What Is a CRM and Why Does My Business Need It?

The chances are that you’ve probably heard of the term “CRM” during your time in real estate school. In case you were wondering what CRM stands for, it’s Customer Relationship Management, and essentially, it’s a platform that serves as a centralized hub of client data. There are multiple software solutions available to help business owners and self-employed agents to improve their business. The objective of this article is to help you make a more informed decision when you’re ready to pull the trigger in selecting a software solution.

What Is CRM?

Now that we know what CRM means, let’s take a look at what it’s used for. CRM is one of the many software tools that can help agents generate real estate leads. As mentioned previously, it provides a centralized hub of client data and other metrics to help streamline your business. Many CRM solutions provide a variety of offerings, with most giving you access to a dashboard to visualize and customize your sales pipeline.

If you’re looking at maximizing your efficiency and sales process, then having a CRM is critical in the success of your business. For agents, sometimes it’s easy to lose track of sales processes and follow up activities. As a result, lack of a process can lead to missed opportunities and even a loss of sales leads. 

Why Small Business Professionals Need CRM Software

1) Make Better Decisions With the Help of Analytics

We’ve seen it happen countless times. Real estate agents will begin marketing activities to generate leads, build up a pool of prospects, and then start ad hoc follow up processes, which they then lose track of.

A realtor CRM allows agents to improve the management of their clients, their time, and themselves. Most CRMs will even allow you to set activities for yourself and your team, such as “phone follow up,” “email follow up,” etc. Essentially, CRM helps agents better identify what their client’s needs are so they can deliver a reliable client experience.

2) Allows for Quicker Responses

A CRM for real estate agents provides an added benefit. It reduces the response time for clients. For example, a real estate CRM software has the capability of sending auto-responses to those that submit a query on your website.

If someone submits a form on your contact us page, they can potentially receive an automated response informing them that a member of the team will be in touch shortly. When you’re looking at complete customer experience, you want to ensure that you respond within the timeframe that you lay out in your auto-response. If you say that you’ll be reaching out to them within 24 hours, do just that, or you risk losing a real estate lead.

3) Increase Efficiency

A well-run business operates efficiently, and an efficient company tends to be well-run. Real estate CRM tools go a long way in helping keep your small business organized. It allows you to effectively measure sales forecasts, look into user interactions, build-out pipelines, and, above all else, stay on top of prospects by organizing important information.

4) Automate Digital Marketing

In an age where consumers spend a bulk of their time behind a screen, it’s crucial to remain abreast of digital marketing strategies to keep your brand current.

Real estate CRM software tools can help you automate a bulk of your marketing activities through customized workflows. For example, if a user sends you a message through the contact us page, you can then put them into an auto-generated drip campaign that serves them pre-defined messaging automatically. This way, it still feels organic to the user but frees up a lot of time and frustration of following up with clients on your end. This is just one of the benefits of a real estate CRM. You could even go ahead and automate your social media posts as well.

5) Keep Up With the Competition

We hit on this earlier, but having a real estate CRM allows for reduced loss of sales leads by keeping you on top of client information. It allows you to manage your time and processes better to ensure that you’re creating those meaningful touchpoints with clients on a consistent basis so even if they may not be ready to buy/sell today, your brand will be in front of them when they’re ready to make the decision. 

The tool effectively allows for technology, client experience, and your personal organization to intersect. Keeping you on top of your clients’ needs as they arise. Let’s face it, in 2020 your competition isn’t exactly a brokerage office. It’s every hungry agent out there that’s ready to take a slice of the real estate pie in your city/territory.

Conclusion

We hope that through this article, you were able to discover a better understanding of what CRM stands for. We wanted to reiterate that there are a lot of different tools out there as well as specific real estate CRMs that leverage technology to help you stay organized and efficient. Like any other business decision, it’s essential to do your due diligence when making your decision. Our recommendation is to do research, test out the free trials, and move forward with the solution that best suits your needs.