What is CRM in Real Estate?
11 Jul

CRM in Real Estate: Cost, Features, and Benefits

Mahipal Nehra

Customer relationships are crucial in every industry, and real estate is no exception. However, great customer relationships can only be achieved through consistent effort and personalized experience, regardless of where the customer is in your sales process.

And only a robust Customer Relationship Management (CRM) strategy can help businesses to build strong connections with their customers. These strategies include collecting customer data and analyzing their behavior to offer better services and drive higher sales.

Besides, according to a report from PwC, investments in real estate are continuously increasing, making it the best time for realtors to adopt CRM in real estate software that can help them manage opportunities, reduce risks, and gain better revenue.

So in today’s blog, we will help you understand what CRM in real estate is, what opportunities it can offer realtors, and the benefits of using CRM-based real estate software.

What is a CRM in Real Estate?

A CRM in Real estate is a software package that helps real estate agents and brokers to manage their relationships with customers. With a Real Estate CRM system, one can maintain lead efficiency, maintain workflow automation, enhance follow-ups, manage campaigns, improve employee productivity, and have better process management and payment collection.

The CRM Real Estate software helps your business in the following ways:

  • Collecting all the communications and detail of every property.

  • Centralize interactions and profiles for buyers, leads, sellers, and tenants with links to their respective properties.

  • Manage renting, selling, and buying processes having all the third-party stakeholders and interested parties involved.

  • Helps in tracking marketing, interest, and promotions for properties.

How do Realtors Use Real Estate CRM?

A real estate CRM system is the center of all the data involved in running a real estate business. It helps in keeping track of data while offering easier access from anywhere. Moreover, realtors can manage their transactions, deals, and contracts while improving their efficiency and productivity.

They can use real estate CRM to gain insightful reporting on business performance, monitor the overall growth, and redesign business strategies for better results. CRM systems also save time getting and classifying leads through automated processes. But these are just a few ways realtors can use real estate CRM.

So here is the list of some central functions in a real estate business:

  • Realtors and real estate agents are the public face of any property who uses CRM to discover crucial information to represent the property in the best way possible. Get to know the potential sellers, buyers, and tenants with their needs and budget. Match the right people with ideal properties to increase the deal closing rate.

  • CRM streamlines real estate administration processes to make adding new properties with accurate information easier. It also helps admins follow ideal policies for interacting with clients, setting appointments, and property management.

  • Property and client marketing teams can use CRM to identify beneficial properties and publish consistent and compelling details for those properties. CRM also helps to divide different audiences to create effective marketing campaigns, track success rates, get better returns, and generate more leads.

  • CRM helps sales and closing teams gather information about different audiences for the closing process and interact with third parties for a seamless user experience. It also helps the sales team to ensure real estate law compliances for document management, contract signing, etc.

  • Customer service and support teams can use CRM systems to help customers with personalized responses, keeping them well-informed about transactions, answering their queries, and resolving their problems.

Top Benefits of Using CRM in Real Estate

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:

  • Data Input of Buyer and Seller

CRM software in real estate can help in automatically collecting contact information, activity, and communication that can take a lot of time and effort if done manually.  It's essential for real estate agents to follow CRM data hygiene best practices for long-term marketing success with their customers.

  • Complete Visibility of Sales Funnel

Keeping up with potential customers or sellers can be quite challenging. However, with CRM it becomes easier to see where every contact is residing, and what steps you need to take, before moving them to the next funnel stage automatically.

Not just contacts but a CRM in real estate can also help in gathering and organizing information on properties so you and the potential buyer have access to all the details available whenever required.

CRM in real estate can help you to keep all the information for client meetings as a note available at the tap of a button so you are always ready to deliver a personalized experience to them.

  • Follow-ups & Reminders

CRM systems in real estate also help in keeping track of messages and reminders for checking with existing clients or following up with new leads so you don’t miss any contact and chance to close a deal.

  • In-depth Analysis

Where can a deal fall, how long a sales cycle can take, or what activities can be more profitable? To answer these questions you can use CRM in real estate and see what is working to make insightful decisions.

Features of Real Estate CRM

Some of the features of Real Estate CRM should consist of are:

  • Marketing Automation

Real estate CRMs should have integrated modules for automating marketing campaigns so that users can create campaigns and fulfill their tasks, set, track, and adjust the budget, create emails, and so much more. Adding templates for users can help them to create an effective email, analyze metrics, and drive prospects’ information.

  • Deal management

Every CRM software for real estate must have a deal monitoring feature. It includes guidelines that allow the system to move from the initial to final stages of the sales cycle. Information about each deal gets stored in the system so that brokers can easily access it to make predicated decisions.

  • Reports and dashboards

To make insightful decisions, it is important to have a visual representation of the activities. And having a dashboard and reports feature in the CRM system with revenue metrics grouped by area, agent, and activity of the property. Reports and dashboards feature will help stakeholders identify effective marketing strategies and campaigns while predicting the outcome.

  • Real-time communication

Integrating chat or click-to-call options can facilitate easy communication between buyers and sellers because customer satisfaction depends on the service a business can offer. It will also help realtors to run online auctions, do video calls, etc. It allows brokers to rapidly reply to the client’s request, give advice, and even share documents.

  • Multichannel sales

If When you want to reach different markets or offer different services, you should add a multichannel sales feature as well. In addition to providing independent home value assessments, real estate agencies can assist in home buying-selling transactions, and provide consulting services. The multichannel manager can be a huge help in this case as it can integrate different eco-systems for completing sales scenarios. Users should be able to build sales models with their stage, export or import the data, and control the advancements.

  • Document flow automation

To help users get rid of a large volume of paperwork while reducing the time needed to create, approve or share the document, you can add a document flow automation module for these tasks. You can add a predesigned document template that is easy to share around the system.

  • Mobile CRM

With the increase in mobile traffic, having a mobile-friendly solution is important as well. Hence off-the-shelf CRM system like ZOHO has apps that offer an efficient experience to the user. You can also go for a web app that will work on any device easily with features like emails, card scanning, templates, followups, reports, meeting schedules, and more.

  • Integration with fav tools

Your CRM system should be integrated with third-party products effectively. It should be compatible with MailChimp, Google products, Magento, and more which will attract more audiences that had already worked with these tools.

You also need to pay attention to the audience portal where all the users will meet and can schedule a meeting, communicate with agents, share documents, and monitor transactions. Other than that you can also add customization options with themes, colors, fonts, avatars, logos, etc.

This modern approach toward CRM systems in Real Estate can help in minimizing problems related to human mistakes.

Cost to Build CRM for Real Estate Businesses

Real Estate CRM software can cost anywhere from $20000 to $300,000 depending on the features and requirements your business has. But before getting started with the development of real estate CRM software, it is important to hire developers that have already worked on such web apps and have years of experience and skills from companies like Decipher Zone Technologies.

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Posted by Mahipal Nehra | Posted at 11 Jul, 2022 Web