The real estate sector is going through a transition and investing in a CRM is a must for them. Here are 7 benefits of Real Estate CRM that one should look into.
For most people, buying a house is a lifelong dream come true. It’s one of the biggest investments (if not the biggest) investment they’ll make in their lives. That’s why the relation between customers and developers has always depended on trust.
With policies like RERA coming in, developers that prioritize servicing customers and better management have a competitive edge over the others. A Customer Relationship Management (CRM) software empowers developers to build this competitive advantage and increase sales of their inventory.
Benefits of Real Estate CRM
Investing in a CRM tool is a strategic decision for companies that want to play the long-term game. It enables real estate developers to stay on top of buyers’ needs, to understand changing trends, manage their sales pipeline, and improve transparency in communication within the organization.
If you’re a real estate developer, here are seven compelling goals a CRM software enables your business to achieve:
- Manage Leads Effectively
Customers today expect quick responses from business and brands (over 88% of customers expect a revert in under an hour). But achieving this goal becomes difficult when all leads are scattered across various platforms – real estate portals, social media, exhibitions, your website and more.
A CRM software stores all details of these leads in a single and secure location. This enables your people to respond to prospects and customers within the SLA with accurate information.
- Maintain Accuracy of Information
CRM tools enable you to respond through mediums of communication that customers prefer – email, SMS, and even WhatsApp.
They also can store details of conversations between your customers and employees. This ensures transparency of information that gets shared with customers.
CRM tools also integrate with many existing ERP tools like Tally that real estate developers commonly use. This makes passing information faster and easier. It also reduces data duplication between departments in that they don’t have to fill the same details in different software over and over again.
- Manage Drip Campaigns
With the number of options customers have today, it’s difficult to make them buy immediately. As I mentioned before, trust is a huge factor for customers to make their choice. This trust comes when customers believe that sellers have their best interests at heart.
To add value to customers lives, the smart real estate developers use CRM tools to create drip campaigns to send automated emails and messages to prospects and customers. These messages could include tips on home maintenance, preparing for weather changes, information on the latest offers and more.
CRM tools also enable sellers to identify which marketing campaigns prove effective and which don’t. As a result, they can do more of what works and avoid doing what doesn’t work.
- Improve Follow-Ups
Merely sending drip messages and running marketing campaigns are not enough to convince customers to purchase from you. Your employees must follow up in a periodic and timely manner to get customers closer to the final step – signing the agreement.
CRM tools let salespeople set reminders to follow up with prospects and store details of their communication. This makes follow-ups more efficient and effective, which in turn leads to improved sales figures.
Not only does a CRM enable your people to follow up better; it also helps leaders analyze the efforts of the sales team and take necessary action to make improvements when needed.
- Improves Employee Productivity
Between meetings with brokers, showing prospects sample flats, and performing many other office duties, your salespeople don’t get time to sit in front of a computer and make entries into the CRM tool.
However, modern CRM tools work on most mobile and portable devices because they’re cloud-based. This means employees have full access to CRM software on the go, no matter where they are.
Thus, CRM tools increase employee convenience and lead to a surge in their productivity.
- Close More Deals Faster
75% of business for real estate developers and agents comes from word-of-mouth. In other words, referrals are the most effective source of lead generation for real estate developers. Yet, less than 12% of customers ever give a referral. Why? Because businesses don’t ask.
Without a single database to track leads, store information and ask customers for referrals, most real estate companies fail to reach out to the most proven source to grow their business.
A CRM software doubles up as the perfect database for businesses. They can not only store customer information but also track whether they’ve asked customers for referrals, thus taking positive steps to increase sales and shorten the sales cycle.
- Tracking the Whole Workflow
Renowned marketing guru Peter Drucker had said that what gets measured gets managed. Thus, when businesses track and measure progress of each stage in the buyer cycle, they manage their business better to satisfy customers and be compliant with various regulations like RERA.
From creating projects with details like saleable area, basic rate and more, to defining payment schedules, assigning leads, completing site visits, offering finance schemes, signing the agreement and managing recoveries, a CRM tool enables real estate businesses to track every single step. This not only ensures that leaders stay updated with the latest happenings in their business, it also keeps the entire staff accountable.
In the real estate sector, businesses have been using CRM tools since quite some time. But lately, these tools have advanced to serve as more than just a database. They let users engage with in-depth and real-time analytics, and take steps to grow their business to the next level.
CRM solutions have redefined how real estate businesses function. If you want to know how Enjay’s CRM can help you grow your real-estate business, click here to schedule a no-obligations demo.