Real Estate Technology, Asset Management
Article | May 30, 2023
You may have heard the often-cited National Association of REALTORS® (NAR) statistic that 90% of homeowners would use their real estate agent again, but only 12% actually do. What you may not know is the reason behind it.
According to Chris Stuart, president of PLACE, Inc., the real estate industry spends more on customer acquisition than any other industry but doesn’t invest the same amount in customer retention. The numbers back him up, with companies like Southwest and Marriott spending less than 3% of their marketing budget on customer acquisition, while the real estate industry spends a whopping 20% of its marketing dollars to add customers, only to lose them as they leave the closing table.
Of course, retention in real estate is made more difficult by the fact that the average time between real estate transactions is five to seven years, not just a few weeks or months as it would be for retail or travel companies.
Looking at other industries that focus more on customer retention, they do so not by offering a host of random services, but by creating a customer experience that brings people back over and over. With that in mind, here is a tactical approach that will allow you to prove your value month after month—for years to come.
Real Estate Investment, Asset Management
Article | May 5, 2023
Real estate technology has revolutionized the real estate business. Most real estate developers today use technology to meet the needs of customers who are becoming more knowledgeable, give them the best service possible, and remain competitive.
Real estate agents are turning to Customer Relationship Management (CRM) software to manage all communication and interactions with customers and prospects and improve operational efficiencies.
What is a real estate CRM? A quick glance
A CRM system for real estate is a system that helps manage all communications with leads and clients. It functions as an online database, allowing you to manage your contacts while saving time and effort on manual data entry. Email and text messaging, lead tracking tools, and click-to-call capabilities are some of the key features you will find in the top real estate CRM.
A productive realtor must multitask, including keeping the database of clients, locating properties, communicating with clients, using websites and social media platforms to advertise and communicate with new clients, etc. This is where a CRM software plays a critical role because time is money and CRM software allows saving a considerable amount of time, minimizes effort and resources by sales automation, inventory management, automating contacts, managing customer interactions, and performing other data operations.
Before selecting a comprehensive CRM solution for your real estate business, you should consider a few key aspects and features
Sales process automation
Manage your sales pipeline with end-to-end sales automation features that let your sales team focus on tasks that bring in more money while routine tasks are automated.
Inventory Management Platform
A cloud-based dedicated digital inventory management can let you remotely manage vast quantities of inventory across various projects, buildings, floors, and units. You can use the automation feature to organize and sort a large amount of real estate inventory, as well as to ensure that inventory is selected based on the buyer persona and criteria.
Your CRM should allow you to personalize your data in order to generate lists based on transactions, dates, offers, events, and incentives
Automate tasks and workflow
Realtors must be able to quickly respond to property queries without having to browse through their inboxes. Once a client interacts with an agent, the system initiates real-time push alerts, sends follow-up emails or texts, manages calendars, and enables the customer to select other preferred contact channels
Post sales automation
Using CRM, the sales team could maintain customized payment schedules based on projects, send automated payment reminders, handle inventory payments, create and share documents online relating to bookings.
Seamless cross-platform accessibility
The CRM software must provide cloud access in addition to phone, desktop, and any smart device. Compatibility with other platforms — compatibility with products like as Microsoft Office and Google Docs is of tremendous assistance, so include it to your list of must-haves. In addition, ensure that the system is user-friendly for individuals who may lack technological expertise.
Feedback and reporting
The core of your company's success is gathering client feedback. A software that provides insights into your data through centralized reporting and real-time client feedback is ideal for making quick decisions that help you improve sales and boost customer engagement and retention
Scalability is another factor to consider; will you have the flexibility to simply add users as your business grows? You need a CRM platform that is versatile and reliable, able to handle ever-growing business operational efficiencies and not suffer from regular system downtimes, lags and data losses.
Whether you are a seasoned realtor or a newcomer, investing in CRM software that provides you with a variety of options for time-and cost-efficient customer data management has become critical. Despite the wide variety of CRM options available on the market, the most important thing is to find the one that is best suited to your specific real estate needs. Once you know what you want, you'll be able to make better decisions about your real estate business.
Real Estate Technology
Article | July 21, 2022
Self-directed IRAs are the less offered and lesser known of the IRA options. That’s simply because they’re seen as needing too much effort to utilize correctly. The truth is that self-directed IRAs aren’t as complicated as they’re made out to be. Especially if you have the right custodian who offers the services you need to successfully run your account. Similar to other IRA accounts, owners can still invest in stocks, bonds, and mutual funds. They can also invest in things like small businesses, boat slips, storage units, parking lots, land, and homes. Interested investors should seek legal advice, as well as input from an accountant and real estate agent for a well-rounded picture. They should also be familiar with the rules for the type of retirement account they’re using. Whether it is a Simple IRA, Roth or Traditional IRA, SEP IRA or Solo 401K, contribution limits still apply, and there are penalties for early withdrawals.
Article | May 6, 2020
As a realtor, what’s your marketing strategy for getting ahead of the competition? Research shows that over half of all home buyers look for their next home through the internet. And that’s not all, only around 34% approach a real estate agent for help. Unless your clients are able to find you the next time they do an online search, you will be left behind! Here are eight marketing ideas in Real Estate that can help you create a marketing strategy to expand your client list in 2020.