In the commercial real estate sector, the information does not always flow freely. Very few brokers are ready to openly disclose their database of commercial properties. But the CRE database is a complicated avenue. The data is bulky, unlike small-scale residential real estate. To be more precise, the majority of CRE brokers maintain their confidential customer and property databases distinct from those of their coworkers and office mates.
A CRM serves as the repository for any commercial real estate database. But every real estate broker/agent uses real estate CRM software. Many businesses fail to make the right technology selection, hence their database fails, and so does their CRM system. That is why market reports say that more than 30% of CRM systems fail during implementation. Inadequate database features can kill your tech usage.
But brokers and agents accomplish significantly more with the right CRM and database features than they can using an excel sheet or other crude old-school methods. The database helps because it allows them to have access to industry-specific analytics and other configurable features. But what characteristics are necessary for efficient lead screening, automation, and recommendations?
Look through the list we've put together for CRE agents and brokers. You will have a comprehensive idea of the crucial aspects and essential features of a commercial real estate broker/agent database after reading this article. Let us dive in!
6 must-have features of a CRE Broker/Agent database
These are the 7 features of your CRE database that you can not miss in your system. Update your system with them right now!
Database administration system
The top feature for brokers' and agents' databases is to have a database administration system. This helps them to gain a competitive edge in managing their own CRE database and allows autonomy within the system and office.
Features of commercial real estate information administration and management can help streamline the following.
Data duplication or fraud detection. Or red flagging discrepancies in big data. These can be very well ignored or left out in excel sheet analysis. Why? Research says more than 90% of excel sheets we use have major faults in them.
Custom logs that are prompted by actions may be sorted and analyzed accordingly. These actions may include things like adding or removing new properties and uploading or deleting customer details.
Uploading and amending property data manually and automatically.
A mass data upload feature where you can integrate and import data from spreadsheets in a few clicks and automate their sorting.
Automatically putting together targeted lists.
Real-time availability management,
Following up with potential contacts. Sending automated notifications.
No restriction on the number of attachments or media references.
Database filtering
There should be a streamlined database filtering and search option. The list of features that this should include are,
Use keywords, phrases, and terms to search for inquiries.
the possibility to save results for later use without having to recreate the query to retrieve a specific piece of information.
Check, search, filter, and sort each property record under your portfolio to see any relevant requests, vacancies, transactions, and rentals for that particular property.
The option to add and structure required fields to PDF or Excel documents, with the versatility to alter the fields you're working on.
Segmenting searches according to buyer intent, customer priority, type of sale, sale possibilities, property type, and more.
search criteria that can be changed by factors like location, price, property features, availability, listing status, parking type, and more.
Research says that filtering data helps with better data security, improves IT work efficiency, and reduces redundancies in business processes.
Data analytics tools
CRE has a bulk amount of data, which can be intimidating for employees to process, sort, and then analyze. That is why you need a database feature where the raw data is automatically analyzed. It must provide you with comprehensive and simplified reports so that all stakeholders can get involved. The right CRM can easily do this.
From analyzing market data to making reports about customer data, you must have an analytics tool that automates these processes. It can also track and analyze data about past sales, marketing strategies, transaction pipelines, and more.
Data importing system
Even though you use a new CRM system to manage your database, does not mean others will do the same. Like your vendors and customers can easily send in data on excel sheets and PDFs. So, your database must have a data importing system that can import and sort data in a few clicks. If you have to manually enter every data into your database then this technology selection becomes useless for your team.
Agent profiles and analysis
Your database must also have individual profiles for each agent and broker. This will help you get quick glances at their profiles, sales reports, previous work, and performance. This will help you understand which agent is performing better and who is making you lose business. You can constantly keep track of their work activities and the results they bring. Once you have this information in place you can work on your strategy and leadership to make necessary changes.
Complex information portal for all properties
CRE portfolios are generally very complex. Hence your database needs features to work on these,
Customized alerts for newly listed properties, price changes, image updates, changes in property availability, and more.
Specific listing details like ownership data, area information, expanses, or rework details, and more.
Direct communication with a broker using the contact page or by phone.
Customer feedback and ratings.
Parallel comparison of properties.
Choose a Real Estate CRM that Works for You
Even though many CRM system selections and implementations fail, the right database features can ease the matter. That is why more than 65% of companies across industries now prefer to work with CRM software. Are you worried that your real estate broker/agent database does not have enough features and your CRM is not doing enough? Get in touch with our team at Assetsoft.
At Assetsoft we have multiple industry experts who have over two decades of experience in helping real estate businesses make business decisions. From software feature customization, database management, technology selection, and implementation, we do a lot. Want to know more about our services? Book a free consultation call with us and talk soon for more.