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As Realtor Darren Robertson says, "By addressing client preferences, needs, and pain points, you can increase your property sales and maximize the revenue potential of warm calls and inquiries."
The real estate industry isn’t just about properties. Real estate success also focuses on knowledge, market expertise, and, most importantly, customer retention. Customer retention is crucial to maintaining your real estate business in a highly complex and competitive housing market.
Customer retention is achievable with effective real estate customer relationship management (CRM). However, implementing an efficient real estate CRM takes time and hard work. The process often involves manually keeping an inventory of client information, such as spreadsheets and physical documents.
Fortunately, digital advancements have made business tasks like CRM easy, and real estate CRM solutions are among these innovations. In this post, you will learn what real estate CRM solutions are and their benefits. We will also discuss essential tips on choosing the best CRM solution for your real estate business.
What are real estate CRM solutions?
Real estate CRM solutions are cloud platforms for seamless client data and communication management powered by cloud computing technology. Cloud computing uses the Internet to deliver various services. This technology provides unified cloud-based storage for your real estate CRM servers and database.
Realtors that use real estate CRM solutions leverage features and tools specific to real estate marketing. For example, a contact management dashboard could provide comprehensive prospect data and transaction histories in one database.
With specific features designed for your real estate business, real estate CRM solutions can help you develop hyper-targeted marketing strategies for your audience. They can also provide customer data management that will help improve your customer communication and interactions.
Benefits of Real Estate CRM Solutions
Investing in real estate CRM solutions is ideal for long-term business growth. Real estate CRM solutions can also give your business a competitive edge.
Let’s look at how real estate CRM solutions can bring success to your real estate business.
Remote accessibility
Realtors are usually on the go for property viewings and face-to-face client meetings. Sometimes, they only bring their smartphones for communication and internet access.
Since real estate CRM solutions use the Internet, realtors can remotely access these solutions through web browsers. As long as your agents’ devices are internet-compatible, they can access the CRM database anytime and anywhere.
With remote access, your team can view the database and send real-time updates for quick and efficient collaboration. That way, when something urgent arises, you can immediately address the concerns and provide optimal client service.
Streamlined CRM workflows
Another benefit to leverage is streamlined CRM workflows. Real estate CRM solutions can simplify and automate workflows for efficiency, reducing the time spent on repetitive and monotonous tasks like email marketing, contact management, and lead management.
Here’s how real estate CRM solutions streamline workflows for email marketing, contact management, and lead management:
- Email marketing – Automates email and newsletter messages for clients. This integration is ideal for sending promos, discounts, and new property listings
- Contact management – Focuses on recording and storing client data and transaction histories. This feature is essential for client interaction monitoring. You can also use the extensive data to improve marketing strategies and property transaction bookkeeping
- Lead management – Categorizes past and current clients, cold and warm calls, and client satisfaction. These categorizations help sales management adjust marketing processes for client acquisition and retention.
Enhanced customer engagement and interactions
Rather than relying on manual customer service, real estate CRM solutions provide instant messaging integrations with automated messages that can answer frequently asked questions. These automated messages can have links pointing to web pages with the necessary information clients seek.
Instant messaging integrations also allow you to interact with potential clients offline. You can leave an automated message providing links to specific pages, such as property listings and viewing schedules. At the same time, you can add a message saying you’ll respond to clients once you’re online.
These functions can enhance communication and interaction. Moreover, they can strengthen and maintain client relationships.
Simplified document generation
The real estate business requires many documents, such as deeds, contracts, and closing statements. While real estate CRM solutions store them for reference and ease of access, they can also help simplify document creation.
With simplified document generation, you can get your client’s information from the contact database and instantly paste it on the document. You won’t need to enter the data manually, which can reduce the risk of errors. Your e-signatures will also be available when needed.
Data-based lead management
Since real estate CRM lead management offers lead categorization data, the categorizations can help you create and manage sales and post-sales funnels. This data-based lead management enables you to focus on addressing client needs and pain points, which will be the basis of your targeted marketing and interaction development.
By addressing client preferences, needs, and pain points, you can increase your property sales and maximize the revenue potential of warm calls and inquiries.
Image by Sean Pollock on Unsplash
Choosing the Best Real Estate CRM Solution
In search of a real estate CRM solution? Following the tips for choosing the best real estate CRM solution listed below can help you invest in a solution that guarantees efficient CRM strategies, more client acquisition, and customer retention.
Identify your needs
Not all real estate CRM solutions are created equal, so identify your marketing needs before purchasing one. Consider your needs for contact organization, document storage, outreach campaigns, marketing strategies, team collaborations, task management, and performance tracking.
If you can’t point out your specific needs, ask your team. Ask for their feedback on your company’s existing CRM systems, so you’ll know what areas need improvement and expert assistance. This way, you can empower your team of realtors by lessening the burden of their work.
Prepare a budget
After figuring out your needs, start outlining a budget that works for your business. Most real estate CRM solutions are investments.
While complex CRM solutions are often pricey, many free and cheaper alternatives are still available. Complex real estate CRM solutions also come with different price points. The most common plans are either annual or monthly. Monthly prices can range from $8 to $99, which may be lower for yearly plans. Remember that higher prices don’t always mean they’re suitable and worth spending on.
When getting a solution for your teams, decide whether you’d like individual or group accounts. Team accounts are usually more expensive but may be cost-effective if you run a large real estate agency.
Compare different solutions
Once you have a budget, take the time to compare different solutions. Since many real estate CRM solutions are available, assess their features, legitimacy, reviews, and case studies. Don’t forget to request a demo to test how the solutions will work.
Here are the things you should look for in a solution’s demo version:
- Ease of use
- Customization options
- Multi-channel availability
- Web browser access
- Customer support
- Reliability
- Specific features for real estate marketing
The solution provider must also offer reliable and knowledgeable assistance when necessary. Knowing these things will help you identify a solution’s strengths and weaknesses before purchasing and signing contracts.
Make Valuable Property Transactions With Real Estate CRM Solutions
The real estate market is a people-centered business. Selling properties should also ensure client retention and loyalty. Investing in a real estate CRM solution can upscale your marketing approaches and make valuable property transactions that strengthen client relationships.