How property CRM analytics can drive real estate business strategy
The new financial year marks a good time to review the business strategy for your real estate agency and make sure that your goals align with future property market predictions. When developing the new strategy, it’s important to pay attention to your customers’ needs, property demands, and other common trends, and use this to shape your plans.
In today’s marketplace, customers, their demands, and new technology have caused a transition into a new era for industries: the age of the customer. Customers play a crucial role in business success and, by focusing strategies and objectives on meeting these demands, real estate agencies can gain a competitive advantage.[1]
Business automation and analysis software that integrates with your customer relationship management (CRM) tools, such as Digital Rent Roll, provides you with data on your clients by combining sales, marketing, and customer service information into one database. When analysed, this data can show historical trends and other patterns that can be used to support the decisions you make about company objectives and goals.
What your property CRM analytics can tell you
The first step in developing a renewed business strategy is to create the business goals. Insights gained from data pulled from your CRM can shape these goals by:
highlighting areas of strength and weakness
showing client demographics and psychographics in comparison to location and dwelling type
providing insight into the market trends and rent changes
identifying the locations with the highest demand and those with little interest
and many more insights.
This information can tell you everything you need to know about not only your current clients but future ones as well, and provide you with more insights about market niches and the property market in general.
Then, you can use this information to make the smartest possible business decisions.
How to use your CRM analytics to underpin business strategy decisions
Once you have a clear picture of the marketplace you’re operating in, including areas of demand, strengths and weaknesses, and potential opportunities, you can start to map out your goals. It’s important to be specific, focusing on achievable goals such as increasing the number of rental properties you manage in a key suburb by a certain number, by a certain date. By using the insights gained from analysing your CRM data, you should be able to set clear, detailed, manageable goals that inspire your team to achieve them.
From there, you can set the business tactics you’ll use to help to meet the overall goals. These tactics could include:
tailored marketing campaigns for a certain audience or to showcase certain property elements or locations in demand
sales initiatives that incentivise agents to focus on high-potential areas or properties
providing accurate information to agents and property managers to inform conversations with new and current clients, e.g. so they can have a compelling conversation around the assets of the property or the attractive features of the area
address areas of the agency that are generating the least sales or interest, by either reallocating resources towards more valuable areas or by allocating the right assets to fix the issues holding it back
customer service initiatives that reward loyal customers and deliver an improved customer experience.
Using business-wide analytics means you no longer have to allocate resources to activities based on gut-feel or doing what you’ve always done. Using real insights based on data, you can make smarter decisions that have a real, positive, and lasting impact on your agency’s ability to compete. Doing this will help you improve customer satisfaction, find new opportunities in the market for growth, and position your business and your staff members as experts.
For more information about what integrating Digital Rent Roll with your property CRM can do for your business, and how it can be used to drive successful business strategies, contact Digital Rent Roll today for a demonstration.
[1] https://www.forrester.com/report/Winning+In+The+Age+Of+The+Customer/-/E-RES119546