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What is real estate CRM software?
Real estate customer relationship management (CRM) software provides specialized customer relationship tools to realty companies of all sizes. Agents and agency managers can manage leads and contacts through all phases of the sales cycle. Agents and property managers can access application tools via mobile devices. Sales teams can automate the distribution of marketing materials and sales forecasts.
The benefits of real estate CRM software
- Contact and lead management: In addition to the standard contact fields common in most CRM apps, real estate CRM software also stores and compares information specific to the real estate market such as client budgets and preferred target neighborhoods. Dashboard and calendar functions remind agents when to reconnect with leads and clients so that valuable opportunities are never lost.
- Targeted listings: By keeping up-to-date information on potential clients, agents can automatically match new listings with client preferences. In doing so, the information you provide clients will better reflect their needs. Real-time listings and marketing materials can automatically be distributed to potential clients via email and other messaging platforms.
- Agency pipeline management: In addition to managing contact information for new sales opportunities, real estate CRM system allows agency managers to calculate closure success rates and timelines for past listings. This in turn provides an accurate tool for agencies to forecast projected sales based on deals currently in the pipeline.
Typical features of real estate CRM software
- Contact management: Enables users to store and search contact information by fields such as name, address, and telephone number. The software also stores market information for contacts such as housing budget and current mortgage information.
- Lead management: Tracks and manages sales leads through the entire sales process. Allows you to create reminders for when to contact potential clients at later dates.
- Dashboard: Provides an "at-a-glance" interface for monitoring the status of tracked sales opportunities. Gives sales managers a tool to monitor sales agent activity.
- Email marketing: Uses the contact database to generate commercial messages to specific target markets using email or other messaging platforms.
- Customer segmentation: Uses contact information across the entire database to identify market segments based on criteria such as income and location.
The real estate CRM software directory lets you filter by feature(s) to view only options that meet your business needs, which can help you narrow your software shortlist.
Considerations when purchasing real estate CRM software
- Market-specific vs. general CRM: Many CRM offerings are not designed for a specific vertical market. Although they provide customization via powerful configuration tools, smaller agencies may not have the IT staff or support to take advantage of this breadth of features. On the other hand, real estate CRM system packages are specifically designed for agencies for all sizes, but may lack the customization features of broader-scale CRM or project collaboration products.
- CRM vs. ERP: Many enterprise resource planning (ERP) packages offer CRM as a component of a more comprehensive enterprise solution. If you are looking for a solution that will integrate with other business functions - for example, accounting, human resources, and asset management - then a broader ERP solution may be a consideration.
- Platform dependency: Considering that many real estate sales are conducted in the field, it's important to understand the features and limitations of a real estate CRM's mobile component. Although most products available in today's market provide apps that work across all major mobile platforms (iOS, Android, and mobile web browsers), there may be functionality limitations for mobile versions.
Relevant real estate CRM software trends
- Real estate CRM software will increasingly depend on artificial intelligence (AI) and machine learning to forecast trends in real estate markets: You don't have to own real estate to be aware of (and affected by) the cyclical nature of real estate markets. The ability to forecast the timing of these cycles can make all the difference for investors. Many current real estate CRM system offerings uses sales cycle data to forecast an agency's projected income. Considering that 68% of small businesses will adopt AI in some respect over the next one to two years , it's likely that we will see real estate CRM programs that intelligently augment forecasts with real-time market data.
- The use of virtual reality (VR) in real estate will change the role of real estate agents: It is projected that the use of VR will contribute an additional $2.6 billion in revenue to the real estate market through 2025. Currently, many real estate websites only show listing photos and information when the potential client provides contact information. This data is then stored in a real estate CRM system and the lead is passed on to an agent to schedule a showing. However, being that showings will be increasingly conducted via VR, collecting contact information in a real estate CRM will become even more crucial for tracking potential clients.