Why CRM Development Is Big Business in the Real Estate Industry
Some of the best marketing you can do is to take advantage of the customer relationships you already have. Having loyal customers and solid relationships with them are an essential condition for skyrocketing sales and leads. An enterprise software forecast from Gartner shows that customer relationship management (CRM) will eclipse ERP at the world market in 2017. Furthermore, Gartner reports the world CRM software market will be at a breathtaking figure of $36.5 billion by 2017. A large part of this will undoubtedly fall to the share of real estate CRM.
The essence of CRM software is an all-in-one-type centralized system that more effectively manages, collects and directs customer data, sales processes and marketing activities of a company, as well as improves customer experience.
Skeptics believe start-ups in real estate as well as other industries could cut down their operational expenses by refusing to use more expensive software. However, there is one snag. Once a startup real estate company experiences initial success and expands its field of its activity, a challenge arises out of how to organize, analyze and improve workflow and retain loyal customers. Let's imagine this scenario from the point of view of a real estate broker. He has to fill online requests for property, organize the showing for potential buyers, track all the property offered for sale, deal with ringing phones nearby, keep pace with all the company's latest news no matter where he is. And last but not the least, of course: engage with customers who are expecting the best possible services in exchange for their large investments.
Custom CRM development has become an ideal solution and a growing business in the real estate industry due to its obvious advantages in this sphere.
What solutions can be proposed to the mentioned challenges?
With a real estate CRM system, requests can be processed by creating a customer's profile so you can back up sales in the future. Integrated dialers can expedite responses while special functions can provide companies with mobile numbers of for-sale-by-owner homes. The list continues… but many CRM systems can successfully eliminate real estate issues.
But what particularly makes CRM a big business in the real estate industry in the current economic situation?
1. The core functionality of real estate CRM enables better client communication and customer tracking. Customer relationship management developers equip real estate agents with powerful databases, effective transaction and payment modules, automated document generation systems, property search engines, client access portals, executive dashboards systems, and more. According to the American National Sales Executives Association, more than 95% of deals are closed between the 2nd and 12th contacts, that is why the capability to follow up your clients and stay in touch with them is so crucial.
However, some stats show that 43% of CRM customers say they have been using less than half of the features of CRM. However, we believe this doesn’t include CRM developers in real estate.
2. Customized CRM development makes CRM advantages available for all kinds of businesses.
According to Forrester, CRM is ripe for fragmentation in order to improve end-to-end real estate business processes. The days of CRM with only standard functionality will eventually fade away.
In other words, a CRM development company can have a lot of success by offering custom CRM services for every single real estate company. This is a solid reason why real estate sellers need to invest into CRM. Only necessary functions, better targeting solutions, better planning and control for bargains from an initial inquiry to closure result in deeply personalized services for customers.
Judging by the top real estate CRM list, the most effective CRM software offer customized functionality to meet specific needs of different real estate agents. These systems are not filled with bloated, needless capabilities. However, you can look at these specific functions and tricks of CRM software to satisfy the needs of real estate companies and attract customers, for example:
- lead management, marketing libraries and paperless transaction systems;
- integration with Google apps, automatic communication with inbound leads via email before the user has to personally respond;
- wise lead capture systems;
- a bucket system to organize contacts into groups;
- many more.
3. In-house CRM software development in real estate as well as in other industries is on the decline. Real estate CRM clouds enable isolation, data sovereignty and global deployment simultaneously. Real estate agents who do not use cloud technologies are really missing out a cheaper capability available any time to the agents on-the-go.
Saved costs and accessibility regardless of location and time are valued features for any real estate CRM developer.
4. Multichannel service makes real estate CRM a big deal for real estate businesses.
Do you know that cell phone providers often talk about churn — a rate at which users discontinue using a service? This phenomenon has come to the real estate industry: real estate agents have to answer phone calls and meet customers, outside brokers and partners, as well as perform a number of other functions simultaneously. In this particular case, dissatisfaction with answers via phone is what could lead to a loss of customers.
CRM development companies have found a way to eliminate this issue. Effective real estate CRM software includes a set of multichannel tools: auto-dialers, powerful websites with the ability to track online activities on them, mobile optimization, integration with Google Apps, powerful websites and simply robust mobile apps. Users, both professionals and customers, can perform many of the same activities they while on the phone but from a friendly, convenient interface.
Multichannel CRM is a really a big business for real estate companies because that's the main area where customer engagement can be enhanced.
5. Due to its powerful analytics tools, CRM software deepens market oversights for real estate agents. Like customized functionality, analytics has to become a must-have for real estate CRM. Real estate companies can take advantage of CRM software because of its market-focus features such as the latest prices for square meter or the time a property spends on the market, generation system reports, commissions between outside and inside brokers, commissions to partners, sales forecasts, etc. Apart from CRM, companies can come up with a clear strategy for the future and make decision-making a lot easier for managers.
The real estate market is not what it used to be just a few years ago. Real estate CRM is the right way to position real estate businesses for the long term and stay ahead.
Elinext Group CRM Software Development expertise:
Industries and Technology Areas
Technology Areas: software development, crm software development