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Get More ROI from Your CRM

October 31 2021

crm keyboardFor many real estate agents, their CRM is the epicenter of their entire business. It's not only the database that holds every single lead and client, but also the tool that empowers agents to follow up, power digital advertising, automate marketing campaigns, and remember their to-dos.

But at the end of the day, technology is only as strong as the one who uses it. And since most powerful CRMs are a considerable investment, we put together some ways that agents can extract as much value as possible.

1. Build on a Long-Term Lead Pipeline

Many agents scale back on their ad spend and lead generation efforts when buyer demand is high. However, consistently fueling your pipeline is critical for long-term, sustained growth and success.

Now is the time for savvy agents to lean into their lead generation efforts, build that database, and prepare for the market to shift. Real estate markets are always changing and when the landscape shifts, you need to have the tech and teams in place to make sure you're ready to seize opportunity.

"A lot of agents are pulling back on their online buyer acquisition spend, but we doubled ours because we're in this for the long game," says Mary Maloney, HomeTown Realty Powered by eXp. "We look at the relational side of the business, not just the transactional side. And when you're in it for the long game, the market is going to shift. So, if you're front-loading your database with the client, that will be ahead of the next market shift. When the market does shift, you're going to have amazing business."

2. Empower your client experience

When competition is stiff, and technology is automating services left and right – what makes you stand apart from the rest? Providing a VIP, white-glove client experience will leave a lasting impression.

It is important to never forget that you are in the service industry! The experience your clients have will make or break your sphere of influence, and amazing experiences can build the foundation for a lasting, thriving business.

Leverage tour CRM to anticipate their needs:

  • Work with a CRM that empowers agents with both a mobile app for agents and a consumer-facing app
  • Set up every lead with eAlerts (automated emails that will send hand-picked listings based on their search history)
  • Utilize Smart Drip campaigns to automate personalized messages using insights from your CRM
  • Be ready with information and OVER-communicate. Especially during a time when the market is in flux and buyers and sellers may be on the fence
  • Have a clear process from the beginning and set expectations along the way. The worst experience is when you're unsure of next steps and you feel in the dark.

3. Prioritize Lead Engagement

Ninety percent of agents give up on a lead after four touches. Meanwhile, 70% of those leads will purchase a home within the year, just with another agent, according to NAR.

Ask yourself:

  • What process do you have in place for following up?
  • Are you or your agents responding to their own leads?
  • What is the response time?
  • Are you being notified by your CRM?

These are important questions, but most agents ignore them. Why? Most agents would agree: following up is pretty boring and can be extremely difficult. However, as most agents would also agree, it is absolutely necessary for your practice. To make it easier on yourself, you need to streamline. The simpler you can make this process, the better equipped you'll be to convert more leads into clients and continuously go after these potential new clients.

With the right system, long-term nurture plans will help grow your database, both in size and value, over time. Having eAlerts provides leads who register, but aren't ready to buy or sell, notifications that act as an automated drip campaign.

A good CRM creates an environment that works towards your lead's schedule. So when they are finally ready to take the leap and make purchases, you'll be the first agent that's top of mind.

4. Work Smarter with Predictive insights

Your CRM should be tracking every action a lead takes on your site, and surfacing insights your agents can act on like "back on site after a month" or "just favorited a property." Even "currently on site." These alerts let you know they're ready, and they're active, and you have a reason to reach out.

It's critical to have information about your leads at your fingertips. This means utilizing powerful software and the latest technology to make your prospecting so much more effective.

5. Stay Dollar-Productive

Hitting that GCI goal means taking control of your time. It's easy to get caught in the whirlwind, but real results come from working on your business instead of in it. On average, BoomTown customers report that they are empowered to spend 50% more time on dollar-productive activities. Hot leads are prioritized, systems are optimized for accountability, and agents are freed up from admin work.

It comes down to prioritizing your time based on your most dollar-productive activities, leveraging the value of your database, and diversifying and growing your lead sources. Most real estate professionals are experts in their field, but that doesn't mean they're experts at digital marketing, or necessarily need to flex their expertise to nurture buyers and sellers who are far-out in the buying or selling process.

6. Accountability and Transparency

It's crucial to arm yourself with the tools that'll both gather that data (lead behavior, ad performance, communication metrics), and translate it into insights and reports that work for you. This is how you optimize your business and systemize your success. And this is true tech partnership—a predictive CRM that prioritizes your work and makes it seamless to launch campaigns and understand performance.

For example, there are several data points and KPIs that'll determine if your conversion rates will be on point. In BoomTown's CRM, the Vitals Dashboard is one of our most-used features. Like a report card for a team or brokerage, it gives brokers instant insight into agents' performance and benchmarks it against other users with similar team size and tenure.

The report measures:

  • Active opportunities
  • Under contract opportunities
  • Closed opportunities
  • New leads
  • New leads that have been contacted
  • New leads that have not been contacted
  • Response times

An agent leaderboard and an agent-specific version let agents track and monitor their own performance, and brokers can take action in real-time to reassign leads, send a bulk text or email, or send a reminder to the agent. When the data is easy to digest, it's easy to course-correct and make sure you're optimized for success.

7. Integration tools

Your CRM can't do it all. Nothing can! That's why it's important to work with a real estate CRM that plays well with others—meaning that it can integrate with a variety of other tools that you need.

  • Your business has unique needs
  • You deserve to use the tools you like (and ditch the ones you don't)
  • And there is no one-size-fits-all solution

To view the original article, visit the BoomTown blog.