October 14th, 2022
CRM in Real Estate
What is CRM for real estate? Find out what CRM is, why it is essential, and what CRM tools are being used by real estate agents.
Suppose you recently became a real estate agent and are looking for ways to generate leads. In that case, you will need to find a trusty and reliable real estate CRM or customer relationship management system. A real estate CRM's primary function is to help agents attract, manage, and retain leads and clients. Nearly three out of four realtors use a CRM to tackle day-to-day tasks, and about 96.2% of brokers have reported a significant improvement in productivity after using a CRM system.
As technology and software continue to advance, it is critical for real estate agents to incorporate CRM into their daily tasks. While many tools on the market may be dedicated to various industries, real estate agencies are reaping the benefits of CRM tools.
Not only does CRM streamline transactions, it also helps agents throughout the entire sales process, from reaching prospective customers to closing deals. While there may be many CRM business tools on the market right now that are specific to the industry, a few CRM tools are more popular and rank higher over others.
In this article, we will discuss the following:
- What is Real Estate CRM?
- Real Estate CRM Functionalities
- Why is CRM in Real Estate Important?
- Understand the Three Types of CRM Software
- The Best CRM For Real Estate Agents
What is Real Estate CRM?
A sound real estate CRM system enables agents to manage and build strong relationships with leads, prospective home buyers, and existing customers. By keeping all contact information in one organized system, these platforms create a comfortable and stress-free work environment for realtors.
Easily accessible from your desktop or mobile devices, agents can communicate with clients from anywhere and stay up to date on homes for sale without stepping foot in the office. While most CRM software packages come with different features, you can expect each system to offer the ability to manage leads, manage contacts, upload documents and contracts, manage your daily calendar, and stay up to date on the housing market.
Real Estate CRM Functionalities
Used primarily for email marketing campaigns, sales pipeline management, contact management, and potential buyer follow-ups, real estate CRM can be applied to your real estate business in many ways. Some top-rated CRM tools may also offer the ability to download a mobile app that allows real estate agents further access to leads, data, and essential information.
There is no better way to stay in touch with clients interested in buying a house than by sending out frequent news updates and reports through customizable emails, texts, and social media advertisements. When done correctly, marketing campaigns can be what sets you apart from your competitors. Utilizing CRM for marketing campaigns will help you build trust and a close relationship with potential buyers. Using CRM tools to share upcoming events, trend reports, blog posts, statistics, and tips with clients can better lead to a sale.
Visualize and lay out the entire sales process through CRM by identifying high-value clients and finding out which deals are going through the home closing process.
CRM allows real estate agents to identify customer behavioral patterns and any problems that might arise. In doing so, agents and businesses can find ways to improve and prevent any issues. Sales forecasts and leads analysis offer insights into what is already working and what could use improvement.
By importing and exporting data into other analytical and forecasting applications, agents can make the most out of CRM tools. Through analyzing customer data, agents can streamline better business decisions.
Why is CRM in Real Estate Important?
CRM in real estate is essential since it allows real estate agents to retain close relationships with leads and home buyers. Through CRM systems, agents can keep track of data and advertising metrics while staying organized. Users can find properties in great locations while communicating with prospective buyers and current clients. Since CRM can sort, analyze and prioritize sales leads, agents can focus more attention on closing quickly and effectively.
With the use of CRM, agents can:
CRM tracking is one of the best ways to track leads. Providing multiple features that help real estate agents convert leads into home buyers, CRM keeps a continuous line of contact between the realtor and the client.
Maintain Marketing Campaigns
Marketing campaigns target prospective buyers who have yet to engage with your real estate business. To turn leads in the sales funnel into serious prospects, CRM takes care of the planning, execution, tracking, and analysis of real estate marketing campaigns.
Once everyday tasks are delegated to CRM software tools, your entire workflow and overall business operation will simplify. Sort through information and track metrics across multiple channels to maximize workflow.
No matter how small your real estate business is, you must ensure that all your customers are happy and loyal. By setting up alerts to send follow-ups to customers and by developing follow-up sequences and templates, the more you will improve customer experience.
CRM can improve your real estate business productivity by creating a user-friendly experience, automating tasks in your workflow, working on deals collaboratively, capturing leads, accessing information quickly, identifying risks and opportunities, and better understanding customers.
Manage Payment Collection
Increase revenues by offering leads, prospective clients, and current customers a streamlined buying experience through CRM payment tools that connect customer data, payment processing, and eCommerce in one place. Users can automate rent collection, generate and send invoices, and track payment late fees.
Understand the Three Types of CRM Software
Once you have decided that you are ready to implement a CRM system, it is time to determine which CRM software type is the right fit for your needs.
CRM consists of three main types:
- Operational CRM: The most common CRM system covers the broadest range of functions. To streamline business operations and customer relationships, an operational system focuses on generating leads, turning leads into contacts, and retaining customers. This CRM system is ideal for helping teams work together to understand customers better to increase sales and close deals.
- Analytical CRM: Turn customer data such as customer preferences, touchpoints, and forecasting into trends and insights that can help improve the overall customer experience. Though large amounts of data can be challenging to understand, analytical CRM is ideal for mid-size and large teams.
- Collaborative CRM: Also referred to as strategic CRM, this approach is excellent for managing customer relationships through marketing, sales, and customer service tools. Teams that work across multiple locations will get the most out of this CRM type.
