Jordan Reyneke·Database·20 July 2018

The ROI of a real estate CRM

A return on investment (ROI) is essential to the success of a business.
 
And while having a real estate CRM with a variety of automated features is great, you’ve got to tie it back to value. What outcomes can the CRM deliver that makes it worth your money?
 
Before we dive in, check out our YouTube series on real estate CRM time- and cost-efficiency (if you haven’t already):

Part One: Why Use A Real Estate CRM?

Part Two: Features To Look For In A Real Estate CRM

A robust real estate CRM solution will essentially put your business on autopilot and be able to provide two key results. First, there are time savings.

“A single-user Property Manager could be saving upwards of 20 hours per month!”

Say you’re putting up five new listings per month and you advertise on four portals (Realestate, Domain, Rent.com and Homely).
 
  • You might spend an hour per property adding them to the portals. After this, you’ll need to make updates like price or status changes once it’s been let.
  • That’s easily four hours of valuable time that could have been saved if you’d used real estate listing software!

 

  • Then you’ve got the brochure generator for window cards, booklets and property lists. With a CRM, you can put these together in seconds. Manually creating these could easily take you an hour per property.
  • So there’s another five hours saved.
Check out the Eagle Software real estate CRM product features to see how our brochure-and-booklet processes save on costs and time.
 
  • A robust CRM for real estate agents will be able to auto-import contacts from portals or website enquiries. This is a huge benefit, as data entry can be one of the most time-consuming and tedious business tasks.
  • It’s not unusual to spend 4–5 hours on this per month, so why not let real estate portal software take back this time for you?
    • Then you’ve got property alerts, automatic inspection reminders and property status updates. Do you really want to spend extra time trying to keep everyone up to date when a CRM can do it for you?
    • There’s another five hours saved per month!
 
  • In the background, your vendor/landlord report is being built automatically. This includes enquiries, notes, information on email send outs, OFI attendances, etc. You might not use it for every property, but you can generate it in seconds — for example, if you need some justification for a price reduction.
  • A few more hours gained there!
  • If you’re after more time-saving tips to streamline operations, you’ll find a treasure trove in our article, Real Estate CRM Automation Strategies for Growth-Driven Businesses.
 
To summarise: for a single operator, you could be saving upwards of 20 hours per month. Let’s say you’re paying a figure of $200 per month for your real estate CRM. If you’re paying yourself more than $10 per hour, this is definitely a cost-effective solution for you.

The second way a CRM provides ROI is by helping you sign-on more clients with the promise of excellent service delivery. For example, you might do an appraisal for a potential client and enter that appraisal into the CRM. There’s really only 3 outcomes from here: either you win the listing; one of your competitors wins the listing; or they don’t go ahead with anyone.
 
“There are lots of tools in a real estate CRM that you can use to keep in touch with people and make sure that leads don’t slip through the cracks.
 
If they sign on with you, the property is added to your CRM and away you go. If they choose a competitor, you might like to ask why.
 
Depending on their response, it might be an opportunity to get in touch with them in a year to see if they’re happy with their decision, or if they’ll reconsider your services. If that’s the case, you can simply qualify the appraisal as being cold and set a follow-up reminder for one year later.
 
If you feel you could get them a better price for their property, they might just consider making the change. And if they don’t list their property straight away (maybe they’re looking to buy a new place to live and will rent it out when they move)? Then you can easily add them to your automatic market updates so that they receive useful, informative communications from you. You could also schedule a reminder to get in touch with them in two to three months.
 
By marketing the property more effectively in this way, you achieve better outcomes for your business. By communicating with your database in addition to your normal marketing strategy, you will generate enquiry that you might not have had without the real estate CRM, creating more opportunity to sell or let the property faster.
 
To answer simply, the ROI will come from saving time, gaining new business and delivering superior results for your clients.
 
Part Four: Are You Getting The Most Out Of Your CRM?

EagleCRM — automation that empowers agents & puts agencies on autopilot

EagleCRM is a real estate listing and contact management software package that puts the power of automation in your hands. With our real estate CRM, you can manage your properties from ‘prospect’ to ‘settled’, as well as keep track of investors throughout the property cycle for lasting return on investment.
 
If you’re ready to enable your agents by removing time-consuming tasks from their schedules, click here to book a demo of EagleCRM.

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