Last updated - March 24, 2022
It’s a digital world, and if your business isn’t digital, you are losing clients RIGHT NOW.
If you are in real estate and still using the old traditional ways of interacting with clients, then it’s time you need to adapt to the new way of doing things.
With tasks now being automated, it’s important for businesses to adjust to new tools and systems. The real estate industry is no different. New technology is being created at a fast pace, and if you are not up-to-date, you will be left behind.
Businesses are now looking at ways they can increase employee efficiency and productivity. Going digital achieves that and more.
Read on to find out how what you should know about e-commerce and CRM and how it increases sales in the real estate market.
Real Estate & the Digital Revolution
Post COVID-19 has seen industries adapt in ways never seen before. The real estate industry is no different. Social distancing meant agents had to find ways to do showings in a contactless fashion and use tools and technology so clients could see homes without actually visiting them.
This introduced a new way of doing business. It resulted in clients being able to search on the internet to look for potential agents and research before even seeing their first property.
It meant agents needed to make sure to have a digital presence and tools to enable clients to see their properties without leaving their homes. Virtual tours replaced showings, website reviews and ratings replaced personal references, and target and direct messaging replaced phone calls.
Customer Relationship Management (CRM) and e-commerce tools are the cornerstones of this revolution.
What is Customer Relationship Management?
CRM – what is it? It sounds technical and scary, but it’s not.
It is an acronym for Customer Relationship Management which, as the name suggests, is a system to manage your clients. As a real estate agent, you have many different kinds of clients, and your interactions are all unique depending on what they are looking for. You have renters, buyers, and sellers. All require different kinds of messaging and follow-up.
One of the biggest hurdles real estate agents face is not having enough time to cultivate relationships with clients. And when we say relationships, we mean meaningful interactions that are unique and special. These kinds of interactions build trust, and that is exactly what you want to create when you build a relationship with a client.
Why Real Estate Agents Need CRM
So you might be wondering why you need a CRM tool or system as a real estate agent. You might think you have your phone and pleasant personality; that’s all you need to be able to manage your current clients.
But as a real estate agent, you are not only looking to manage your many current clients but looking for potential new clients. A CRM system is essential to generate leads.
And here’s why:
You are meeting and interacting with people every single day. You are discussing a range of topics, and they have questions that you need to circle back to. You need to follow up with that client because there is no way you can turn a lead into a client unless you do that.
The only thing, you met Mr. Joe Black on Thursday and promised to get back to him on condos located…where again? Yeah exactly. You can’t remember. With so many interactions, you can’t. That’s where a CRM system helps you remember what exactly Mr. Joe Black needed and where. Your system will remind you to get back to him and maybe also schedule a lunch date to discuss further.
Besides this, a good CRM system offers many more tools to manage clients like
- Social media management
- Drip campaigns
- Enhance employee workflows
- Improve process management
- Enhance follow-ups on leads
- Streamline your everyday tasks
What CRM’s are Available for the Real Estate Market
So when looking at a CRM tool, the good news is that there are specific systems made for the real estate industry.
When looking for a CRM, it is important to remember that not all systems have the same features. So you need to determine what you need the most support in.
For example, if you have a social media manager and they are handling your accounts, but you can’t organize your follow-up engagements with leads, then you need a system that specializes more in client lead generation.
There are some CRM’s that are free of cost as well, which might be a good option in the beginning as you explore which system works best for your business. Below are some of the commonly known systems:
- The Real Estate CRM
- Hubspot CRM
- Zillow CRM
- Mofo CRM
Real Estate E-commerce Sites
The digital real estate revolution is accelerating because of the emergence of e-commerce sites. You might wonder how a real estate agent use e-commerce to buy, sell and rent properties.
Well, it’s simple: The real estate agency creates a website where buyers can bid on properties directly on the website.
On the other side of the coin, companies like Redfin, Zillow, Opendoor, and Offerpad are now offering instant buying options which will allow sellers to get direct offers from the company.
The process is more complicated than buying retail items from a site like Amazon. You have to fill out a 55 questionnaire which has questions from everything like financing, inspections, and data from the local market.
The emergency of e-commerce options will change the landscape for real estate agents. It could be seen as a threat or an opportunity depending upon if you adapt to the change or not. As in any industry, changes are always happening. It is important to learn about changes early and embrace them.
Don’t be Left Behind – Accelerate Online Sales through CRM
These new developments can increase efficiency and visibility for the real estate market. It will also greatly increase employee productivity.
If an agency wants to stay in the market, then it must meet the market and customers changing demands. It is clear that rapid changes in the real estate market are opening doors for agents that before were closed. Adopt the changes, and you will be the one opening the door.
