If there’s one major theme in the real estate industry right now, it’s technology. With new tech companies popping up left and right, the consensus among most brokerages is to embrace it. But before you move forward with a CRM for your business, consider the investment that you’re making and whether or not it’s worth it for you right now.
What is a Real Estate CRM?
CRM traditionally stands for Customer Relationship Management, however the role of the CRM has grown and expanded, and many real estate technology companies offer a platform that extends beyond maintaining client relationships. The idea is to assist you in managing your leads “from click to close.” From the moment a lead registers on your site, you have tools to help you close the deal. From speeding up your follow-up, to improving the quality of your communication, to automating busy work so you can expand your sphere, the CRM acts as a second set of hands for your business.
How Can a Real Estate CRM Improve my Business?
The bottom line is that CRMs are robust. They are built from complex software, with nearly endless capabilities. Different tech companies will highlight a laundry list of features (some will be important to you, and some will not). Be sure you don’t get lost in a sea of micro features. Consider the overall benefit and top-level value for your business. Using BoomTown’s CRM as a model, here are just a few ways a CRM can improve your real estate business.
- Hold Agents Accountable: For brokers, the accountability tools in a CRM can be invaluable. Track agent performance by making sure they’re staying on top of lead follow-up and prospecting.
- Capture More Opportunities: With an organized database of leads (tags and segments), it is easier to keep track of where your leads are in the pipeline. Agents are alerted when follow-ups are needed, so no lead gets left behind.
- Generate More Leads: With a team of expert digital marketers, your brand is highlighted in the best quality advertisements on Google and Facebook, generating high quality leads.
- Reduce Busy Work: One of the most important benefits of a CRM is that it can automate busy work, like emailing and texting new prospects. This frees up time for agents to expand their sphere, spend more quality time with clients, or even just take a vacation.
- Be Smarter with Prospecting: At BoomTown we like to encourage “Smart Prospecting.” This means organizing your lead database into workable lists. You’re not just blinding scrolling through a rolodex of numbers, you’re working with targeted leads and you know what they want.
- Sync with Other Tools: There is no “one size fits all” tool in real estate. The best CRMs will offer different packages that can better fit your needs, but even then, there are other tools outside of the CRM that you’ll likely still want to use. This is why it’s important to have a CRM that integrates with other technology. BoomTown seamlessly integrates with companies like dotloop (transaction management software).
- Improve Agent Experience: At the end of the day, real estate is all about providing an excellent customer experience. A good CRM will assist agents in providing this experience, but will go even further and improve the agent experience as well. A CRM should be intuitive, easy and enjoyable to use. And the provider should include excellent training as well as customer support.
Is the Investment Really Worth it?
It’s all about that ROI! In order to be a good investment, the benefits need to ultimately outweigh the cost of your CRM. This can be measured in a few different ways.
Income from leads
If your CRM provider is helping you generate leads, keep track of the CRM-generated leads that turn into closings. Once you have that quarterly or annual data, consider that income in comparison to what you’re paying for your CRM. Remember two things when it comes to lead generation. (1) Quality lead generation doesn’t happen over night, it requires a little bit of a time investment, and (2) leads can only go so far. Agent follow-up and working the leads is important for closing the deal.
You’ve heard that time is money right? We believe in that mantra. Agents are busier than ever, and with technology that automates some of the grunt work, more time can be allocated towards generating more business. As an agent, you are always one conversation away from landing a new client. So having a few hours of down time for prospecting each week can result in $$$ over time. If your CRM has automated marketing capabilities, you can send emails to leads without even lifting a finger. BoomTown’s Smart Drip campaigns can save agents up to 36 hours a month.
Scaling a Business for Growth
If you want your real estate business to grow, technology is essential. As your book of business grows, so to will the need for more agents, potentially an ISA, assistants, lender partnerships, and even a marketing department. With a CRM your business can operate with one central hub, keeping everyone aligned, connected, and accountable. Not only will you save money over time by reducing admin costs, but you also reduce the need for dozens of different gadgets and tech platforms that only perform one unique task.