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Customer relationship management (CRM) has become part and parcel of today’s workplace environments. However, the needs of today are quite different from the needs of tomorrow, which is why future CRMs are bound to change to match the market in which they exist.

Among the top trends in the CRM sphere today is the acceleration of ‘verticalization’. Besides the conventional functionalities that are common to all CRMs, more and more companies continue to favor industry-specific “verticalization’ of their CRM systems. In the real estate industry, for instance, agents continue to favor CRM systems that not only track contact information of a client but also other additional elements such as stacking plans, sales, properties, and leases—which are all important pointers on how a property is “healthy” in terms of tenants and leases.

But is verticalization the right route to take with your real estate CRM?

One of the biggest benefits of a vertical Real Estate CRM system is the fact that you (as the end user) will not bear the burden of development. The CRM vendor has done all the donkey work so that his or her customers can get products that meet most of their needs—products that feature best practices and in-built industry processes. Additionally, considering that the vendor is familiar with the industry, by going with vertical real estate CRM solutions, you stand to benefit from working with professionals who speak your language. Lastly, vertical solutions tend to have better adoption rates because the bespoke processes provide a higher level of familiarity that you might not get with conventional or generic CRM.

Like any other solution, vertical CRM systems do have certain drawbacks. To begin with, some of them often fall behind on the core technology. Certain vertical solutions don’t have big markets (and therefore insufficient revenue) to support continuous innovation. What’s more, vertical solutions may sometimes be too constraining—or over-‘verticalized’. So if you plan to break out of industry-specific solution, you may consider standard real estate CRM that can be customized.

Bottom Line

In the real estate industry, accurate speculation of technological trends can make a big difference between reaping the benefits of innovation and being left behind by competitors. When it comes to real estate CRM, it is important to establish whether your real estate business is so unique or different that it needs to get specialized software. Remember, sometimes you can live without a vertical solution, use your mainstream CRM for now, and decide in future whether going vertical is necessary or if you can fill holes more comfortably and affordably by customizing your existing CRM system. The choice is yours!