ups, and marketing efforts, you can establish rapport, build trust, and increase the probability of converting leads into satisfied clients.
The ability to manage and showcase property listings is crucial. A real estate CRM should provide a platform to upload, update, and display property details. This feature aids in presenting your property portfolio professionally to potential clients.
Within a CRM, real estate leaders can input all important details about each property listing, including property type, description, price, location, and HD images. The ability to showcase the USP of a property helps attract potential buyers and generates interest.
Seamless communication is critical in real estate. Look for a CRM that integrates messaging, emails, and calls within the platform. This ensures all your communication history is in one place, making it easier to maintain and reference.
Moreover, you can analyze which communication channels are most effective for specific clients, helping you tailor your approach to individual preferences.
Task and Calendar Management
Stay organized and on top of your schedule with integrated task and calendar management. Schedule appointments, set reminders for follow-ups, and track important dates. This feature ensures that you never miss a crucial deadline or meeting.
With proper task and calendar management, real estate professionals can use their time wisely and focus on tasks that make money. Setting clear priorities and deadlines helps you get more done in less time. It's like having a plan for the day, making sure important things get done first, and avoiding any scheduling mess-ups.
Filtering and Sorting
The ability to filter and sort data is like having a magnifying glass for your information. A good CRM should allow you to customize views, making it easier to find specific information quickly.
If you want to see only the leads from a certain location or those with a particular buying preference. With filtering, you can instantly narrow down the view to show exactly what you're looking for. This feature enhances efficiency by providing a tailored view of your data.
Real-Time Publishing Updates
What could be more frustrating than being asked for a property that is no longer part of your portfolio? Whether it's changes to property listings or updates on deals, this feature ensures that your clients and team members have access to the latest information instantly.
It's not just about staying updated; it's about providing accurate and timely information to your clients and team, building trust and efficiency in your real estate dealings.
By incorporating these features into your real estate CRM, you're managing data and streamlining your processes, improving client relationships, and boosting your efficiency in the competitive real estate market.
Get a CRM to Scale Your Real Estate Business Fast and Efficiently!
In our 18 years of real estate software development experience, we have witnessed our clients within the industry struggle with the following challenges:
- My team does not know how many leads we received this month
- All my leads are scattered across various platforms
- My agents don’t have time to nurture each lead
- It’s not clear which leads are hot and important at this moment
- We are leaving the money on the table
- Follow-ups are inconsistent and often forgotten
- We can grow our sales if we can engage with leads & follow up more
- Good deals are falling through the cracks, and I don’t even know
- We don’t have much visibility in our sales and team performance
To address these recurring issues, we recommended implementing a CRM system, which has proven to be an effective solution for our clients.
By implementing a CRM, our clients have gained a centralized view of their leads, smooth lead management processes, and improved their ability to identify and nurture high-priority leads, ultimately leading to increased sales and business growth. If you want to experience the difference, consider building a CRM tailored to your needs.