Customer relationship management is tricky in all businesses, and the real estate industry is no expectation. As this is an industry that is heavily dependent on building and maintaining customer relations and getting capital investments, managing relations is at the crux of it. Research by the Agile CRM company shows that the right real estate CRM can increase sales productivity by 34%, sales by 29%, and sales accuracy by more than 42%.
Beyond sales, there are many more problems in real estate that the right selection of technology with CRM can help streamline and solve. This article will help you address the different problems and find the best solutions with various CRM features as a business owner and avoid common mistakes.
No matter the size of your real estate business, anyone can integrate CRM. Market stats say that any real estate agents who earn anywhere more than $100,000 annually use CRM to handle and manage their work and grow. Here is how you can do that too.
Solving Real Estate Management Issues
Are you facing these problems in your real estate business? Look out for the signs to know that it is time to integrate CRM software.
Problems in finding credible leads and efficiently managing them
Failure to follow up with customers/leads
Report generation and customer behavior analysis is a struggle
No proper system for sales and marketing
You have no track of your inventory and no real-time updates on properties
10 problems in real estate that CRM can solve
Here are 10 real estate business problems that CRM can easily handle.
Lead tracking and monitoring
Research says that 88% of buyers and more than 82% of sellers recommended their real estate agents or themselves reuse their services if they have a pleasant experience. Any lead you gather must be organized, followed up with, and monitored to speed up sales. Your referrals need to be organized according to priority/category and need to be tracked regularly to convert them into paying customers. CRM software can easily help you automate the whole process without wasting additional labor and money.
Future business forecasting
How does this work? If you track your customers' buying and paying patterns through your CRM software, you can easily draw up detailed analytical reports on the future of your business. You can even track the lifecycle of your marketing strategies, understand which ones worked better than the others, and invest in the areas with better responses from potential customers.
Inventory management
Real estate inventory management is a strenuous task because no company works with just a handful of properties. Getting real-time data from all locations and every agent and updating them on your system can take a lot of time if this process is not automated.
Project management with CRM software can help streamline this work. Your field agents can remotely update information about property sales and or tenant turnover on the CRM dashboard. There will be no need to run back and forth to the office to coordinate with the team.
Managing different properties in different locations
When you have a diverse real estate portfolio, chances are that your properties are spread across a large space or even across international waters. If you can communicate with all your tenants and stay updated about all your properties, it would simplify your work. CRM software can help you do all of it from a single dashboard. This will help improve your efficiency and reduce the company's carbon footprint.
Agent commission management
As you keep growing your portfolio, the number of agents will also keep increasing under your company. This means an obvious rise in agent commissions, but keeping track of the sales made by each agent and their commission percentage can not be done on excel sheets. You need to work with CRM software to better insights into agent commission and automate their management work.
Office task management
Keeping track of your agents and other employees is not humanly possible without the proper technology selection. You can track the whereabouts of your employees during work hours; you can keep track of their work, analyze their performance and do all kinds of internal office communications from the CRM software.
Automated marketing and sales
When the number of millennial homebuyers is rising, real estate businesses can not afford to run away from dynamic marketing and sales plans. CRM software like Zoho offers options to integrate all your marketing and sales plans into their existing system. You can keep track of your campaigns, send automated emails to leads, and understand your strengths and weaknesses in marketing.
Centralized data system
The cost of storing and handling physical data on paper is humongous and is bound to be filled with errors. CRM systems can easily help create a centralized and secure data system on the cloud and can be accessed from any location. You can easily do away with the costs of getting extra storage space to keep your cumbersome paperwork and get it digitalized into your CRM system.
High remote work productivity
After the pandemic, the whole world has learned to adapt to remote work practices, and the real estate business should not fall behind. With the use of CRM software, remote work should no longer be a hassle for this industry. Inventory tracking, employee management, calendar management, data management, and a lot more can be done remotely, which helps promote remote work.
Maintaining customer relations
Keeping track of your customer grievances and reviews and following up with them regularly easily help you retain customers and renew leases. Your CRM software can help you constantly stay in touch with your customers and make them valued to retain their business.
Integrating CRM software with Assetsoft
Market reports have found that for every dollar that real estate companies invest in CRM software, they get a minimum return of $8.71. So, it is quite clear that not only does CRM solve many of your impending problems, but it also positively reflects on your ROI. It is time you start integrating CRM software to reap the benefits.
To know more about how to start and go about this process, talk to our team at Assetsoft.