The Best CRM For Real Estate Agents
With so many CRM tools available on the market, it can be hard to decide which software to use for your real estate business. While there are certainly CRM tools that are more effective than others available on the market, it is imperative to choose a CRM with the realtor in mind. Learn about some of the best CRM for real estate below, including pros and cons and pricing.
Freshsales is a cloud-based CRM that is used for sales and marketing. Great for small businesses and enterprises, Freshsales helps companies scale fast and make sales. Offering marketing automation, phone, and chat options built into one platform, Freshsales offers free and unlimited support. Using AI-powered insights, Freshsales helps attract quality sales and strengthens customer relationships. While Freshsales provides a free version that anyone can use, there is also a growth plan that is $15 a month, a professional plan that is $39 a month, and an enterprise plan that is $69 a month.
- Provides insights into the best deals
- Built-in email, phone, and chat options
- Sales forecasting
- Strong pipeline management
- Provides detailed information on leads and contacts
- Integrates well with other cloud applications
- Most advanced features are only available for the upgraded paid versions
Wise Agent is a contact-free Real Estate CRM platform that is cloud-based. Offering a 14-day free trial and 24/7 support, this real estate customer relationship management system is used to help businesses and real estate agents automate the management of sales activities. Wise Agent helps generate leads, formulate responses, make appointments, and oversee transactions. This top-rated CRM software offers many real estate features with intelligent marketing automation and contact management. The monthly plan can be used for up to five users for $29 a month, the annual program can be used for up to five users for $299 a year, and the enterprise plan is priced after meeting with the vendor.
- The contact management platform features rank, status, addresses, and information on spouse
- Call lists tell you who you need to call
- There is a mobile app that can be downloaded
- Updates may seem confusing to customers
- There is a moderate learning curve
Liondesk is a CRM designed so that users only need one login to access all business-building tools. By offering everything that an agent may need to form quality relationships with customers, LionDesk will automate campaigns with scheduled emails and text messages, manage automated drip campaigns in one centralized place, and offer video, email, and texting applications that will help you stand out from competitors. Doing its job exceptionally well, LionsDesk is your one-stop shop for generating leads, social media marketing, and keeping in touch with clients. Prices start at $21 per user per month.
- The top realtor CRM for transaction management
- Specifically geared toward the real estate industry
- Organizes contacts
- Automates communication
- Runs multi-channel marketing campaigns
- It is not easy to personalize follow-ups and marketing campaigns
- Lack of top-of-the-funnel content
Realvolve is a cloud-based CRM platform that helps real estate agents and teams communicate with clients and automate workflows. Realvolve is primarily used to generate leads and retain clients while managing property listings, documents, upcoming events, and daily tasks by offering a place to store and manage contacts. Used primarily for residential real estate, Realvolve guides your activity and predicts its impact on your business to increase sales and close deals. Offering a free 14-day trial, the starting price for users is $94 a month, billed annually.
- Offers robust customization tools
- Provides templates for everything that you may need
- Automates communications
- There is no drag-and-drop feature to build out workflows
- The software might be challenging to learn how to use
Follow Up Boss
Follow Up Boss is a popular CRM in the real estate industry since it offers various features directly integrated into the software, including email, calls, and texting. Offering customization features that can be used for follow-ups and marketing campaigns, Follow Up Base is an excellent collaboration CRM solution for sales teams and real estate agents. The price starts at $69 per month per user and has a 14-day free trial option.
- Unlimited leads and contacts
- Automatic follow-up features
- Drip and batch email marketing
- Seamless user experience
- Built-in integration options
- Customer service might be slow
Propertybase is a full-service real estate platform that Lone Wolf powers. This end-to-end real estate software platform is perfect for real estate agents, teams, and brokerages that want to increase productivity while making high-quality clients. Great for streamlining internal operations and communications, Propertybase might be the solution to working more effectively with clients. Interested users must contact the sales team to find out about prices.
- Customizable fields
- Bulk texting options
- AI-powered lead assistant
- Advanced lead scoring
- Built-in MLS interface
- Provides a more extensive list of features that other CRM tools do not offer
- There is no free trial
- Pricing may be more expensive
- Users must pay extra for texting and in-app calling
Market Leader is a powerful CRM perfect for real estate agents since it will turn more leads into clients. Market automation and listing management to the next level; Market Leader features various website customization features that will lead your business to success. Interested users must contact the sales team to learn about pricing.
- Properties are listed directly on your website
- Marketing automation tools available
- Lead generation and conversion
- Pricing is not clear
- Free trails are not readily available
CRM for Realtors - Final Thoughts
Since maintaining a close relationship with clients is a top priority of a real estate agent, incorporating CRM into your daily routine is a must. No matter which CRM tool you implement into your real estate business, all agents need one to make sales and earn a commission. Not only does CRM keep all contact information and data in one centralized location, but its automation of mundane tasks and collection of property details makes it easier to assist first-time home buyers or sellers. Contact us today if you have any questions!
Hi there! My name is Ryan Fitzgerald, and I am a REALTOR®. My goal is to help you learn more about real estate through our Real Estate Blog! Hopefully, you enjoyed the above blog post and it found a way to provide help or value to you. When you're ready to buy or sell a home of your own let us know here. Please feel free to join the conversation by dropping us a comment below.