CRM for Real Estate: What, Why and How?

CRM For Real Estate

In the real estate sector, your leads come from almost every marketing media possible. To address the needs of tech-savvy customers, you need an efficient real estate sales team and address every lead’s query carefully. You can revamp your sales methods by employing the latest technology and nurture every potential customer with the right inputs at the right time. For that Real Estate CRM is a vital necessity. 

A good Real Estate CRM enables your business to work smart by channeling your efforts in a proper direction. It allows you to manage all property-related information in one place.

Most importantly, real estate involves dealing with people. So the first thing you need is to gain the buyer’s trust. A good Real Estate CRM enables you to transform mundane, sometimes pushy sales pitches into humanized personal conversations. It allows you to address your buyers’ concerns and rewards you their trust. 

This relationship fortified with trust will help you present yourself as an advisor rather than an agent. So let us start with the basics of Real Estate CRM. 

What is Real Estate CRM?

Real Estate CRM is a software that captures, tracks, and manages property leads from all your channels – website, social media, real estate listing sites, events, and more. It helps you visualize a lead as a real person – their likes, dislikes, motivations – by following their activities, understanding their interests, and identifying their intent. 

Additionally, the software helps you engage every potential property buyer or tenant with necessary inputs at the right time. It establishes you as a trustworthy entity in the industry. So, whenever a person wants to buy or rent a property, the first name that occurs to them is yours.

On the other hand, it enables your marketing team to better collaborate with photographers for tasks like property photoshoots, creating videos, etc. It will assist your team in managing all agents efficiently and maintain a proper record of all activities on the field. 

So, it suffices to say that real estate CRM is essential for every realtor, builder, and broker in this competitive business landscape.

CRM For Real Estate: An Indispensable Software

Let us understand the need for Real Estate CRM by going through four different scenarios. 

Scenario 1: 

Crm for Real Estate: Lead Capture

You have your website, social media pages, property microsites, and various other channels from where you get inquiries daily. 

Presumably, you store details of these inquiries on an excel sheet. Now, the numbers start rising.

Your salesperson puts in his maximum effort to follow up with every lead. 

But your sales agent is exhausted now. He looks at the excel sheet to make the next call, and unknowingly misses a lead. This lead could have been an opportunity worth crores, and unfortunately, you have lost it. 

Real Estate CRM eliminates manual data entry and lead management from the process. It makes your team highly efficient and prevents lead leakage by automatically capturing and assigning leads and prioritizing calls. It also notifies your salespeople whenever a lead is added to their task list. This ensures that your company is the first to call the prospective home buyer and establish a relationship with them.

Scenario 2: 

Communication Tracking in CRM for Real Estate

Suppose you have already started the conversation with the prospect. 

You may have reached out to them through email or phone call. Let’s say it’s an email. You shared the details of the property, but got no response. Will you keep sending the same information hoping to receive a response?

How can you be sure that your prospect checked the email or not? If you could track if the email was opened, how do you know whether he found the message appealing or not? If he did find the message appealing, what’s the next step on his mind? These are the questions that a real estate CRM would answer for you.

A good Real Estate CRM tracks the activity of the buyer and tells what actions were taken on the email. If the email was opened and there was no response, your team can send them additional details about the same property, or information about other properties nearby and engage them.

If the conversation happens over a call, you can easily track that as well. Accordingly, you can take the buyer through a channeled communication process. It creates a significant impact on the decision-making process of your buyer. 

Scenario 3:

Lead Prioritization

Now let us view a different angle of the story. Your sales team has leads arranged in an excel sheet. In which order do you call them?

Presumably, you call them one after the other. But, maybe the most promising leads are at the bottom of their list. By the time you finally get around to calling them, your competitors might have already connected with them, gaining their trust. So, how will you prevent this? 

How can you prioritize your leads? 

Real Estate CRM assigns a score to every lead. This score is given based on the metrics decided by your company. For example, the lead score will be higher if someone looks at the property pricing page, than someone just randomly checking the homepage of your website. 

Based on scoring, you can prioritize and reach out to the most promising leads first. 

Scenario 4:

Suppose the potential buyer is in the sales pipeline and has requested a site visit. Your field agent has already been assigned the task. But, from the office, how do you track your agents? 

Your agents have numerous property visits every day. There are chances that they can be late or simply forget the meeting. When this happens, you lose your potential homebuyer’s trust. 

I am sure you wouldn’t want to lose an opportunity because of this. 

Mobile Real Estate CRM helps here by tracking every field agent with the utmost precision. It enables you to ensure that your agents are productive and take note of every conversation that happened on the field. 

CRM For Real Estate Addresses the Pain Points of Real Estate Agents

Pain Points of Real Estate Agents

To get proper insight, I went to many public forums like Quora and Reddit to extract the real pain points of the Real Estate agents. I have listed the most prominent ones here: 

Managing Time

Most of the agents face a problem of time management and execution. They have to work around the clock to make a sale. Many a time they have to take a call at 6 in the morning and sometimes at 11 at night. But, after a strenuous day, there are instances where they miss the call and, ultimately, the opportunity. 

