4 Ways Real Estate CRM Can Help Developers Increase Sales
by Dennis Velasco | 2018-04-25 17:50:00 | Real Estate
Hi there. It's me Claudia.
As a digital marketing lover and purveyor of technology, I noticed a H-U-G-E opportunity for real estate developers all over the world, especially in the Philippines, to grow their business. The opportunity entails embracing technology.
Technology is used by pretty much every industry, in every part of the world to transform businesses. Without technology, you'll be either displaced or die slowly.
What specific technology am I referring to?
CRM is shorthand for Customer Relationship Management, which represents a wide range of approaches and techniques that improve businesses’ knowledge about their customers and, at the same time, analyze and drive companies’ interactions with them. They rely on a thorough and carefully segmented database containing information about previous or potential customers and their purchases, demographics or interests. Today, Real estate CRM usually includes both a highly automated process and software solutions used for save time, generate leads and grow sales.
What’s the actual return on investment (ROI) of CRM?
Here’s 3 Key Metrics on the ROI of CRM based on a 2017 study from IBM:
- 65% sales quota attainment increase when CRM is adopted
- 50% of teams improved productivity
- 74% of businesses improve customer relationships with CRM
So, are there ways that real estate developers can use CRM to their advantage as well?
Knowing your customer’s needs and habits and having them neatly arranged at just a click or two away can be extremely beneficial!
Here’s 4 WAYS REAL ESTATE CRM CAN HELP REAL ESTATE DEVELOPERS INCREASE SALES:
- Marketing Efficiency There are at least two basic ways you can improve the efficiency of your marketing efforts by using CRM. CRM software will normally determine which channels brought you the most leads. It’s easy to imagine how you can use this to your advantage. You should invest more into those channels that have been the most efficient for you and that actually paid off. As for those that have not been that effective in this respect, you can either think about completely giving up on them or you could try to figure out what you’ve been doing wrong and change your approach. The other way that CRM helps your sales and marketing efficiencies is that with the database you have at your disposal. With a CRM, you can create unique and highly personalized marketing strategies for different demographic groups and then target them via email or social media. For instance, creating strategies for millennials versus those aged 50+ demand completely different approaches. Narrowly targeted promotion creates a sense of a one-on-one interaction with your potential customers and clients instead of a generic message sent out to everyone. CRM can easily segment your base of contacts or potential customers and that’s one of its main strengths.
- Segmenting Your Customers As previously mentioned, this is one of the key advantages CRM tools offer to those who use them the right way. You can make use of customer segmentation in a number of ways. For example, dividing customers into the most basic groups – based on what stage of the buying lifecycle that they’re on. Or, based on those who want to rent versus those who want to buy.Further segmentation can be done in terms of their financial capabilities or desired location can be even more useful, as you’ll have easy access to some very important information at all times. Basically, you’ll know exactly who to contact, with the right message, at the right time. And, you won’t annoy those who are either not qualified or who definitely aren’t going to be interested.This process can be almost completely automated, thus saving you even more time. In a way, smart customer list segmentation is the basis for all of the other benefits you can achieve from the right CRM software. All sorts of criteria can be used to categorize your customers which will help you in different areas of your business, ultimately resulting in increasing leads, sales and financial success.
- Better Communication with Customers Obviously, knowing more about your customers will help you communicate with them in the right way using the means. For instance, every single one of your customers has a preferred channel of communication. Real estate CRM software can keep track of this so that you know in advance whether you should call them, send a Viber or SMS text message or contact them on Facebook. This can help you be much more efficient in actually reaching these people immediately, instead of sending an email that they may not check until next week. You can even go a step further and use chatbots that will answer the most basic questions your customers have so that you don’t waste your time. You could also use social media monitoring in order to find out what the most frequently asked questions are when it comes to buying real estate in your area. Then, with the right database, you can get a chatbot to answer some of these questions for you. It’s both time-saving and it creates a great customer experience at the same time.
- Managing New Leads & Contacts One of the most important divisions you’ll be making among your new contacts is that between who is a qualified or unqualified lead. In other words, those who are well-informed and willing to buy and those who will probably just waste your time. And, of course, it’s up to you to figure out which people belong to which group and to which degree they’re serious about selling or buying. Once you do this, adding these pieces of information to the database and letting your CRM software manage them will save you a world of effort and so that you can ALWAYS FOCUS ON THE RIGHT LEADS BASED ON WHERE THEY ARE IN THE SALES FUNNEL.Naturally, you should prioritize those contacts that are most likely to take action in the near future. CRM can’t give you the needed experience to make the right evaluation about who’s who, but when you make the evaluation, it can make it easier for you to keep track of who’s a promising prospect and who’s not. It can also be of assistance in automatizing the process of contacting and inviting the right people to the right places. This will definitely improve the chance of a sale and you’ll avoid losing your precious time.
All in all, using the right Real Estate CRM software and technology tools for your real estate business is definitely a good idea. It’s crucial that you have a quick access to all the important info about your customers and an easy way to categorize them according to all crucial criteria. CRM can have a tremendous ROI and also make your customers happier.
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