Why use CRM in a Hot Real Estate Market?
“I’m used to conducting operations the traditional way, and they’ve been working just fine for me. Why should I switch to CRM, especially when the market is high?”
We get clients asking questions like this quite often.
Well, think about all of the activities you handle during a regular day in a hot real estate market. Here are a few of them:
- Research the market segment for every new project you target
- Ideating, running, managing, and evaluating the performance of lead generation campaigns
- Segmenting and nurturing the leads
- Answer inquiries
- Conducting site visits
- Complete paperwork
- Close deals
- Address post-sale inquiries
- Maintaining the records
- Handling client-agent interactions
The list goes on!
With all these tasks, your schedule can get hectic, and managing them individually becomes challenging.
If you still think handling your real estate business the old-fashioned way is the most ideal option, it’s not quite the case.
As a matter of fact, you’re wasting resources by not automating tasks through CRM. Your team is serving your business leads on a hot platter in a competitive environment, and you’re possibly letting them go down the drain due to inefficiency or inaccuracy. This directly impacts the scaling opportunities of your business.
So, it may look like you have everything under control and operations are running smoothly. But, it’s just a matter of time before you realize how changing gears and integrating technology will benefit your business.
On that note, learn how exactly real estate customer relationship management (CRM) will help you make the most of your business in the next section.
How Does CRM Benefit You in a Hot Market?
1. Streamline and Organize Communications
Let’s say you have to talk to seven leads you acquired for a listing and follow up with the most promising ones twice a week. Now you don’t want to call them more than once a day or outside their desired hours, or it will annoy them. Plus, you have to ensure you don’t mix up names, addresses, clients’ requirements, or budget specifications. Once you get through the first phase of calling, you have to work through the follow-up details for each lead and communicate the relevant details to the seller.
Manually recording and organizing information and not streamlining the communications can result in mistakes. If you’re lucky enough to not make a mistake, you might get a deal.
CRM leaves less room for error with an updated customer database. It will have the details of leads and sellers recorded in an organized format. If you need to follow through with Client E on Tuesday at 1:45 p.m., your CRM will remind you and have the information of previous conversations. As a result, you will come across as a professional, competent real estate agent.
2. Lead Management
When the market is hot, you have leads pouring in from multiple directions. Your marketing efforts will likely generate projects through online and offline platforms. From landing pages and social media (Instagram, Twitter, Facebook, etc.) to property listings on other company sites and online ads, constantly tracking and managing all these leads manually can be impossible.
CRM software is a blessing in such times. It tracks all the leads coming in through different sources, records them in a presentable format, and constantly updates them. Before pushing leads into the sales funnel, the software segregates them into different groups and distributes them based on several factors like income, location, property choice, etc.
Once the leads are sent to respective agents, CRM software also helps with lead nurturing. It will follow the lead through direct and indirect approaches through every step of the conversion process.
3. Standardized Workflows
Did you know managers spend 16 days per year searching for paper documents? Bizarre, right?
A large part of a real estate agent’s day goes into repetitive or administrative tasks. Processing real estate documents, agreements, and lease records or updating client databases eat up the time you could have spent on turning leads into customers. With the help of CRM, you can possibly align these tasks into standardized processes.
You may create approval workflows for specific required actions throughout the stages of a process. These will align agents to specific tasks and keep management informed on the progress.
For example, to standardize contract approvals, you can set processes for the agent to gather documents and enter information into the CRM, or wait for sign-off from a specific manager.
CRM automation eliminates redundant tasks that can slow down the progress of closing deals and simplifies your business processes. It allows you to save time and make your efforts more efficient when the real estate market is hot.
So, get ready to leverage “the most” of these markets with ZipperAgent. Our predictive CRM software can help you expand your business. Want to see how? Watch our free 30 minutes demo video.