Real Estate CRM automatically adds these tasks to their schedule and reminds them. It enables them to refrain from missing any opportunity ever.

Converting Leads into Sales

The next challenge is converting a lead into sales by being a peoples’ person. Now, this is the challenge that blunt and honest people face the most. They say something that can be unpleasant for your client, or your client may find it offending. I am sure that they don’t do it intentionally, but it’s the stress of work that speaks through them. 

Real Estate CRM helps you to develop an interesting conversation by providing you the interests of the buyer. It tracks sales conversation and enables you to resonate with the buyer’s mind. Furthermore, it helps you to relate more with the buyer by providing you essential inputs and transforms your sales conversation into an exciting discussion. 

Adding Value to Sales Pitches

The third challenge is the inability to provide substantial value. Now, when you are informing your buyers about your properties, you need to understand that your competition is doing the same at that very moment.  

With Real Estate CRM, you can now add more value to your conversation. You can leverage buyer’s details and their interests to develop a valuable sales conversations. Furthermore, it automates engagement emails and helps you to connect with the buyer, more strategically and efficiently. 

Managing Customer Queries

Moving on, your sales team comprises of people who are jack of all but master of one. I mean, some would have strengths in selling a particular kind of property, and others would be the masters of a different kind. It is vital to ensure that only masters handle the queries of your customers. It will provide an excellent customer experience. 

Real Estate CRM ensures this by segmenting the lead intelligently. Based on the buyers’ interests and location, it distributes every lead to those who specialize in that domain. 

CRM For Real Estate: A Look at the Complete Picture

Real Estate CRM Ensures Zero Lead leakage

CRM for Real Estate Lead Capture

The CRM Captures property inquiries from all your marketing campaigns. It picks up leads from your website, social media campaigns, listing websites, and various other channels. It provides you an insight into the best and the worst performing campaigns. Based on this information, you can devise your marketing campaigns accordingly. 

Real Estate CRM Distributes Leads Efficiently

Crm of Real Estate Distributes Leads Efficiently

You can establish a criteria and distribute the leads to different real estate agents and call centers. The criteria can be formulated based on property type (residential or commercial), sub-type (luxury or budget apartments), location, other preferences, agent availability, and more.

Automate Responses to Your Prospects

Automate Responses with CRM for real Estate

The software provides you a way to automate follow-up communication based on the type of inquiry – site visit, quote, property booking, home loan inquiry, and more. This will engage the prospect and keeps them connected with your organization. 

Automate Agent Notification and Task Settings 

Automate Agent Agent Notifications

As soon as the lead is distributed to your agents, they will get an automated notification on email, text, etc. The software will automatically assign tasks for them based on their calendar availability and eliminate the chances of missing an appointment or follow-up calls. 

Real Estate CRM Segments Lead Intelligently

Segment your leads

Real Estate CRM segments your leads spontaneously. It analyzes various factors – property types, preferences, location, demographics, financial status, home loan status, and more. 

You can use this information to maintain a channeled communication and deliver the sales pitch effectively.

Track Conversations with your Prospects

Track Sales Conversations

The software automatically tracks and records every sales conversation. It then provides you an appropriate direction for taking the conversation forward. This increases conversion possibility and engagement.

Customize Lead Quality Criteria with CRM for Real Estate

customize lead quality with CRM for Real Estate

You can customize your lead criteria by structuring proper metrics. It will help you to prioritize your sales conversations. Through this, you can reach the potential buyer in no time. This will increase the efficiency of your sales team and improve the conversion rate. 

Filter out Junk Leads

Filter Junk Leads

You can filter out the junk leads with Real Estate CRM. The lead has to enter a proper phone number, which they will verify with OTP. It will help you eliminate the fake lead who uses a hoax mobile number to obtain any information. 

Track Your Field Sales Team

With Real Estate CRM, you can track every agent who has gone out of the office for a property visit. It will enable you to eliminate confusion regarding your agent’s meetings and provides you a unified view of the meetings that they took. Furthermore, Agents can map the shortest path to the meeting with their mobile CRM. 

Get In-depth analytics with Real Estate CRM.

Get in-depth Analytics with CRM for Real Estate

Real Estate CRM develops a consolidated view of lead source performance, property performance, agent performance, and more. It enables you to direct changes in the strategies if there are instances of poor performance. 

Let’s Do the Needful Now

Incorporating Real Estate CRM in your company will help clear out the mist from your sales horizon. It will empower you to target every potential customer in a way that would exclusively work for them. 

Your Sales team would become more efficient than ever. And the results which would be outstanding. So are you ready to witness a rising sales graph with Real Estate CRM?

If yes, book a free demo and see for yourself. 🙂

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