Building strong, long-term relationships with customers is a top priority for any property business that wants to achieve higher revenue and faster growth.
Unfortunately, good customer relationships are not always a result of just hard work. Real estate agencies also need to make use of modern technologies and tools to help them maximise the value of their relationships with buyers and sellers, renters and landlords.
This is where Customer Relationship Management (CRM) comes in. CRM is both a philosophy and a strategy that centres around building better relationships with customers. CRM software enables your business to scale up the process of creating those relationships. On a broader level, CRM software gives your agency abetter understanding of who your customers are, their needs and habits, and their overall experience with your business, delving deeper from marketing to sales to customer service. CRM software helps your business to manage contact information in an organised way, making it easy to followup on your interactions and activities with customers. Storing all this information in a single location makes it easy for the entire company to have access to a comprehensive overview of the customer, in the office setting or even on the move. Ultimately, CRM makes it possible to make smart and better informed decisions about how to improve your customer relations and grow your business.
So what is CRM? CRM is much more than just a technology!
CRM is a company-wide business strategy designed to improve revenues and profitability, reduce costs and increase customer loyalty. The CRM philosophy is simple: put the customer first.
When your agency looks at every transaction through the eyes of the customer, you can’t help but deliver a better experience which, in turn, increases loyalty to your company. A good CRM system brings together all information from different departments in the company to offer a unified, holistic view of each customer in real-time.
This allows customer-facing employees who work in sales, marketing and customer support to make quick and informed decisions on everything: from upselling and cross selling, to improving the quality of customer communication and responsiveness, to coordinating the management of sales and marketing campaigns, just to name a few. It’s no surprise that a whopping 74% of CRM users said their system gave them improved access to customer data, according a study by Software Advice. When implemented properly, CRM not only gives companies insight into the opportunities to grow business with each customer, but also offers a way of measuring their value. Not all customers are created equal. Some customers could be a drain on customer service resources, dragging your staff from viewing to viewing with no intention of making an offer. Others are further along in their sales journey, and will likely transact with your agency. CRM helps businesses prioritise sales and marketing efforts for each customer group, as well as offers a better understanding of customers’ needs and wants in order to improve provide better customer service.