Market survey and reports mention that more than 65% of companies now prefer using CRM software for better business. Back in 2018, the CRM software users were only 59%. This shows that more industries are joining in this trend. In real estate also, after the pandemic, more than 97% of people now look for properties on the internet. Hence, the previous techniques of newspaper listings, and roadside ads are making a lesser impact.
Since most of the real estate customers are now coming in through online mediums, it can be very hard to manage them through physical CRM methods. You can not keep using excel sheets or outdated CRM software to manage. Even though in the present market many businesses are adopting the latest CRM, many fail during implementation. Data says that more than 30% of CRM implementations and adoptions fail and making it a redundant investment.
Are you planning to integrate the latest CRM software into your real estate business? Want to stay updated about why it sometimes fails and can adversely impact your business? Read this article to find out.
5 reasons why your CRM implementations are failing
Here are the top five reasons why your CRM implementations may be failing.
Unclear purposes for the CRM
One of the most simple and basic reasons for CRM integration failure is that people don't establish clear goals for the new CRM integration strategy or for the business as a whole. Your CRM selection and software features should change according to your goals. Reports say that nearly 48% of CRM projects fail due to a lack of coordination and goals.
If you're here, you quite likely have some problems with back-office operations, communications, sales, or customer relationship management. Ask your management for comments, list the primary issues in a table and prioritize them. If you are still confused about setting your goals, you can talk to our strategy and leadership team for expert input.
Improper technology selection
Every sector has a different need for its CRM software. A real estate CRM needs to be customized according to this niche and used accordingly. You can not integrate a generic CRM system and expect benefits. Salesforce market data says that more than 32% of businesses have bad IT investments, meaning they do not do the right technology selection, hence the investment becomes fruitless.
Lack of involvement from all stakeholders
CRM software implementation does not happen in isolation and can not involve only C-suite executives when the employees will use it every day. The office staff needs to provide proper feedback on all CRM issues, and the goals they want to achieve with this new tech. This will help the company set better CRM goals and integrate the right tech.
Once the CRM is integrated your staff also needs to get trained to use this new tech so that they do not face basic everyday challenges and work becomes slow. Your SaaS integration partner should provide these training services to help you. At Assetsoft we provide an end-to-end solution for all software integration, staff training, constant support, troubleshooting, and more.
Regarding CRM as a solely technical event
According to Gartner reports, 77% of businesses find it very hard to make B2B purchases. This means that getting CRM solutions is becoming hard for companies. But people make this purchase a solely technical event that the IT department handles. If the office workers and field workers, agents, and property managers who will use the CRM daily get involved, the process will get simplified.
No feature customizations
The top CRM software and the same selection of technology in project management are used by multiple businesses across the globe. The only way to make them cater to individual businesses is to get feature customization. Many businesses fail to do that and do not invest enough money into it. Though this helps you save a little money during integration, the whole process can become a money drainer in the end.
How does bad CRM integration impact your real estate business?
A bad CRM integration can have many impacts on the real estate business.
Depletes your brand reputation
When you fail to manage your customer relationships and services it negatively impacts your brand value. The research found out that 3 out of 5 people say that good customer service is one of the main factors which helps them become loyal to any brand. Many researchers also say that 68% of customers are ready to pay more for better customer service. But this 68% of customers will stop believing in your services in case you provide bad customer services through a bad CRM platform.
Losing credible leads
NAR reports say that more than 36% of American real estate sellers found their real estate agents through a referral. In case you have a bad CRM system, your leads will fall through the cracks. If your present customers are not satisfied they will never refer you to others. Your leads will be lost, and you will eventually lose business.
Integration becomes redundant and drains money
When you end up spending money and investing in the wrong technology selection it becomes a money drainer. It serves no actual purpose of meeting your end goals by draining money on subscriptions, staff training, system maintenance, and more. That is why you need to have an end-to-end plan for CRM integration before you start with the process.
Hire the Best Real Estate CRM Consultants!
43% of companies mention that the right CRM has helped them improve business and achieve their goals. They also mention that it has helped them get much better customer satisfaction.
But to date, many real estate companies remain uncertain about the CRM technology selection and implementation plans. So, which CRM will work best for you? There are many options like Zoho, Salesforce, and others that you can choose from. The market is saturated with options, but we can help you understand which one will work best for your particular business needs. Know how to make Yardi implementation with with experienced Yardi consultants. Know what makes MRI software unique with our versatile and industry experienced MRI consultants.
Get in touch with our real estate technology team and know how we can help. Book a free consultation call and avail our services. Talk soon!