The Real Estate industry in India is ready to embrace the business automation system. Along with all business industries, Real Estate is also facing tremendous turmoil and agents are continuously adopting new technologies to keep up with the increasing market demands.
Indian real estate developers need to tweak their customer service strategies due to the following reasons:
- New rules and regulations in the real estate industry
- Rising customers’ expectation
- Increasing competition
With instant access to information and consumers becoming more at ease with the idea of selling their own houses and properties, the Indian real estate industry is pressed hard in keeping up with the shifting tide. Responding to the gradually well-informed buyer base and, bearing in mind the fact of globalization, our real estate developers have shifted gears and accepted new challenges.
That is why you can see the rising popularity of Real Estate CRM in our country. Brokers are looking for Real Estate CRM tailored specifically for their industry needs. Small and mid-sized brokers are the ones most benefited from CRM for Real Estate.
In this present situation, where the entire market is completely customer-centric, both small and large brokerages require Customer Relationship management software in order to sustain in this competitive market economy.
The CRM software not only starts working from the day a buyer and broker enter into an agreement but also it provides valuable insights to generate more leads and convert them into business opportunities.
It helps to get timely project information
So many people are now investing in real estate and so many people are selling their properties to have new ones. Indian real estate industry is expected the growth of 7.0% this year, according to Thomson Reuters.
In this large industry, you need to gear up new policies and integrate strong information management tools with your system. Tools that can remind you the appointments, daily tasks, show case the buyers’ information, and all the data about properties and contracts.
Evidently, the buyers being able to access information that they need to make more logical decisions, it’s trimming down the importance for the less informed brokers.
Smart real estate brokerages are embracing these technological advances and using fresh CRM tools to survive. Whereas, others are sticking to the traditional techniques and old methods because that’s the way deals and handover processes have always been done.
Awkwardly though, history has proved time and again, nostalgia is hardly a good business model — no matter which industry you belong.
With the suitable project management software you can add a project checklist to follow the progress of a particular deal, yet can maintain the information security at its full. Integrating a calendar with your CRM system, you can keep track of current and upcoming events, appointments and meetings.
It simplifies the execution and handover process
The real estate CRM system can record all the payments as and when received from the buyers. It even can help to track the installment process, since buyers generally pay high amounts for their properties in installments. With Real Estate CRM it is likely to create a payment calendar, keeping accordance with the company’s financial strategies.
This will help the developers to generate further demand letters and create accurate reports on payment process. So, eventually, the handover process will get easier with the clarity of payment structure and correct documents.
Besides this, CRM allows a holistic and organized approach for forecasting and budgeting.
Within the real estate lifecycle, the brokerage has to communicate with the buyer frequently, be it demand letters for payment, milestone completion, or maintenance related communications. A tiny error here can cause severe damage to client relationships.
With CRM systems, you can enjoy all the advantages of marketing and sales automation. CRM tools allow you to configure and generate automated communications through email or mobile messages. With this, you can endow with a decent reminder of the transactions which took place in your buyer’s account.
It provides tools to maintain regulatory compliance
In the present situation, the Indian real estate sector is facing an incredible pressure of regulations, due to the introduction of RERA Act. According to this act, all the real estate developers and promoters need to finish project details, such as layout, land details, approvals, workers and the estimated completion schedule of the project with the regulator as well as the consumer.
On a shorter note, the recent budget (2017) also creates remarkable excitement in the Indian realty sector. Being the second-biggest employment generator, after the agricultural sector, allocation to PradhanMantriAwasYojana increased from Rs. 15,000 crore to Rs. 23,000 crore in the Indian real estate sector. Further, the Government has affirmed its intention of constructing 1 crore rural houses by 2019.
So, it is the right time to accept the challenges and appreciate the opportunities and create maximum profits using the right technologies.
CRM software leverages the connectivity among the buyers and brokerages and helps to produce reports on a daily basis. Thus, it shortens and streamlines the work process so that you can achieve fast project completion. Organized and segmented information on CRM dashboard which will help you to systematize your workflow, so that you can maintain the regulation, yet retain your revenue.
In addition with the above three, real estate CRM system streamlines the customer enquiry tracking from start to closure, developing a sales funnel and further provides a real-time view of it. With all its features and applications, your CRM software offers you the perfect opening to get into the targeted customer segment and grab the right opportunity to increase your profit.
With the changes, today’s realty sector has become fully mature to adopt the business automation process.