CRM making its way in Real Estate Sector
Real estate has nowadays become a very competitive industry. High ambitions and an urge to get little extra is making agencies to constantly look for alternate ways for better service of their clients. This creates a competitive edge between the agencies and their competitors. With IOT (Internet Of Things) making its way in almost each and every sector, Customer Relationship Management plays an important role for agencies in Real Estate.
Customer Relationship Management is a technology that has been developed especially for customers and their responses based on inputs. It enables the company to provide one-on-one solution to customer’s requirements, direct communication and customer service centers. Some basic features of an effective Customer Relationship Management include, Sales promotion, client’s history tracking, direct online communication with customers and customer service centers. It also tracks and measures marketing campaigns over multiple networks.
Moreover, it provides full access and exhaustion of the entire customer data available with the software. It provides KPI or Key performance indicators by aggregating transaction information and integrating information with CRM products by using data warehouse technology.
Role of CRM in Real Estate Environment
Journey of real estate sector has been of a Roller-coaster one over the past few years in India. It has seen tremendous highs and lows. Companies that have emerged under this arena are only the ones who have given importance to innovations in this sector. They are nowadays looking for CRM technologies to help them manage their relations with customers.
Managing Promotions and marketing campaigns:
CRM provides a disciplined approach when it comes to planning and budgeting for projects. It also creates a marketing calendar which provides a centralized window to manage and schedule all relevant enterprise marketing plans and campaigns.
CRM creates a segmentation scalability for targeting customers. This in turn leads to enhancing marketing productivity, increasing conversion rates and also reduces campaign execution costs.
Basic feature of a strong CRM software is to generate leads. It helps in creating relevant leads and allow the sales person to follow up on them until its closure. These leads are generated from multiple customer interactions which are then prioritize according to company’s needs.
Managing Communication with Prospects:
A good CRM software offers variety of mechanisms to track and manage communication with prospects. It also includes tools which proves helpful in adopting a structured sales process. It manages quotes, contracts and effective communication for the real estate companies.
A real estate company needs to maintain a very strong interaction with its customers specially on occasions like milestone completion, demand letters for payments, maintenance related communications, etc. These issues are sensitive for customers and any error can thus cause damage to relationships with them. However, CRM Software helps to trigger these automated communications via email and mobile messages based on transactions taking place in customer account.
Another distinct feature of CRM Software is Loyalty Management. Details about the customers are stores in a centralized system which makes it possible to use this information effectively when needed. For example, sending out birthday/anniversary greetings. Updates on new projects/referral schemes can also be sent to attract customers.
Every real estate project is identical in its own ways. Every project varies in terms of location, pricing, post sales services and another offering. Since, developers engage themselves in managing different projects, the primary challenge is to identify the target segment through the data available. Other challenges include managing leads and campaigns for the target segment, analyzing the leads and to find cross-selling and up-selling products for your target. Offering customers with an alternate offering and sustainable follow up efforts converts foot-fall into business. Analysis of success also helps in defining strategies for a company. This also ensures effective decision making.
Customer Relationship Management in the real estate sector thus helps in enhancing productivity in market, increase in conversion rates and also maintains campaigns execution costs. No wonder, it is the best practice available for emerging in business.
Highlights of Customer Relationship Management solution in Real Estate sector includes:
Creating a Sales funnel by smoothly tracking enquiries from beginning to end.
1) Provides accurate knowledge of sales funnel to the Sales persons or management. To provide hot or cold leads.
2) To schedule activities and records that are part of sales process. It also pops reminders for meeting or another important events.
3) It also maintains customer database records, transaction records, contact and other personal information. It also maintains a customer communication history in a single window.
4) It also sends customized bulk emails to customers to maintain customized relationships.
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Cubastion is among a very small number of specialized Siebel CRM Oracle Gold Partners in SME.