What is a Real Estate CRM?

Do you ever feel like keeping track of people is hard work? And does it seem like your efforts aren’t quite paying off?

 

Imagine your phone without the Contacts list. No phone number, no email address, and so on. It’d be hard to remember everyone. Today, though, all we have to do is say, “Siri, call Bob!” Technology enables us to complete tasks with ease and in less time.

 

But an address book can only assist you until you’re managing dozens of client relationships. This is where a real estate CRM benefits agents and brokers. CRM software levels up your communication and service abilities. It’s almost like cloning yourself, so you can be that “individual expert” for all your clients without draining your mental stamina.

 

Let’s go into some details …

 

1What is a Real Estate CRM?

By definition, CRM stands for customer relationship management. It usually refers to software that is a contact and communication tool. It allows you to manage multiple relationships, but also handles the day-to-day work involved with those relationships. Examples include task reminders like to-do’s. It can send emails out automatically. Or it allows the more deeper tracking of your sales pipeline, so you can measure revenue (i.e. business/commission income).

 

In real estate, a CRM enables you to service individual people throughout the entire home shopping experience. From the moment they register as a lead on your website to the moment they sign their name on the bill of sale. That journey always has a few bumps, as you know. A CRM helps coordinate all those steps and free up your workload (via automation). It smooths out those bumps.

 

2Advantages of a Real Estate CRM

Let’s break down the advantages by agent and broker. Depending on your job role, you’ll care more about specific CRM features.

For Brokers:

  • Accountability – Make sure your co-workers are getting work done. Example: If you’re spending money to generate leads, then you’ll want your agents calling and emailing those people. A CRM allows you to track their activity. Did they call/email their leads? Are they closing deals?
  • Brand & Service Consistency – Let’s say you have built a reputation in your market. In a real estate CRM, you can establish the protocol and build the communication agents have to use (for lead follow-up, for example). This makes sure everyone is operating on the same page and not going off-script.
  • Opportunity Finding – By leveraging filters and lead categories, you can prospect your database for “hot” opportunities, i.e. ready-to-buy shoppers. You can even nudge people out of “trash” categories with email nurture plans. And good CRMs allow you to track where leads are in the sales pipeline, mapping out your revenue potential.

For Agents:

  • Ease of Use – Imagine texting 100 leads in 5 minutes. You can use templated messages and emails to simplify your follow-up tasks. You don’t have to organize your day, since the CRM will help lay out your to-do’s.
  • Save Time – Using the example from above, imagine the time saved from not having to write 100 text messages by hand. You can get back to your other work quickly, like showing houses.
  • Never Forget – A real estate CRM will remind you who to call and when. There’s no more jotting down notes to yourself. The software handles it all.
  • Prioritization – Have you ever felt like you were being pulled in a million directions? CRMs can prioritize your lead follow-up, since they’ll identify who is more likely to act on a real estate property.

 

3How to Achieve ROI with a Real Estate CRM

There are plenty of free CRMs on the market, but they’re limited in ability. Oftentimes, agents and brokers will need to shop for a real estate CRM, weighing options. Whichever CRM you choose, it’s important to think about ROI. How will you make up the investment?

 

The answer is NOT to have big goals. You want small, achievable goals that build momentum. Real estate CRMs are built to handle a lot of business aspects. Tackling all those at one time is extremely difficult. Instead, start at your most critical pain point. Example: If you’re having a hard time closing deals (i.e. winning leads) or having issues with “lead quality,” then examine your lead follow-up.

 

Build out template emails, text messages, and phone scripts. Plug them into the CRM and have it automatically communicate to your leads. Then you can measure if you’re seeing progress. Don’t worry about the other features until you’ve graduated from your initial goal.

 

And lastly, the biggest hurdle to seeing any ROI with a real estate CRM is getting people to use it. Yes, adopting and using a CRM is more difficult than you think. If you’re a business leader, create rules for your co-workers. Everything goes into the CRM. Because if it doesn’t, there’s no way for you track ROI. All you’re doing is spending money without a clear picture. The best rule to use is: If it isn’t in the CRM, it means it doesn’t exist or you haven’t done your job. Typically then you’ll see your teammates adopting the product a lot faster.

 

4More Resources

If you’d like more resources about real estate CRMs, check out our articles on the 5 Business Benefits of a Real Estate CRM and How to Choose the Best Real Estate CRM.


Check Out BoomTown’s Real Estate CRM. Click Here >


 

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