What is a CRM in Real Estate?
Wondering what is a real estate CRM and why you need one? Here is what you need to know.
A CRM in real estate is a software that allows you, the real estate agent, to manage all of your customer relationships. Let’s dive into the details below.
What is a CRM in real estate?
The term CRM stands for Customer Relationship Management, which is a fancy word made up by the tech world many years ago. Companies like Salesforce, SAP, Oracle and Microsoft were the first to build up these large customer relationship management softwares to the Fortune 500 companies that were looking for a way to manage the companies interactions with their customers, both potential and existing, in hopes of making more money.
In real estate, CRM still stands for Customer Relationship Management, however, most use the CRM to describe some sort of software that keeps all of their past client’s information. For example, it will tell real estate agents the names of their clients, their contact information, their kid’s names, their birthdays, their anniversaries and the list goes on. In some cases, the CRM will also track all communications with those clients, automate email campaigns, post to social media and use words such as “Drip”, “Integration”, “Degradation”, “Churn” and more.
Is lead generation and a CRM the same in real estate?
With the growth of online lead generation, many real estate agents have used the term CRM at the same time as lead generation. Why? For these agents, their leads (people who entered information online) need to be stored somewhere. For most, this is a real estate CRM.
Many of the lead generation CRMs focus less on the customer relationship and more on the automation or cultivation of online leads. For example, when a new online lead gets added to the system, many of these CRMs will automatically begin sending emails. Once a potential customer responds, then the real estate agent can start building the relationship.
Do real estate agents need a CRM in Real Estate?
The real answer is no. You don’t need a real estate CRM just like you don’t need all of the other real estate software. But, if you use it, it will make your real estate much simpler. When you start out as a new real estate agent you may find it easy to keep track of all the things you need to do, or all the important dates you need to remember. However, as you grow, this becomes much harder and important things start to fall through the cracks.
It’s usually at this time when real estate agents begin looking to use a CRM in their real estate business. The problem at this time, getting started. For more real estate agents, they have all of their past client information in multiple places. Facebook, contacts on their phone, a “back office” platform at the brokerage. For a CRM in real estate to be useful, they need to collect all of this information and add it to their CRM of choice. This is why it is best to start using a CRM in real estate as soon as you can.
Which CRM is best for my real estate business?
The best CRM in real estate is the one you use. So you want to make sure you are comfortable when you look at your CRM and not daunted by it. You also need to keep your costs low so your CRM should have a minimal cost.
RealOffice360 hits the mark on both. It is free for life on the introductory plan (it doesn’t get much cheaper than that), and it is extremely visual and easy to use.
So when asking, what is a CRM in real estate, the final answer is RealOffice360.