5 Business Benefits of a Real Estate CRM
Real estate CRMs don’t have to be for the tech-savvy folk anymore. In the past, they would give people heartburn. “A CRM – how do I use this?” These days, however, things have gotten a lot easier. Yes, there are tools to learn and processes to build. But imagine converting more leads. Retaining better agents. And measuring your success.
It’s one thing to feel good about your business. It’s another to see the $$$ grow. So, I’m going to show you what incentives a real estate CRM brings and how it impacts your business. By the end, there won’t be any fear in using a CRM — since the benefits speak for themselves.
1It’s Nearly a Virtual Assistant
Have you ever thought of a day where you don’t need to remember anything? There’s no to-do you forgot or lead you missed.
A real estate CRM covers the bases of an assistant. When you generate leads, a CRM can automate the follow-up communication. It can set reminders on your calendar to call the homebuyer (or seller). And it can route incoming leads to agents, equally.
Check out this real estate CRM tip:
It may be a little work to set up a process in the CRM, but it’s the same as if you hired someone. Except without the extra costs. Plus, it acts like a storage device. You can keep notes on homebuyers and set follow-up actions for later in the year — which is helpful considering most leads are 6-8 months from buying.
2Prioritize Who to Call
Real estate agents generate leads everyday. If you’ve been in the business for a few years, you probably have several hundred, if not thousands, of leads sitting in a spreadsheet. How do you know which ones are still active? Still searching?
A real estate CRM can tell you who is actively looking for a home and how often. You can even filter and segment your leads by who is active. Think about the time saved right there. Hours of prospecting reduced to a fraction of a second.
BoomTown’s real estate CRM easily filtering active leads:
Coupling this with a phone dialer, you can turn lead generation into one of real estate’s easiest exercises. No more time blocking hours for routine grunt work. You can focus on tasks that have a higher ROI, like showing houses for clients.
3Get Insights into Leads & Deliver Personalized Communication
Which statement do you think will have a longer, lasting impact?
- Hi Jack, I saw you were looking to buy a house. How can I help you today?
- Hi Jack, I noticed you were looking at homes in Lawton Harbor. It’s a beautiful neighborhood! Would you like to see some homes there today?
Number two sticks out, right? The best real estate CRMs — working with your website — will tell you what properties leads are looking at (and how many times). This allows you to send personalized communication bound to convert. BoomTown clients, for example, have seen a 450% increase in lead responses (based off our CRM tools).
It works particularly well for leads who are 6-8 months out. If you notice them looking at one specific property over and over (recorded by the CRM), then you can send them a quick text, saying, “Want me to schedule a showing for 1234 Bend Street this Saturday?”
Good real estate CRMs will expand on this behavior. They will match new (or updated) properties to your leads, using the data behind their home searches. It’s similar to how Google will offer better websites based on how you search. Then all you have to do is send out a group text or email, asking if anyone wants to see these “new” properties.
Lead insights allows personalized communication. That communication creates better conversions. More conversions equals more money. BoomTown calls that success.
4Increase Agent Performance
Well-performing teams have a business process. It’s a workflow for handling new leads and existing clients. Example: Brokers often tell agents to respond to new leads within the hour. But how do you know if agents are actually contacting new leads within the hour?
I’ve seen teams lose good agents because they believe the lead quality is bad. Turns out, it was just because the agent wasn’t contacting the leads in a reasonable amount of time. But they blamed it on the broker and lead generation team.
Holding agents accountable to a process isn’t easy. But a real estate CRM makes it effortless. By asking your team to contact leads through your CRM, it’ll leave a record of their actions. You can then pull up reports and see what they’re doing. It’s a good base for one-on-one discussions.
You can drill into how often they try to contact leads, when they contact them, and if there was a response. It allows you to improve agent performance, which creates better ROI for your business. Ultimately, it’ll allow you to recruit and retain the best agents.
5Measure Return on Investment (ROI)
For a large part of the blog post, we’ve talked about lead generation. Now, it’s time to chat about transactions. Closing the deal is where the work pays off, literally. Measuring this event is key to growing the business and to growing revenue.
Knowing what’s in your sales pipeline and which transactions are ready to close is paramount. From there, you can predict what your earnings will be for the month. You can increase your lead generation efforts if transactions are low. And you can see which agents are performing the best, i.e. bringing money into the business.
All of this is easily accomplished with a real estate CRM. Knowing where money is coming in and what you’ll have at your disposal moving forward allows you to operate a smarter business.
With this and the other benefits of a real estate CRM, I hope you see the impact it’ll have on your productivity. Saved time adds up to $$$ saved. Better conversions creates more $$$. This goes on and on. A good CRM may cost money, but the return investment is worth it.