Maintaining contact with real estate leads and former clients is an essential part of real estate, and to make it easier, agents use real estate customer relationship management (CRM) platforms to help them manage their contacts. The lead-generation process is rooted in communication — as is one's ability to retain homebuyers and sellers in an industry that isn't predicated on frequent purchases.
Buyers and sellers may go years between contacting real estate professionals, and that is why agents have to work to maintain these relationships. An agent typically doesn't have to convince a former client that he or she can complete a deal, which can be a huge advantage over the competition. But here are a few more reasons why real estate CRMs rank among the most beneficial real estate tools out there:
1. To get more value out of relationships
As mentioned above, real estate agents don't have to put as much work into convincing former clients to come back as they do into generating new leads. While CRMs are often associated with the lead-generation process, their contributions to client retention are also significant. These individuals hold much more value than unknowns due to their propensity to return to or recommend proven agents. Relationship cultivation can create a larger return on investment than creation.
2. To trace old conversations
The lead-generation and -retention processes are each made easier when real estate agents can follow the conversation back to its inception. Tracking communication — whether it be for references from the past or to ensure regular contact — can help a real estate agent maintain a strong relationship with either a lead or an old client.
3. To improve the real estate lead-generation process
As essential as maintaining relationships with past clients is, it is important to note that CRMs are effective lead-generation tools as well. CRMs help real estate agents collect and organize contact information and then act on that data. Data stored in these platforms can help agents to personalize their communication with leads. Email blasts to certain neighborhoods, age groups or household sizes are all made easy with a CRM.
4. To automate and save time
Time is one of your most valuable assets in real estate, and saving it through automation can be a big competitive advantage. CRM platforms allow agents to set up email blasts or social media posts for important dates, such as the anniversary of closing on a home or the first day of an open house. This frees top real estate agents from tasks such as combing through databases or waiting at the computer for the right moment to post, leaving them to take care of more important tasks.
Overall, CRMs are time-saving applications conducive to both maintaining old relationships and building new ones. And in real estate, where connections with other people are more valuable than the homes they inhabit, using technology that enables better connections — faster — can quickly become one of your top selling points as an agent.