Technology and real estate have today become very closely linked, in a way that the industry’s operations cannot be imagined without technological interventions. This interlinking has been highly beneficial for the industry, since it has allowed real estate to scale to new heights.
Real estate customer relationship management (Real estate CRM) is a robust and advanced tech tool that streamlines the entire operations of the industry. Right from lead management to sales automation; CRM can take care of every operation of the industry. It is being increasingly adopted by businesses, which is proved by the fact that the value of the real estate software industry is expected to grow up to $13 Bn by 2025.
CRM For Real Estate:
The main use of CRM for any business is to boost its sales, by ensuring that leads are managed well, and the sales process is made as efficient as possible. Real estate offers high involvement products and has a long buying cycle. These two aspects make it more challenging for the industry to thrive using the traditional methods, and hence the use of CRM becomes even more crucial.
With a good CRM system in place, the industry can effectively overcome the challenges it has with respect to its inventory and duration of sales cycle.
CRM Benefits For Realty Firms:
Real estate brokerage is an important aspect of the industry’s functioning. As the industry grows, the demand for brokers increases, which is in turn leading to a greater number of realty firms in the market. At present, there is an estimated number of 82,000+ realty firms all over India.
Realty firms connect developers with homebuyers and help to establish a seamless network between these industry stakeholders. They play a very important role in facilitating sales, and it becomes necessary for them to perform this role in the with the utmost productivity. CRM can help in achieving these high levels of productivity, and thereby helps in the growth of realty firms:
1. Effective Lead Management:
Leads are highly crucial for any business, since they are potential consumers who can be nurtured towards sales. Leads are usually generated in large numbers, and from a variety of sources. Besides, not all leads that are generated are the right audience for your brand. Realty firms need a mechanism to handle these leads well and know which ones to direct more efforts towards. This mechanism is offered by CRM:
- Leads coming in from various platforms and sources can be captured.
- A reliable lead database is created that is information-rich and free from duplicate/ erroneous records.
- Leads can be tracked through their entire journey of interacting with your brand.
- Leads can be prioritized based on their requirements, and the compatibility of these requirements with your brand
Once brokers are enabled to manage their leads well, their subsequent business operations too can be streamlined.
2. Timely Communications with Leads & Consumers:
The consumers of today are looking for quick and efficient services. For this, it is crucial to respond and communicate in a timely manner with your leads and consumers. CRM can help in this, by automating all your responses and interactions:
- Omnichannel communications are enabled
- Details and information can be easily shared with clients on SMS, WhatsApp or email
- The nurturing process can be made more effective with personalized and targeted communication
- Stronger consumer relations can be built, by keeping them engaged even post-sales
With CRM taking over the time-consuming yet important tasks of sending emails, making calls and following up with leads/consumers, brokers focus their efforts and those of their teams solely on closing sales.
3. Effective Inventory Management:
Realtor CRM can help in the effective management of inventory, which in turn will help boost the revenue of realty firms. Here’s how CRM helps in achieving this:
- Real-time tracking of inventory.
- Collating details regarding inventory, such as the locality, stages of development etc.
- Creating a centralized database of inventory which will give brokers all necessary information at their fingertips.
- Allowing brokers to quickly find the ideal inventory as per their consumer’s requirements.
Sales cannot be concluded unless there is complete control over the products to be sold, and hence inventory management is a must for realty firms.
4. End-to-end Management of Sales Process:
Since real estate offers high-involvement products, the sales cycle is very long. It has a lot of stages involved in it, and every stage contributes to the final completion of the process.
Pre-sales are the first touchpoint of any consumer with a brand, and it determines the initial impression that is formed of the brand. For the growth of realty firms, emphasis on pre-sales is crucial to convert leads into long-term consumers. CRM allows the pre-sales teams of realty firms to effectively and efficiently nurture leads, by automating all processes and tasks.
Once the pre-sales efforts are successful and the lead is willing to move ahead with the purchase process, it becomes essential to track and monitor the progress.
Realtor CRM offers the highly beneficial feature of sales pipeline management. A sales pipeline is the visual representation of the progress of one’s leads in the entire sales journey. Tracking and managing this pipeline are the best way for realty firms to identify which aspects of their sales approach are working, and which need to be improved upon. CRM also allows the tracking of the work of field sales teams. This leads to the optimization of sales, eventually causing them to scale.
The work of realty firms with respect to their consumers does not end with the conclusion of a sale. There are certain other tasks that are as important as the actual sale itself, and CRM contributes towards the completion of these.
It helps in managing all the documentation pertaining to consumers as well as the sale and complies it in a single platform for the broker. Besides, CRM can also help in the calculation of brokerage and raising of invoices.
From all the points enumerated above, it is evident that CRM is the ideal, end-to-end partner for realty firms. Sell.Do- India’s only integrated real estate CRM Solution can help realty firms streamline their entire operations and boost their growth!