Advantages & Disadvantages Of Using Real Estate CRM
A contact management application can be crucial for your business in managing all your contact information at one place, keeping track of your conversations with your clients, managing vendor information and knowing the exact chances of success on your deals. Real estate CRM solutions are extremely critical in managing the complex business process of a realtor.
As a sales person it is absolutely essential for you to keep tab on the progress of your deals. As a realtor you need a strategic approach for your client that will boost mutual understanding, relationship and trust. A real estate CRM is custom built for real estate and mortgage professionals. It comes with features like: photo editors, report designers and template builders to help realtors to create eye-catching brochures to entice clients. Further, multilingual support and currency convertor make the life easier for real estate agents.
But before adopting customer management software solution for your business you may want to take a look at the benefits and challenges offered by such systems.
Benefits of real estate CRM
Better customer service:
By collecting and analyzing information you can form ideas about customers’ buying habits; including his preferences and buying frequencies. CRM systems offer businesses a closer view of what their customers want so that they can offer improved customer service/support solutions. These help in improving sales volume as satisfied clients are more likely to forge a stronger relationship with their service providers. They can also help in bringing in more business to you by suggesting you to friends and family as word of mouth is still the best form of advertisement.
Instead of going through sheaf of papers, to-do lists, desk calendars and excel sheets you can now delegate tasks, set reminders for follow-ups with clients, share calendar with team from the single user interface of your customer management system and can automate much of your sales management activities. Real estate customer management software will boost your business with workload prioritization, team organization, and strong reporting features.
Simplifies marketing process:
CRM makes a hoard of data available to business owners to target specific consumers with more specific marketing strategies built on their buying behaviors. Target marketing lowers the time and effort needed in closing a deal and improves your sales. It improves customer satisfaction as well since the customer gets the right product and services.
Improves chances of cross selling:
The data will also help the company in determining which types of offers to make to the customer for cross selling. This will significantly increase your sales volume.
Marketing tools: CRM customization for realtors helps creating a user interface specific for the market vertical. The software system may incorporate tools like photo editor, currency convertor, and multilingual support to help realtors in creating attractive deals, generating invoices, publishing brochures and uploading project details on websites etc. from within the CRM system.
Disadvantages of real estate CRM
If the company decides to own proprietary software then it would increase its IT budget. There will be requirements for hardware and network infrastructure improvements. Further, the company will have to pay its software vendor, developers and its in-house IT team who will manage and monitor the system. These expenses however can be avoided by adopting SaaS CRM solution, which offers easy pay-as-you-go model.
Loss of information:
Internet connectivity is crucial for SaaS CRM and therefore, connection interruption would mean serious loss in business. Outage at the provider’s end may also put you out of business for hours and even days.
If the system is introduced for the first time the company would need to organize training session for its employees. So, if your company is small it can cause some disadvantages. Similarly, for large organizations this would mean rolling out training sessions for all its employees. This can add to its overhead costs.