5 Factors to Consider when Choosing a CRM for Real Estate

5 Factors to Consider when Choosing a CRM for Real Estate

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July 31, 2017

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A Customer Relationship Management system is one of the important components of a real estate business. CRMs employ innovative software to help you gather prospective clients strategically. They also help you to develop a bond with prospects before you eventually turn them into customers.

With a good system, you can manage your real estate contacts through automated emailing systems. It also enables you to ask your clients for referrals. However, choosing a reliable software can be rather daunting due to the existence of different types of CRM software. This post outlines top 5 factors to consider when choosing a CRM system.

1. The Size of your Real Estate Company

There are two types of CRMs: these are self-hosted and cloud-based systems. If you are just starting out as a realtor, then you don’t need an elaborate system. The self-hosted system will handle your contacts and databases cheaply and efficiently. However, if you are running a large firm with numerous offices and contacts, you need a fully-integrated system to provide a sophisticated customer relationship management system. In addition to that, you need better processing power and more database space. Excellent cloud-based systems will provide you with both. However, they are less flexible and gives you little control over your system.

2. Cost

Real estate CRMs are long-term investments that are meant to facilitate your business growth. However, when purchasing a particular software, you need to consider the upfront costs involved. Consequently, you also have to consider the long-term expenses in maintaining and upgrading the system if necessary. Before breaking the bank to purchase a particular software, you need to ascertain that the profits it’ll bring you are worth more than the initial spend. Note that the costly systems offer robust features which you may not get in the economy packages.

3. Application in Real Estate and Scalability

The main reason for purchasing a real estate CRM is to help you with the growth of your business. You need to examine whether the system is tailored towards your real estate needs. Therefore, choose an industry-specific CRM that can adapt to changes as soon as your client base and operations begin to grow.

4. The Stability of the Software Provider

As the industry expands, newer companies which produce innovative IXACT real estate CRM are established. Such new firms deliver industry-specific CRMs that are geared towards satisfying your real estate business needs. However, their ability to remain afloat in the fast-paced market is not known. When such a company runs out of business, you will likely lose most of your clients and contact details stored in the system’s database. Besides that, you will need to budget for new software to sustain your business. Therefore, it is imperative that you go for a company that has cemented its presence in the production of real estate CRMs.

5. What Tasks do you want your System to perform?

CRMS can either be relationship-oriented or sales based. If you want to make more sales and exploit new opportunities arising in the real estate industry, a sales-based CRM will be appropriate. However, if you want to manage your contact records, you need a system that is more people-focused. There are also integrated systems that can do both. However, they are slightly more expensive hence not feasible for small-time real estate agents.

Choosing a real estate CRM is a decision that requires you to examine the important aspects of your company carefully. Find out whether you want to generate more leads, manage contact details, or promote sales before settling on a particular software. Most companies offer trial runs for their systems. Make use of that to find out what serves you best.