The Phoenix Real estate market continues to grow and show returns for investors. A growing market means real estate firms will continue to invest in Valley real estate, and developing a portfolio requires extensive management to find new properties and maintain existing ones. One of the ways Phoenix real estate firms have tried to streamline that management process is through integrating CRMs such as Salesforce into their processes. CRMs have proven to be an excellent tool for real estate firms to improve profitability because they make firms more efficient. Efficient firms with a strong real estate portfolio are profitable firms. As a Salesforce implementation consultant, I have seen firsthand how integrating the right CRM will help a firm manage and grow its real estate portfolio to higher profitability. Here are a few ways CRMs such as Salesforce are a boon to Valley real estate investment firms.
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Consolidated systems improve collaboration
Real estate firms consist of multiple departments with their own data and important tasks. Every task completed and piece of data collected is essential to the real estate firm as a whole. However, there is no guarantee that all teams communicate and share data as they should. No firm is running at maximum efficiency when departments silo themselves off from each other. CRMs help firms consolidate the data and activity from each department into one system that everyone can see. Effectively consolidating your organization and reporting with the proper implementation ensures your investor, deal, asset, and reporting teams collaborate and share data with each other. This means team members leverage data insights from each department and ensure your firm makes informed decisions based on that data. Consolidating each department’s data via a CRM like Salesforce pops the bubble that individual departments often insert themselves in and establishes your real estate firm as one entity capable of effective communication and collaboration across all departments.
Catch problems before they become big problems
A real estate firm with four departments often uses four different systems for its day-to-day operations. This means four different platforms to make mistakes that, if not caught by the team that uses that platform, will not get caught. A problem in Excel or QuickBooks is trapped on those platforms. A CRM such as Salesforce allows every team member to see internal data such as accounting data or the status of a property. More eyes on data, correspondence, and requests means more chances to catch mistakes before they become significant issues.
Spot trends sooner
Success in real estate is spotting trends in the market and within your business. CRMs, through advanced analytics, can help you spot trends and abnormalities and respond to them to grow your business or address problems. CRMs can help you aggregate all information around a property you own. You may be seeing huge increases in calls about a particular property. That interest could be a clue that a specific type of property or location you own real estate in is on an upward swing. You may be getting a lot of emails about a property or seeing a considerable uptick in work orders. A CRM can put all this correspondence together in one system. Seeing these updates occurring in real-time will allow you to respond to them quickly or consider them as part of your long term business strategy.
Inform investors
The most significant way to keep investors happy and to bring in new ones is to give them a good return on their investment and be transparent. CRMs allow you to quickly craft investor reports to inform your business partners if they are making money off their investment and alert them to issues that may arise without them having to find out on their own. CRMs make it easy to show your investors you are making them money and care about being transparent. Honest firms that can show their track record of success find more investors.
Author: Brittany Hart is the Founder of Platinum Cubed, a Salesforce implementation consulting firm with locations in Chicago, Irvine, New York, Phoenix, and San Diego. The firm specializes in helping real estate firms optimize their Salesforce presence to improve onboarding, analysis, and retention of key investment acquisitions and asset opportunities.
