The real estate business is continuously growing and remains to dominate the markets, especially in Dubai. The real estate in Dubai is constantly identifying new ways to do business smartly and therefore, the need for real estate CRM is growing.
Managing multiple leads at once can become challenging for real estate agents in Dubai when they are to be managed manually. This not only increases the time to convert the leads, but also results in missed opportunities. A missed opportunity in real estate can cost a fortune and this is exactly why a custom built real estate CRM is needed more than ever.
This blog aims to explain why is the AI powered CRM a necessity for estate agents in Dubai, how it will work, what are its features, and how this custom built AI solution can contribute to business growth and lead to improved productivity of the team.
Selling Property Without a Real Estate CRM in Dubai
Property dealing is a growing business in the markets and due to its appreciating nature it is also one of the best investments. However, selling and dealing in property is not easy and comes with its own challenges.
When customers connect with real estate agents they expect fast replies, instant solutions, and faster buying. Traditionally, a real estate agent will connect with the customer, add his data to the system in a spreadsheet, connect with the further parties and then connect with the customer again.
Now the problem with this system is that by the time the agent reaches out to the customer with data and insights about a listing, the customer might have lost interest in the property or may have looked elsewhere. The entire process will take somewhere around 3-4 days, which is enough for a customer to lose their interest.
The poor data management has not only led to losing a potential customer but has also affected the productivity of the team and has probably led to a loss in the business.
Why is a Real Estate CRM Required for Business in Dubai?
When the data is handled manually it leads to mismanaged communications leading to heavy losses. On the other hand, when the data is managed via a real estate CRM software it not only helps with prompt responses and quicker resolutions but also improves the business workflows.
A real estate CRM software is required to manage communications effectively, help with understanding customer behaviours and patterns with advanced AI technologies, and help the real estate agents focus more towards finalising the transactions and closing the final deals.
With heavy information flow it also gets difficult for even the top real estate agents to identify the leads with highest conversion potentials and act on them as quickly as possible. With the help of a CRM software for real estate, where every customer interaction can turn into a lead, it becomes easier to analyse various customers at once and accordingly identify convertible leads with the help of a smart lead scoring feature.
Key Features of Using a CRM for Real Estate
Using a CRM software for real estate businesses can be quite beneficial for businesses when used properly and with good understanding. The utility of a CRM is best when your property agents are trained on the software and the communication is transparent across all teams.
Having said that, the features included in a good CRM matter. A good CRM built specifically for a real estate business should be capable of providing in-depth insights and should be able to provide accurate results to get conversions.
The best CRM software in real estate should ideally have the following features –
Provide a 360 Degree Customer View
The basic feature of any CRM is to give its team a complete 360 degree view of the customer. This includes customer interactions, inquiries, bookings, preferences, and more. This helps the real estate agents understand the customers better and improves the decision making process.
Enable Smart Lead Scoring
Another feature a good CRM software for real estate should also be able to enable is an AI driven scoring process that will score the leads based on the information provided by them and this will help the real estate agents focus on high potential leads reducing the time taken for manual follow ups.
Create a Centralized Inventory of the Properties
A viable CRM software for real estate should be able to create a centralized inventory of sold and unsold units, payment schedules, and any overdues. This not only helps in getting a real-time overview but also helps in improving the cashflow visibility and planning accuracy.
Maintain Transparency in Communication Process
A CRM software for real estate should be transparent for the agents and each agent must have a clarity about the ongoing activities so that they are able to carry out better communications more effectively and convert leads more efficiently.
Best Practices to use the CRM Software in Real Estate Smoothly
To gain the most out of your CRM software it is important to implement the software strategically, train your team, and implement the right strategies. With that being done, the teams will be able to close more deals.
Strategic implementation of a CRM Software in Real Estate
While AI is a powerful tool, its random implementation can also lead to disasters. The real estate agents must first identify the areas where they need to implement an AI strategy. The best use of AI can be to automate messages for routine queries, follow-up emails, and send marketing communications or any promotions (if any).
Training the Teams
When a new AI strategy is implemented it is important to train your team on the functionality. If the team is well aware of how to use the CRM platform they will be more productive and will have clarity on the processes.
Monitor the Key Metrics
Monitor numbers, including conversion rate, growth rate, and client retention. Review these metrics on a regular basis to see what works and what could use improvement.
Keep Your Data Clean
Be sure to frequently update records and remove duplicates or outdated information. Clean data will enable AI to give you accurate insights, and there will also be a better chance of improving prediction accuracy.
Optimise Continuously
Refine your strategy relative to the market and buyer behaviour continuously. For example, evaluate analytics associated with your CRM to improve campaign strategies, personalise outreach to specific groups, or obtain effective performance consistently.
The Future of CRM with Real Estate in Dubai
Real estate is an ever growing business and several real estate businesses are now deep diving into smart tools and AI technologies to function more effectively and smoothly. The future of a real estate CRM is certainly bright and when used with the right technique and technology, it can help the businesses grow.
It not only helps with the ease of communication but also provides impactful insights on customer behaviour, tells which leads have high conversion rate, and helps the agents automate messages and campaigns that can be tailored as per the customer requirements.
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