Common Real estate CRM myths Debunked
Posted on October 26, 2016
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Real estate CRM facilitates change because of its potential to meet the dynamic customers and industry requirements. CRM boost customer loyalty and often fulfill the expectations of informed customers. Once you have decided to implement it, however, there are challenges that you are going to face because successful CRM implementation requires astute short and long term strategies. In fact, misunderstanding how you can leverage your CRM can be one of the main barriers to your success. The following are some of the common myths about real estate CRM.

1. CRM will do everything for your real estate business

Well, CRM is a very powerful tool and is often utilized as a platform for integration of other ancillary systems. However, it is pertinent to understand what a CRM can do and what it should do. Keeping your system simple and easy to use can be very beneficial in the long run. Building integration between your CRM and other applications is OK but it should be well planned.

2. Vertical real estate CRMs will always work

Generally, your business requirements and process are unique and very different from your competitors’. Accordingly, for your chosen CRM solution to suit your needs, additional configuration or customization is necessary. Treat pre-built CRM solutions as starting points, which you need to build upon.

3. CRMs are only sales tools

Most CRM systems are customized and their functionalities can be extended to other business processes. In the real estate business, this may involve tracking your relationship with brokers, investors, banks, property managers, and other stakeholders. When implementing a real estate CRM, endeavor to assess all its functionalities. Robust data governance, for instance, is critical in ensuring data accuracy and integrity. You should also eliminate the presence of fragmented and incompatible functionalities that can’t allow you to share data freely. For example, instead of managing contacts in your property management system and CRM, you can pick one of them and feed data into the other.

4. Cloud based CRMs are cheaper

It depends on your business requirements, scenarios, and needs. When it comes to CRM implementation, there is inverse correlation between the total cost of ownership and number of users. However, given subscription license model of cloud-based solutions, this seldom hold true. Besides costs, other factors such as upgrades and 24/7 support may also impact the decision. Simply put, there are a number of factors that should be analyzed to establish whether cloud based solutions are cheaper or provide better value.

Conclusion

Although CRM is indispensible to the real estate industry, there are scenarios where a CRM system may fail to deliver. Understanding some of the dos and don’ts and adopting an effective approach is key to unlocking successful real estate CRM implementation. Visit IXACT Contact for more information and resources.