Reasons For Having CRM For Real Estate Business In India

CRM | Updated on: 19 January 2024

Real Estate Industry in India:

‘Real Estate’ is the term used to refer to land, and all physical attachments and improvements like houses, buildings etc. made on land. It includes four segments, namely Commercial, Hospitality, Housing and Retail. India’s present population has been estimated to be 1.38 billion, and it is obvious that these large numbers of people need space to live and work. Every segment of the industry is in demand by our growing population, and hence the real estate sector is fast expanding.

Along with the growth of the industry itself, the data pertaining to it has also gone up. There is a vast difference in the amount of information generated for one client versus ten clients, and the industry is facing this problem of having excess information on a much higher level. There is a need for a simplified way to manage and process all this data, so that it can be productively used.

CRM for Real Estate Business:

CRM stands for Customer Relationship Management, and it is a technology to efficiently manage all data of a business’s customer interactions. In real estate, there is a lot of data generated on a daily basis from several different channels like lead generation, marketing campaigns, sales statistics etc. This data needs to be segregated so that it can be used appropriately; needs to be easily accessible so that no time is wasted in finding it; and has to be free from errors. It is time-consuming and inefficient to try to achieve all this manually, and hence real estate CRM software is required.

Real estate CRM brings ease and convenience into all aspects of a business. The biggest advantage that it offers is the streamlining of business, by bringing it all together on one compact platform. The entire cyclical journey of lead generation, marketing, sales, documentation post sales etc. can be navigated through this system. Besides this ease of operation, there are other compelling reasons to use CRM for a real estate business:

Improved Lead Generation:

The efforts taken towards Lead Generation in real estate can be greatly improved by CRM. It provides the big data generated from various lead channels and campaigns in one accessible place, and also allows easy tracking. Due to omni-channel lead generation, it can be difficult to organize data from social media leads, offline leads, old customer data etc., and hence leads are usually missed out on.

Leads also often require different action to be taken on them at different stages of their buying journey. If proper data is unavailable, this sorting out cannot be done and leads are not acted upon in the required manner. The use of real estate CRM software not only helps in lead generation, but also lead segmentation by providing you with precise data, and helping you decide the best course of action with respect to the various leads.
Customer-oriented approach:

Over time, a real estate business acquires a lot of customers and each of them have a different set of preferences and requirements. When such data needs to be collected and organized for hundreds of customers, CRM software is the best option. At a single glance, important information such as customer demographics, purchase preferences, market trends etc. can be learned. This information will allow a business to make informed and data-driven decisions to suit the requirements of their customers. Also, the marketing strategies that are adopted on the basis of CRM generated data are more targeted and aligned with customer demands, and can hence produce better results and also lead to more sales.
Security of data:

Due to the nature of the industry, real estate gathers and stores a lot of sensitive and crucial data. This data is not only from the leads and consumers, but also from developers, channel partners, inventory etc. If leaked, this information can be very damaging and can expose the industry to a lot of harm. Real estate CRM software brings additional security and safety for all this data by eliminating the chances of leaks. The unique features of CRM software allow you to restrict certain categories of users from accessing certain data, and hence ensuring complete security for it.
Improved Efficiency through Automation:

Real estate CRM eliminates the chances of human errors and inefficiency by automating and digitizing the entire data cycle. Changes that occur on a daily basis in the lifespan of a real estate sale, such as change in status of a lead, logging in of phone inquiries, recording various new inputs received etc. were earlier done through manual efforts, and they almost always had inaccuracies that affected a sale. By providing automation, the CRM system removes the necessity for these redundant tasks and instead allows the resources to be better utilized.
Improved Documentation:

A real estate sale is followed by a large amount of paperwork and documentation. Contracts, agreements, NOC’s etc. that are typically and commonly needed in the industry can be easily generated with CRM. The software generates smart contracts, which cover all the relevant aspects and clauses needed in such documents. Furthermore, all the information required to create and complete the documentation is already available within the system, and hence it ensures accuracy and speed.