Benefits of using CRM in Real Estate to manage Customer Relationships

Rapid economic development, increased income levels, and urbanization are factors that have played a significant role in increasing demand for real estate around the world. By 2025, the global real estate market will generate USD 4,263 billion in revenue. As a result, buyers have many real estate investment options. For real estate professionals, the main challenge is identifying the market segment to target through marketing campaigns, creating sustainable follow-up efforts to build a strong sales pipeline, and ultimately converting those footfalls into customers. CRM in real estate is software that combines technology with client strategy to improve customer relations.

What are the advantages of using dedicated CRM software?

Ensure zero lead leakage

Capture every inquiry from all of your lead sources across multiple marketing campaigns by using CRM in real estate. Streamline lead management activities, and minimize lead leakage. Intelligently optimize the conversion funnel, detect aging leads, refine leads, and make timely decisions to retain potential prospects. You can also take advantage of your marketing campaigns to capture property inquiries by including digital ads, social media, traditional ads, websites, and real estate marketplaces. 

Better efficiency and productivity

Customers today expect businesses and brands to respond quickly, with over 88% expecting a response in less than an hour. However, achieving this goal becomes complicated when leads are scattered across multiple platforms. CRM software stores lead information in a single, secure location. This enables agents to provide accurate information to prospects and customers within the SLA. CRM tools also integrate with many existing ERP tools which makes passing information faster and easier while reducing data duplication between departments.

Customer retention

CRM in real estate can assist you in supporting clients both during and after the sale by consolidating all vital client-related information and documentation in one location, with real-time access when needed. By centralizing this data, handling customer queries and issues become more efficient with quicker response and resolution times, thereby lowering the risk of customer frustration and increasing the potential for increasing sales. All customer interactions can also be easily recalled, providing essential insights so that customers can get the answers they need quickly, enhancing future communication channels, and improving ongoing customer service.

Sales prioritization

Sales teams spend a significant amount of time interacting with leads who do not ultimately purchase a property. This typically occurs when agents lack collective audience insights and can’t determine the highest priority clients. However, CRM uses algorithms to collect data and analyze the preferences of anyone who clicks on pitch links. Based on details such as demographics, location, property types, and financial status, it becomes clear if a particular property will suit a client or not. Having this information helps to identify the prospects who should be approached first.

Build up the client-agent relationship

You can receive property inquiries from various marketing campaigns, whether through phone calls or social media, or plots and commercial projects. CRM records these inquiries and assists you in responding to them appropriately, including auto-responders that don’t require your physical presence. CRM algorithmic data collection and analysis processes provide agents with a thorough understanding of prospect choices and preferences. As a result, they can offer personalized solutions for each proposal or pitch, creating relationships that convert leads to clients.

Precise and effective marketing

The target demographics and strategy for each campaign will be different depending on the platform you want to advertise on. Whether it’s a drip-email campaign or a social media ad, CRM in real estate provides you with all of the demographic information needed to create advertisements and property pitches. CRM data includes information about customers and accounts, such as the number of employees at a company, SIC industry codes, annual revenue, and more. You can use filters to narrow down your customer profiles for more effective marketing.

Analyzing performance reports

To make your business more profitable, understanding how different campaigns are performing, from where the most leads are generated or deals that you have closed quarterly, can be beneficial. Since CRM stores data centrally, it can generate weekly, monthly or yearly reports. Managers can rely on CRM for real estate to monitor the operational efficiency of internal tasks, inspect their sales team’s activities, and audit customer-related transactions. Analyzing sales performance reports provides sales managers with a comprehensive picture of the effectiveness of agents at each stage of the sales process, helping them make better decisions, improve the sales pipeline, and strategize scalable sales processes.

Modernize real estate CRM with Speridian

Businesses have used CRM tools in the real estate industry for quite some time. However, these tools have recently advanced to serve as more than just a database. The advantages that the best CRM for real estate software provides include the ability to plan effective promotional campaigns, analyze sales efforts, and offer consumers far better customer service. In addition, CRM software is a tool that allows companies to achieve better results and increase profits.

Speridian being a salesforce consulting partner, helps real estate professionals implement a digital-first approach by providing next-gen solutions that help you attract prospects and build better customer relationships in the process. We offer deep domain expertise and experience, and well-defined strategies to modernize your business and get the most value from your CRM investment.

Contact Speridian today to modernize real estate CRM.