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Real estate sector is rapidly growing in all world-wide directions. Focusing on winning is crucial which gives birth to competition that makes real estate a competitive industry. The modern era of internet has encouraged buyers, vendors and clients to demand detailed information in desired time frames. Forward-looking companies are constantly looking to satisfy every single customer of varied mindsets, economic conditions, needs and backgrounds. The best strategy to meet these challenges is to manage strong and long term relationship with customers by focusing minutely on their each and every specific requirement. The Key to these challenges is Customer Relationship Management (CRM) Tool.
What is CRM?
CRM is the abbreviation for Customer Relationship Management. It is a model for managing a company’s interactions with current and future customers whether it is sales or service related. CRM enables companies to build database about its customers and manage services from one end like details to manage salespeople, people providing service, and perhaps the customer directly could access information, match customer needs with product plans and offerings, remind customers of service requirements and so forth.
Real estate agents are facing challenges to meet the demands in the modern era.
Huge amount of projects coming to the Real Estate Market gives the buyers a wide choice. Customers who invest in property expect best services in profession because they don’t mind paying premium for the same.
Here every sale is different in terms of location, offer price, features, services provided, sales cycle lengths and so on.
Real estate agents have to maintain a large amount of paperwork. They always juggle with updating To-Do lists, post it notes with reminders, on-going contracts. To maintain all the paper work, files real-estate agents needs a lot of space. More of paperwork means less time with clients in a day.
Property related decisions whether buying/leasing are capital-intensive and buyers tend to have a number of interactions with the developers before finalizing. Keeping a record of all these interactions and analyzing the outcome of each interaction and taking appropriate action to facilitate the lead-to-customer conversion
The Key solution to all the challenges faced by real estate sector is CRM
Real estate agencies that effectively use a CRM system can easily focus on their clients – vendors, landlords, buyers and tenants.
CRM solutions help in effective segmentation of the market. In turn segmentation allows companies to focus and cater to the particular preferences and needs of each group. Most appropriate campaigning can be carried out by targeting the selected groups, thus enabling a comprehensive approach in planning and budgeting. As opposed to targeting one big heterogeneous group, having smaller, specific groups would increase overall productivity & maximize ROI.
CRM software provides companies with several tools and mechanisms needed for effective communication management with prospects, and allows structured sales process.
In the lifecycle of the real estate sales, the real estate company interact with customers on various occasions such as demand letters for payments, milestone completion, maintenance, etc. Several of these issues are sensitive and any errors/redundancy can cause a serious damage to the customer relationships. With CRM systems, it is possible to configure and trigger automated communications through email/mobile messages, based on transactions taking place in the customer/prospect account.
This is a crucial step to automating sales process. A web-based site administration tool could make it easy to create and manage each property in the company’s portfolio, from basic address information to floor plans and virtual tour, upgrading of packages and status details of each unit in the property.
CRM software helps to configure developments to precisely meet buyer needs, with real time information on locations, cost and availability. It can also be designed to provide real time pricing and inventory information, thus helping to optimize prices, maximize profits, and capture potential lost revenues.
CRM centralize all the documents related to the sales and closing process. Sales people and other key users can create contracts and then management tools make document handling and management easy, leading to better organizing of all kinds of important data. The system helps centralize documents vital to the real estate sales and closing process.
CRM solutions in this industry will serve to improve service operations, increase up selling by capturing, tracking and resolving issues in a unified system. Order tracking and accuracy is also increased. Sales trends which are needed for enhanced decision making and planning are also made available. A thorough understanding of the complicated Real estate market, the alert competitor, the demanding & knowledgeable customer, is all made possible by a comprehensive CRM solution.
In a nutshell, Real Estate sector is the touch point for millions of customers on an everyday basis, necessitating the need to develop and intelligently manage a large variety of customers who have a diversified set of requirements. Providing anything short of excellent customer understanding and service will cause failure. Therefore, it is mandatory that CRM solutions be included in the business process of the Real Estate industry to ensure that customer relationships are strengthened and maintained to ensure maximum profitability. Your real estate technology strategy starts and finishes with CRM.
Waratah Estate Agents Team