Hot Or Cold- This Is How Real Estate CRM Helps You Grow Through Market Tides

Oct 21, 2022

You’ll agree that almost every industry has experienced significant changes in recent years. However, the shifts that the real estate marketplace has witnessed were no less than tidal waves. 

There was the pandemic, technological shifts, emerging trends and of course, the fluctuation between a hot and a cold market is never-ending. 

I understand changes are something that is bound to happen, but it is only good when you grow with it. Real Estate Agency CRM is a tailored software solution that helps you grow consistently through every market shift. 

As times have been changing (so drastically), realtors are giving up their comfortable methods of keeping their records in bulky binders. Realizing the true potential of real estate technology with organized databases is something that they cannot deny. 

This article is all about how meticulously Real Estate Agency CRM helps you navigate your growth through the highs and dips of the market. Let’s get started!

What Is A Hot Market? 

A hot market does not typically stand for easy money or fast money. As the number of eager buyers increases, your potential customers cannot be too selective about their houses. They become open to accepting “as-is” properties, which for you means, fast-moving inventory. So there is an obvious chance of a faster sale or above the expected price.

You can take metropolitan cities like Bangalore or Mumbai (India) as examples. They are almost over-crowded with migrating millennials from different parts of the country, looking for properties to settle in. As the scarcity of properties increases, you get abundant leads and you can leverage your properties for better prices.

Use Of Real Estate CRM When You Have A Hot Market In Hand!

Centralized Data 

Had it not been for technology, the business world would be like a sloth in synching with the outside world– the world where we have our potential customers. This CRM solution made for real estate agents is yet another effective product of technology. 

Remember, you’re dealing with a hot market situation in a fast-moving world. You simply cannot afford to waste time trudging through your files while several customers waiting for your revert. With this CRM solution, you can keep all your data centralized and organized in neat streamlines. You can see each of the modules customized according to the real estate industry nomenclature, are laid out in an uncluttered manner. 

Now let’s take the home page as an example. You can comprise and customize this page with the most crucial matrixes of your business. The system updates itself with real-time information. So that you get a clear drift of how each of these discreet sectors performs daily. For example, you can blindly trust the solution to capture leads and automatically display the count and source on the homepage.

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Lead Nurturing 

No matter how many leads you have got hold of from the hot market, it is just that each of your customers add value to the brand you need to nurture them to bloom their full potential. Nurturing leads, therefore, is the first step towards building a solid foundation with your customers. With Real Estate CRM, you can strategize a communication flow, create multiple follow-up tasks and schedule them on the intuitive CRM calendar. Your sales reps can even take notes about the specific interests of different prospects and situate their information in their records for reference and better customer experience.

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Track Your Deals 

Imagine you have fifty clients to currently deal with and you’re working without CRM software. Sounds pretty scary. Why? Simply because your workflow becomes clumsy and disorganized and there’s a hell lot of space for errors. Your situation becomes a lot more workable when you advance your business with software like Real Estate CRM. 

It comes along with a ready-made sales pipeline that covers all the possible intermediary sales stages that you might require. Of course, there is always an option to customize it as well. Most importantly, this pipeline automatically updates itself in real time, meaning, you can check whether your customer moved up to the next level of the deal. And in case of a halt, you can persuade them with further communication. 

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Track Commissions 

Now, this is another tricky part of the business. But not too much of an error-prone area if you have Real Estate CRM by your side. Since you basically act as a bridge between buyers and sellers, you need to track the offer price and the final negotiated price. You can insert your commission percentage in the deal so that the CRM readily auto-calculates the amount which you can bill on both parties. 

Even if you have third-party agencies involved in the deal, you can enter their commission details and the CRM effectively follows suit! 

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Benefits of Real Estate CRM Automation In A Hot Market 

You wish for an abundance of leads. You’re granted. But what about the time you need to manage them all? This is where automation works like a charm. Here’s how effectively the automation powers of Real Estate CRM make your work life better! 

Capturing Multiple Leads

I suppose you have several marketing channels for lead generation. Without marketing, you won’t generate enough quality leads and without leads, you have no business. Backing up your real estate business with this CRM will help you capture multiple leads simultaneously. Suppose, you have a web form embedded on your website. Your potential customers can browse through properties and if interested (let’s hope they will), they can fill in their initial details for further conversation. The moment they submit their form, the CRM triggers an automated acknowledgment email and alerts your sales reps about the lead, in an instant. This helps your team to respond to your prospects’ queries and persuade them to further conversion.

