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. 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. 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. 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. Time Saved
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. What is a Real Estate CRM?
How Can a Real Estate CRM Improve my Business?
Is the Investment Really Worth it?