How to find the right CRM software for your real estate business

Communication is vital in business, and modernization of communication technologies allows businesses to operate more strategically and efficiently. Real estate, in many ways, has been slow to embrace advanced technologies, but AI and automation have helped streamline tasks like maintenance processes and tenant communications. However, companies in the investment, development and property management industry also often communicate with investors. Unlike interactions with tenants, interactions with investors are a whole different ball game, often involving red tape and urgency.

Investors want a complete picture of their portfolios at all times, and it can be difficult for real estate companies to provide it without a lot of time, resources, and manual labor. There are tax documents, monthly billing statements, questions about returns on capital, and financial data to process. Investor relations can be complicated because there are so many moving parts and there is so much money at stake.

Technology is slowly entering this space in the form of CRM software to help real estate companies streamline investment management communications and improve bottom lines. But how do you know what you need in a CRM system?

Determine the needs of your investors

An important first step in implementing these systems is determining what the main needs of your investors are. There is often no single source of information for a complete picture of their investments, so investors may find themselves asking the same questions of real estate investment management about their finances month after month. A CRM system can save them a lot of time by giving them immediate insight into their investments at all times. In addition, it prevents the real estate companies that manage these investments from wasting resources related to extracting this information.

For example, sharing property performance reports is an important part of the investor-investment management relationship, and each investor has a slightly different interest in what performance metrics they want to see. It can be a rental, maintenance or general operation activity. Customizing and sharing these reports usually takes time. It is therefore important to find software capable of doing this quickly.

What to look for in CRM software

• The software must be agile and easy to implement. Nimble software is technology that can effectively meet a variety of needs, adapt to meet those needs, and serve a variety of purposes.

• The software should be able to integrate with your existing workflow so that it does not disrupt any current business process. Find a solution that works with your current platform – there’s no need for a full extraction and replacement. Without this compatibility, adding a new CRM system to the mix could potentially cause more headaches for real estate professionals, hampering processes and creating more work.

• The software should be user-friendly. You don’t want your teams to deal with software that isn’t intuitive. It is essential that the systems are user-friendly, because if they are not, you will waste time and resources trying to understand them and integrate them into the overall workflow. Plus, easy-to-use systems require less training for staff, resulting in faster onboarding and happier employees.

• The software should look professional to investors. Also, make sure the software is easy for investors to use. While the software takes a long time to understand, it doesn’t add value to your investors. If necessary, after the software is implemented, walk investors through the various features of the software to ensure that they don’t leave them with questions about the features.

Ultimately, maintaining healthy investor relationships requires top notch communication. The right CRM system for your business will help you keep the lines of communication as open and transparent as possible. It’s up to you to do your research to find the right one.