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Customer Profiling With Real Estate CRM

Now that you have captured and nurtured your leads, it’s time to move on to the next stage, which is conversion. Real Estate Agency CRM readily profiles your leads as contacts, companies (only in case of B2B opportunities), and deals respectively. This means you have your customer databases under these three perspectives. For instance, if you select a contact record for a specific customer, you’ll view all the contact-oriented details. This includes the best time for communication that the CRM detects after your manual intervention (follow-up tasks). Again, if you enter a deal record, you can check your customer’s current stage in the sales pipeline. Even on the timeline page of both these records, you can map out the entire stage history of your customers. And yes, all of this happens automatically after one single click on the ‘convert’ button! 

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Identify Matching Leads/ Contacts With Real Estate CRM

An icing-on-the-cake feature of using Real Estate CRM is identifying matching leads and contacts with suitable properties. When you have all your properties enlisted in the system, you can check whether any of your properties can suit your leads or contacts, right away with a click. Based on your prospects’ preferences, the CRM automatically identifies the best-fit properties so you can share your recommendations via email. Therefore, your chances of attracting opportunities increases! 

Next Up, What Is A Cold Market? 

Pretty much as the name suggests, when the market is cold we call it a cold market. In such seasons, you might have properties enlisted in your system for a year, even at a low price. However, you have relatively fewer leads to persuade and sell. This season is most advantageous to buyers rather than sellers. And as an agency, the profits are bound to decrease if the selling price of the properties decreases. 

Relax, it’s time to strategize to get two steps ahead. You know how competitive the market is. David Kellogg defines that the cold market season benefits you with time to develop and reassess your strategies for the next hot market round.  

Benefits Of Real Estate CRM In A Cold Market 

Want to win in a big way? Don’t stop putting in the effort, even when the market is cold. The real estate market is more volatile when compared to others. Real Estate CRM helps you sustain both environments. Let’s see how you can transition your cold market situation from a disadvantage into an advantage! 

Convert Cold Leads Into Warm Ones

 As I said before, you’ll have multitudes of leads generated from different marketing sources. And you would want to focus on the ones which have greater potential for making faster deals. With the BANT (Budget, Authority, Need, and Time) parameters, you can categorize and rate your leads. Agreed. However, you must remember that these cold leads are part of your target audience. You can rekindle their interest with an omnichannel approach. You can use tools like Zoho Campaigns, Zoho Social, etc for this part.

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Build Sustainable Relationships With Real Estate CRM

CRM software is designed to build strong foundations with your customers as the name suggests. With this CRM, you can take a step ahead. It efficiently helps you maintain customer relationships by personalizing their experiences.

 For example, let’s say you have a cold leads recorded in the CRM and you get new properties on hold. So you can match the newly enlisted properties with prospects who might be interested in them. The CRM automatically displays a list of prospects for that particular property so that you can send your recommendations via email in a jiffy!

Additional Software Tools To Use For Cold Market 

Today in business, ‘relevance’ is not just a mere word. It is something you need to cultivate for sustaining your agency. Along with that, you need to put on consistent efforts to transform the cold market into a hot market– convert the cold leads into warm ones. These are two effective software applications that can be of immense help. 

Zoho Social

You know that half of the world’s population is housed on social platforms. And the number is only increasing by the day. Social media gives you a great opportunity to connect globally with your audience and expand your outreach. 

Long gone are the days when people used to post their pictures, and scroll through their social feeds aimlessly. Now they use social media for promoting their business and searching for answers. Therefore, you must resort to resources to create engaging yet purposeful content and distribute them via different social channels. You can use Zoho Social to post your content consistently. It helps you create a cue and schedule the same on an intuitive calendar so that your audience is regularly updated with your posts. You can also stick columns to directly interact with your audience, answer their queries and stay relevant to the current trends. 

real estate crm

Zoho Campaigns 

Presenting you with yet another cost-effective strategy to reach out to your cold leads– email marketing. It’s a cliche that still works! Zoho Campaigns can be of great help in this regard. You can share videos of your properties, newsletters, or auto-responders with a dynamic personalization of your brand. You can make your content, even more engaging with additional polls, surveys, GIFs, visuals, and so on. Based on your audience responses, this app also lets you understand which of your interactive methods are working the best through A/B testing. All these tricks with consistency can drive enormous engagement and result when the market becomes hot again. 

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Realtors, if you are choosing spreadsheets and bulky files over software solutions like Real Estate Agency CRM, you are likely to lose more opportunities than you can imagine. It’s time to change. Built on top of the renowned Zoho platform, this solution for real estate agents is cloud-based (yes you can access it from anywhere and with any device) and super compatible with third-party integrations. 

Watch this video to understand the process even better! 

You know what to do next. Reach out to us for further information and keep it rolling! 

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