IMPORTANCE OF CRM ACTIVITIES IN REAL ESTATE INDUSTRY

With the Per-Capita GDP increased by 66% in last 5 years, the spending power of
the working population is growing at a very potential rate, benefiting the
businesses like Real estate, Food and Pharmaceuticals, E-Commerce etc.
Buyers have wide range of choices to make their real estate investments with
abundance of projects available to decide among. The main challenge for the
businesses is to identify the market segment they want to target, focused
targeting through marketing campaigns, sustainable follow-up efforts to build up
strong pipeline and convert the prospects into customers.
Even-though there is an increasing demand, the developers supply fail to reach
their target market in an effective way. The figure below depicts the sales in Real
estate industry across eight major cities in India and an 18% increase in the
unsold stock despite increasing demand.

Customer service and satisfication could be a potential differentiator for the Real
estate developers through strategic technologies like Customer Relationship
Management(CRM), which can play a very important role in helping the
developers supply meet their abundant demand to the fullest.
Developers should move from their commodity selling approach to a value
selling approach as the increase in spending power makes out a sea of options
for the buyers to choose from. Here are some pros of a Value driven approach
in real estate;

=Considering each project as unique in terms of geography, project features,

pricing, post sales services and other offerings. Targeted reach to prospective
buyers with a clear understanding of segmented market.
=Have a healthy pipeline of leads in the sales funnel, as lead to customer
conversion rate is very high in real estate industry.
=Facilitator, buyer, property related decisions and other capital-intensive
decisions can be made more efficient with a healthy buyer-developer interaction
through a proper tracking and analysis of all the interactions.
This value-driven approach is the focal point of CRM, which is a business way
of integrating people, process and technology to better manage the relationship
of the organization with the customers. Acquiring customer knowledge and
using that information across various touch points for better ROI through
maximum customer satisfication.
The role of CRM is very crucial in real estate environment, taking the customer
acquisition and retention process to the maximal advantage.
Managing promotions and marketing campaigns:
-Well disciplined approach for Planning and Budgeting.
-Better integration with the Financials by creating marketing calendars.
-Provide a centralised view to manage and schedule all relevant Enterprise
marketing plans and Campaigns.
=Market segmentation:
-Targeting campaigns based on numerous customer metrics can be conducted by
leveraging the data from CRM and external list data.
-CRM helps to scale and segment, targeting millions of prospects.
-Enhance marketing productivity, increase conversion rates and hence reduce
campaign execution costs.
=Managing Leads and customer enquiries:
-Generate Highly Qualified leads and Follow-up on every lead to closure.
-CRM allows the leads to be generated from multiple customer interaction points.
-Prioritize the leads based on Intelligence, enabling a high lead conversion rate.
=Managing communication with prospects:
-Offers productivity tools to increase sales effectiveness by adopting a structured
sales processes and centralizing prospect communications.
-Management of quotes and contracts.

=Account, Loyalty and Service Management:

-CRM enables a better communication with customers and prospects on
numerous occasions such as milestone completion, demand letters for payment,
maintainence related communications etc., especially with industries like Real
estate with typical sales lifecycle.
-Account managing is a very sensitive issue and any errors can cause serious
relationship difficulties with the customers. CRM systems help to send automated
communications through Email /Mobile messages based on transactions taking
place at prospects or customers account.
-Lots of customers and prospects details like the demographics are captured
using the automated workflows in the CRM system.
-The way real estate company manages its customer relationships has become
the most crucial differentiating factor for them. Though there are ample Demand
and Supply in the industry, Customer relationship is the only way you can make
the both meet in the righteous way.
BENEFITS OF CRM

P l a n e ff e c t i v e

A n a ly s e S a le s E a s y M a n a g e m e n t B e t e r C u s t o m e r

p r o m o t i o n a l c a m p a g i n s e ff o r t s R e p o r t i n g a n d d a s h b o a r d s S e r v i c i n g
CHOOSING YOUR CRM SYSTEM:

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