The real estate industry witnessed a severe setback and a sharp decline in business due to the coronavirus pandemic lockdown and restrictions imposed all across the world. Many real estate projects were suspended due to factors such as a supply-demand gap or a labor shortage.
However, now that coronavirus restrictions are gradually being lifted or eased, it is time for real estate businesses to invest in new technologies such as real estate CRM and run innovative marketing campaigns in order to lure customers and get back on track.
The real estate CRM (Customer Relationship Management) software will not only help manage customer relationships but will also play an important role in brand building and revenue generation. In this blog, we will look at what real estate CRM is and some tips for building customer relationships with the help of real estate CRM software.
Let’s get started without much ado!
What Is Real Estate CRM Software?
Real estate CRM is typical CRM software, but it incorporates advanced capabilities and features that are specially designed to meet the demands of real estate businesses. Real estate agents and other stakeholders often use this solution to manage property leads, automate daily booking activities, and generate detailed reports.
Moreover, it also ensures that you don’t miss out on any opportunities to engage with prospects. The software also empowers you to schedule site visits, design and monitor marketing campaigns, track financial transactions, and perform several other tasks.
Besides, you can also view all of your online lead sources from your website, landing pages, and third-party website portals and automatically allocate them to the sales team based on projects, location, budget, and other criteria.
The benefits don’t end here. Real estate CRM also allows you to build a unified communication channel by integrating major social media platforms and other communication mediums such as phone calls, chat, email, mobile app, and so on. In a nutshell, the best CRM for real estate will serve as a bridge between real estate agents, builders, and customers.
In other words, CRM for real estate is a superior technology that every real estate firm should invest in and adopt. Although, note that purchasing CRM software is one thing while effectively utilizing one is quite another. It will be meaningless if you don’t know how to use real estate CRM to manage customer relationships.
In the following section, we will look at the 7 ways to manage customer relationships using real estate CRM software.
7 Tips To Manage Customer Relationships With Real Estate CRM
The following are some of the proven techniques to effectively use CRM to build stronger relationships with your customers, leads, and agents. Let’s take a brief look at them all.
1. Organize The Customer Data
First and foremost, you must collect and organize all of your customer data. Using real estate CRM software, you can harvest information from multiple customer engagement channels and store it in a centralized repository that is accessible to the appropriate agents and individuals. Later, you can categorize this data based on certain criteria to make it easily searchable whenever the need arises.
The primary benefit of organizing customer data is that you will be able to find every information you need about any customer, project, or property deal in a fraction of a second whenever required. This practice will also eliminate the possibility of data redundancy and duplication making the information neat and clean.
2. Segment Customers Based On Their Behavior
After you’ve organized your customer data, the next step is to segregate it based on specific variables and characteristics. For example, the real estate CRM (Customer Relationship Management) software allows you to categorize consumers based on demographics, age, investment amount, property type, location, payment mode, payment term, and so on.
The segmentation helps you understand each category and its needs thoroughly, which eventually helps you devise a tailored strategy for each group. For example, if you learn that most of your consumers are interested in a 2BHK flat within a 40 to 50 lakhs budget, you can focus your efforts only on such real estate projects.
3. Offer Personalized Service
Long gone are the days when businesses could easily lure customers with similar, boring, and repetitive advertising and marketing tactics. Now the times have changed, and so have the marketing strategies. You must now create a tailored solution for each segment and customer in order to entice and persuade them to purchase your service or products.
For example, convincing a customer to invest in a particular premium real estate project is an uphill battle. You will need to either give the buyer a discount on the deal or waive the registration cost or some concrete reasons to invest. However, with the help of real estate CRM software, this task will certainly get easier because you will have a ton of information on customer preferences and habits that will help you design a personalized plan to reach them and persuade them.
4. Use Data For Better Lead Generation
Quality will always win over quantity. The same rule applies when it comes to lead generation. Consider the following scenario– imagine you received 50 leads from a specific source, but only 2 of them converted into customers– meaning a 4% success rate. Now consider another scenario: you have 20 leads, and 6 of them convert into customers – the success rate is 30%!
Using real estate CRM data, you can successfully generate and find high-potential leads. For example, suppose you learn that a prospect is more interested in commercial projects than residential projects in a specific city or location. Based on these valuable inputs, you can present similar offerings to them and convert them into customers.
5. Gain Valuable Business Insights
Another way that real estate CRM software can help you build customer relationships is by generating valuable reports and insights into marketing campaigns. The rich information contained in the reports will help recognize flaws in your approach. It also provides you with a variety of additional information, such as what types of real estate projects people are interested in, which area is the most popular among buyers, etc.
You can also learn what amenities and facilities residential or commercial buyers want in a project, how much they are willing to spend, and so on. Ultimately, all of this information will assist you better understand the prospect and modify your offering accordingly.
6. Understand Your Strengths & Weaknesses
Not only does real estate CRM provide insights about customers, but it also provides vital insights into the strengths and weaknesses of your marketing or sales campaign. For example, suppose that you ran a massive online campaign about your upcoming residential project but unfortunately did not receive the expected response.
In such a case, with the help of the best CRM for real estate may assess where you went wrong. For instance, based on the reports, you may learn that you ran the ad campaign but forget to provide the necessary information on how to connect or register for the booking, or it’s also likely that you targeted the wrong location or consumer segment. Overall, real estate CRM will assist you in finding out the strong and weak points of your campaigns.
7. Boost Customer Satisfaction
All of the six exercises listed above will improve customer satisfaction and help build long-term relationships with them. In addition, you can help customers in a variety of ways by using real estate CRM software, such as offering them precisely what they need, staying in touch with them all the time, and thereby resolving their queries on time, suggest the options that best match their preferences and budget and help them find the best property, and so on.
In addition, the CRM’s integration feature will allow you to attend to each customer without missing any besides keeping them updated about the latest projects and upcoming real estate schemes. Moreover, the features and capabilities that most real estate CRMs incorporate are highly advanced resulting in improved business productivity as well as customer experience.
So those are seven ways to use real estate CRM to manage customer relationships. We are confident that if implemented appropriately, these tips will help you convert prospects into clients and ensure business success.
Summing Up: If you want to thrive and survive in this cutthroat competitive real estate market, you must invest in and embrace the right set of real estate technologies, including real estate CRM. The best CRM for real estate will not only assist you in building long-term relationships with customers but will also help you in identifying and fixing flaws in your sales and marketing campaigns. Not to mention, it will also help you in the customer segmentation process, and in developing personalized solutions.