Real Estate CRM Quick Summary
Real estate customer relationship management (CRM) software provides people in the real estate industry with a CRM platform specialized to their needs. It helps realtors speed up routine processes and stay in touch with clients and prospective customers.
Benefits of Real Estate CRM Software
Real estate CRM software provides your business with several tangible benefits, including:
Client data management. Most products provide a searchable database to store client information (e.g., contact information) and relevant documents (e.g., sales proposals and contracts).
Interaction tracking. These systems document conversations held by phone, in person, through live chat, email or other channels. Interactions can be logged manually, or automated with phone and email system integrations. Depending on the product, some systems can also track interactions on Facebook, Twitter and other social platforms.
Workflow automation. This is the standardization of business processes, usually through a combination of task lists, calendars, alerts and templates. For example, once a task is checked off as complete, the system might automatically set a task for the next step in the process.
Reporting. Real estate CRM tools can be used to track realtor performance and productivity based on activities logged in the CRM system—for instance, how many new potential clients are added to the database daily, or revenue generated. These tools can also be used for forecasting and for tracking commissions.
Competitive Advantages of Using Real Estate CRM Software
As a realtor, the heart of your business is dealing with clients, buyers, prospects or other important contacts. Real estate CRM software gives you advantages over your competitors by helping you:
Scale your business. If you're a single realtor with a handful of listings to manage, maintaining their information using a simple Excel spreadsheet might be feasible. Anything larger, however, and you're likely dealing with hundreds or potentially thousands of listings and clients, which requires real estate CRM software to keep that information well organized and accessible.
Operate more efficiently. When everyone in your agency has access to your customer and contact data, you can deal with clients more efficiently and avoid the dangers of reaching out to contacts either too frequently or not enough. You can also track those interactions and analyze that data for more efficient resource planning.
Compete with superior customer service. Staying in touch with your clients and using the communication method they prefer lets you stay on top of their needs and concerns in a way that stands out. Superior customer service, focused on providing the best possible buyer/renter experience, will allow you to seriously compete against other agencies.
Size of Businesses Using Real Estate CRM Software
Real estate agencies tend to scale upward based on the number of agents employed, leading to the following general business size breakdown:
Single user. The smallest agencies consist of just one realtor, managing multiple properties on their own.
Small to midsize agency buyer. These are agencies with multiple realtors and brokers, but no dedicated IT department.
Large agency buyer. These are agencies with multiple realtors, brokers and a dedicated IT department.
Software Related to Real Estate CRM
CRM can be divided into several related subcategories of software, all of which focus on improving your relationship with your customers:
CRM software: Helps automate and manage the customer life cycle of an organization, and is typically used by the customer-focused side of businesses to maintain contact with those customers and quickly respond to their needs.
Sales force automation software: Helps companies manage their sales team's activities, and helps the team to close more deals by keeping thorough, accurate records of their interactions with all sales prospects.
Marketing automation: Provides tools that help marketers reach out to potential customers through a variety of channels—especially email—and tailor messages to them.
Customer experience software: Combines frontline customer service applications, such as live chat and tools for self-service knowledge bases, with tools that connect departments in order to oversee individual customer experiences.
Live chat software: Allows companies to have real-time conversations with website visitors in order to improve customer service, help increase online sales and encourage repeat business by providing customers with precisely what they want.