The rapid economic development, enhanced income levels, and growth of urbanization are some of the factors that played a major role in increasing demand for housing real estate spaces across the globe in recent times.
In fact, according to a report published by Grand View Research, it states that the real estate market (globally) is predicted to generate a revenue of $ 4,263 billion by the year 2025.
Now the real estate market involves selling, buying, and renting leasing of homes and properties for personal and commercial use.
Perse, according to another report published by the United Nations, it has been predicted that approximately 50 percent of the global population that lives in the urban areas of the real estate market that involves selling, buying, renting, and leasing is set to reach more than even 65 percent by 2026 due to cities turning into megacities with bustling modern urban and social amenities, and lifestyle.
Hence forward-thinking companies within the real estate sector are looking to create competitive advantage nowadays through differentiators such as better management and servicing of their customers, whereby strategic business growth technologies such as the best CRM for real estate can play an important role in this space.
Therefore as with an abundance of projects to invest in, modern buyers have a plethora of choices to make for their real estate investment decisions, for the developers, the main challenge today lies in identifying the market segment they want to target, and thereafter focus on targeting through marketing campaigns, create sustainable follow-up efforts to build a strong sales pipeline and ultimately convert those footfalls into customers.
Moreover, with purchasers having a greater choice to choose from, to get the buyers to invest a premium for a specific property, it is critical for the real estate developers to go for a “value selling” approach instead of a “commodity selling” approach for sustaining their business growth.
So in this article let us deep dive and explore how the best CRM for real estate sector can help the developers to expand their business by reaching the right audience or targeting buyers that are prospective to showcase their value by professionally positioning their differentiators and offerings.
The Role Of CRM In Real Estate Marketplace
1. Managing promotions and marketing campaigns
Easy to use CRM enables a holistic and disciplinary approach to planning and budgeting, as with a business CRM it is possible to create a marketing calendar integrated with the financials that can help provide a centralized view to schedule and manage all relevant enterprise marketing plans and campaigns for sales and business growth.
2. Market segmentation
Leveraging the data from external lists and the CRM database, targeted campaigns based on several customer attributes can help to enhance marketing productivity, increase conversion rate, and incidentally reduce campaign execution cost.
3. Managing customer leads/inquiries
Irrespective of whether it is an enterprise-level CRM or a Salesforce Alternative CRM tool mostly used by small and medium businesses, the right CRM can play an important role in generating highly qualified leads and thereafter nurture them with follow-ups for quick conversions.
It is a tool that allows leads to be generated from several customer interaction points and enables high-quality lead conversion rates by prioritizing leads based on intelligence.
4. Managing communication with prospects
The best CRM for real estate, is also a wonderful software solution that offers several functionalities to track and manage communications with prospective-leads and customers and also provides productivity tools to boost the effectiveness of sales by adopting a structured sales process that includes management of quotes and contracts.
5. Account management
For any real estate company, in their typical sales cycle, the developers have to communicate with their customers on numerous occasions like milestone completion, maintenance-related communications, demand letters for payment, and more.
Now several of these communications are so sensitive that any redundancy, delinquency and errors can cause serious damage to the customer relationships.
With an easy to use CRM system, it is possible to configure triggers and automate communications through email/mobile messages, based on transactions taking place in the prospect/customer account.
6. Loyalty Management
Several details about the prospects and customers are typically captured in the CRM software and it is possible to use this information effectively by using automated workflows in the system.
For example, you can send out wishes on special memorable occasions like birthdays and others to your prospects and customers using workflow automation found in the CRM tool.
Now for existing customers, this could also imply sending up updates on new properties or sending them referral schemes for your business growth.
7. Service Management
How the real estate companies manage their customer relationship or rather customer servicing can become a strong differentiating factor for sustaining in this competitive marketplace.
Easy to use CRM is a tool that can provide means to facilitate effective customer servicing by making all the relevant data available to the real estate service and customer care teams related to its key customers.
Additionally CRM helps to accomplish the customer segmentation exercise with relative ease, and so by using a plethora of filters based on the data available about the prospects and customers the real estate firms can effectively plan their communications and even make informed decisions for sending promotions to their customers.
Hence some of the direct and indirect benefits that the best CRM for real estate can provide to the users of the software not only helps to plan effective promotional campaigns, but it even aids in analyzing sales efforts, provide way better customer servicing and so plays a big role in “cross-selling” and “upselling” lands and properties more effectively in the real estate markets.