With the rising competition in the real estate business, agents and other professionals find it increasingly difficult to attract new clients. Today the buyers have an array of choices before them while making their investment decisions.
But for the real estate industry, there are plenty of challenges. The main challenge lies in intensive targeting through campaigns. Then they have to execute sustainable follow-ups to create a strong network of prospects and transform this pool into loyal customers.
In order to meet all the requirements, a majority of industry professionals are searching for CRM services. Now, why CRM software has become so important for the Real Estate industry? Let’s check out its benefits.
Customer Relationship Management software helps in effective segmentation of the market. Proper segmentation allows real estate professionals to focus and cater to the particular preferences and needs of each segment.
The prolific campaign can also be carried out by targeting certain groups. It also helps to enable all-inclusive method in planning and budgeting.
It also helps to leverage lead management in the Real Estate business. It accumulates leads and customer enquiries from various channels on a cloud-enabled database. You can get real-time status updates through a convenient online lead management tool.
Communication has always been very important for businesses. CRM software provides you with multiple tools and features required for effective communication management. Hence, it helps to strengthen the client network and allows a structured sales process.
Effective networking includes two major factors
- Long sales cycle management
- Immediate response management
These two elements are strongly related to customer communication. It becomes crucial that these interactions are tracked, analyzed, and followed up effectively. Some quick statistics can demonstrate the importance of a long sales cycle management process.
- From 1981 to 2014, the top source for buyers and sellers finding realtors has been from referrals.
- 25% of agents generate more than 50% of their business from repeat clients.
- 88% of buyers would use their agent again or refer them to others.
- 42% of buyers were referred to their realtor through a friend, neighbour or relative.
- 84% of sellers would use their agent again or refer them to others.
Now you know the significance of referrals and client network in generating a long sales cycle. CRM helps achieve a streamlined process for easy maintenance of client data, including contact details and other documents. So, you can manage your existing network effortlessly and generate new prospects.
When it comes to immediate response management, it becomes more difficult to deal with it. Though 74% of sellers use social media, it’s not possible to keep checking the notifications all the time. However, over 88% of buyers expect a response from the realtor within an hour.
Real Estate CRM includes a customizable auto-response feature that enables you to provide prompt responses to contacts.
You might be thinking that auto-responses are so impersonal. Clients prefer customized responses from the realtors. CRM software facilitates you to reply to all the queries through the application.
Real Estate is elaborate and complex. A CRM software makes document handling easy, leveraging management of all kinds of important data.
The CRM ecosystem helps centralize vital documents and closing processes. Sales agents can create contracts and other documents for each transaction without difficulties. The most intense benefits are seen for companies working on multiple property sites.
In a Nutshell
Real Estate industry is the touch point for billions of customers on a daily basis. This particular industry necessitates the need for managing a large variety of customers with diverse requirements. Therefore, it is essential that CRM solutions be incorporated into the business process of the Real Estate industry.
Besides, equipped with all these benefits and features, CRM is user-friendly as well. A handling CRM system can be as easy as using the online facility of a bank account. It is intuitive and self-explanatory too.
Would you like to know more about a Real Estate CRM that can take your business to the next level?