Given the rapid advancements in the real estate domain, about increasing numbers of developers, customers, projects, locations, trends & practices, the secret to building a long-term investment for a brand rests in creating an ambitious advantage through value-added and differentiated service of the customer. It is getting increasingly difficult for the real estate agents and other professionals in the real estate industry to retain their existing clients or attract new ones and things aren’t as simple as they were earlier. There is an increase in demanding and knowledgeable customers and a host of new competitors flooding the market with the ever-increasing demand to solve customer problems. The real estate sector turned to customer-centric strategic tools such as customer relationship management- CRM for property management – plays an essential role in the fulfilment of such an objective.
The manual methods like MS Excel and Google sheets are not the efficient way to maintain a customer database, and with the entry of famous names in real estate sector and increasing FDI, the manual process proves to be a cumbersome affair making the competition stiff. The demand for premium & luxury housing is rising the importance of the ‘Service’ aspect securing the real estate insiders go for high standards of professionalism. Besides, with no centralised updated records of property database, the data presented to the clients is not complete and real-time. Also, there is a high possibility of leakage resulting in loss of opportunity using manual methods of tracking.
In the Real Estate sales, supported customer interaction is needed to generate repeat traffic. CRM software application unquestionably has the answers. Across functions, CRM for property management uses technology to make “up-to-the-second” customer data available. It gives the real estate sector with client-focused business strategies that contribute to all business features of the real estate business. CRM for property management helps to establish strong, lifelong relationships with their clients. Also, it supports sales, marketing, customer care and service, leads control as well. It also helps property professionals recognise and manage their most valuable asset – their clients and thus contributes to increased profitability.
In the world of real estate, each project is unique, and real estate firms receive enquiries for properties based various criteria such as location, project features, pricing, post-sales services and other offerings. Property enquiries are generated from multiple sources, and with every developer managing many projects, the primary challenge is to identify the target segment. Source of enquiring can be newspaper advertisements, company websites or through customer referrals and segmenting through data from primary and secondary sources, conduct lead generation campaigns for different projects efficiently, analyse the leads scientifically, find cross-selling and upselling opportunities and sustained follow-up efforts that convert the footfalls into business can be a tedious job. Also based on analysis of past sales success and various metrics related to it, it becomes easier to define strategies for the future. The facility to create a variety of reports and dashboards with critical sales data becomes the basis for effective decision making.
When an enquiry is generated, the contact information like name, mobile number, email id and property requirements need to be maintained in an organised manner for timely follow-ups. Based on whether the person is interested in buying, leasing or renting a property, the person’s search criteria needs to be noted. CRM for property management will help you to sort these details under headings like property type, which could be commercial or residential, region, budget, city and date of occupation. Based on these search criteria the sales executive is expected to provide options to the caller from within the company property database. It thus helps in increasing segmentation scalability for targeting thousands of prospects and also helps in enhancing marketing productivity, improving conversion rates and reduces campaign execution costs.
A CRM for property management industry streamlines enquiry tracking from commencement to closure creating a sales funnel. Provides a real-time view of sales funnel to top management with knowledge on contacts. Using activity scheduler, you can easily record activities that need to be completed in the sales process and set pop-up reminders.
Central customer database maintains a record of client transactions, communication history, contact and personal information in a single dashboard. Mail Merge sends mass customised emails to clients to keep sustained relationships with their customers.
CRM for property management facilitates a holistic, disciplined approach to planning and budgeting. In typical real estate sales funnel, the real estate firm has to communicate with the customer on various occasions such as maintenance related communications, demand letters for payment, milestone completion, etc.
Any errors/redundancy here can cause severe loss of customer relationships. With CRM for property management, it is likely to configure and initiate automated communications via email/mobile messages, based on activities taking place in the customer/prospect account. CRM for property management is crucial in today’s market and user context, especially in the real estate industry. For companies which embrace it on a holistic scale, it spells the high feasibility of building strong and enduring customer relationships, thereby reflecting shine on brand value metrics.