Real Estate is, without doubt, a highly competitive and customer centric business. With the customer and the agent working closely to match the buyer with the best home within the best budget, a close working relationship forms. For the estate agent, it is crucial to keep the customer’s needs in mind and make it their top priority to make the entire process a great experience. This would lead to further referrals and more business over time for the agents.
For the modern estate agent, a CRM software is a great help, and coverts contacts to clients taking them to the next level.
Here’s a look at six main benefits of using CRM.
1. All information in one place
Most successful real estate professionals have multiple lead generation streams. Some contacts are from sources such as their sphere of influence (SOI), website, social media platforms, direct mail campaigns, farming, online advertising sites and others. Maintaining individual databases for all these lead generation sources is a huge task. With a CRM, however, all information from all lead generation sources can be consolidated in one place. Contacts are easily collected and organized, and the information can be accessed from various platforms (desktop computer, laptop, tablet or mobile device).
2. Immediate responses
Responding immediately to inquiries, particularly online inquires, is a critical component of successful conversion. Many real estate CRMs include a customizable auto-response feature that enables providing an immediate response to contacts.
While on the field, a good mobile app, can serve as a CRM, by notifying about incoming leads to be able to immediately reply to them. Being responsive, and doing it sooner rather than later, is the key to starting the client relationship.
3. Keep in touch with past clients
Many agents seem to think the primary purpose of a real estate CRM is to help cultivate and manage new prospects. While that is a key benefit, it is important to remember the past clients as they already know the agent and their services well.
Sometimes, for clients, years go by between home purchases and they might forget who their agent was. Hence it is necessary to stay in touch with past clients. With a real estate CRM, one can keep track of clients’ birthdays and anniversaries.
4. Customize and personalize services
It helps to record all the information about a prospect in the CRM, including areas and neighborhoods of interest, types of homes they are looking for, price range, desired number of bedrooms and even preferences like carpet vs. wood flooring. Every detail captured can be used to personalize the service given to a prospective client, which will help get further down the road in converting the prospect to a client. This attention to detail will go a long way toward making them finalise on their agent when the time comes.
5. Automate tasks and workflow
With a real estate CRM, the personal touch can be combined with the ease of automation. Simply composing the email and programming it into the CRM to send it on the anniversary date will be enough. Rules like these can be written once and the CRM would send out communications on time to whoever required.
6. Get instant feedback about what works
A good real estate CRM can give information about email open rates, click-through rates on links, which listings clients are looking at and other helpful data. It would help to focus on the things that work and toss the things that don’t. With a CRM, it is easy to identify what works rather than guessing and hoping that what is being done is effective.
In a new development, the Maharashtra government has approved the Real Estate (Regulation and Development) Act (RERA) which will benefit both buyers and builders. The Government of Maharashtra had released a draft version of rules in December, and after seeking out all the suggestions and objections which the state government received, the final rules were approved and will come into effect from May 1, 2017. With RERA coming into effect, social CRM would be the only way ahead.