How a CRE CRM will help you manage your deal pipeline and stay competitive

The commercial real estate industry has changed dramatically over the past two decades. Veteran pros may even remember the days before the Great Digitization when paper was king and fax machines dominated the office. But, like most sectors, the CRE world has evolved. Today, clients expect an engaging experience that’s simple, streamlined, and tailored to their needs — and delivering these experiences at scale requires the right technology.

It’s no longer enough to rely on spreadsheets to collect and store prospects’ contact information, track deals, and manage listing data. Not only is this manual process cumbersome – but it’s also holding you back from maximizing your potential.

It’s also not enough to rely on outdated, on-premise software and clunky legacy tools when your competitors have moved on.

Today, you need a CRE CRM. Here’s what that means and how it benefits both principals and brokers — as well as the clients you serve.‍

What is a CRE CRM?

A CRE CRM is a client relationship management platform for the commercial real estate industry. This solution will help you automate your most meticulous, time-consuming tasks so you can free up your time for the work you do best: foster relationships, close deals, and drive revenue.

Of course, countless CRM technologies are available at a wide range of price points. But, not all of these products are created equal – nor are they all suitable for CRE professionals. Investing in an industry-agnostic CRM would undoubtedly help you automate elements of your job, but because it’s not explicitly designed for the unique processes and challenges of the commercial real estate world, you’ll eventually hit a wall. You’ll likely also pay for several functionalities that aren’t relevant to our industry. (And, as you’re well aware, CRE isn’t like most industries.) ‍

How does a CRE CRM benefit principals?

As a principal, you spend much of your time managing your deal pipeline and seeking ways to boost profitability and your brokerage’s efficiency. Issues like reducing costs, broker turnover, generating enough leads, and losing deals to competitors probably keep you up at night — or at least create a few headaches.

Fortunately, a CRE CRM can help you with all of the above.

First, you’ll enjoy greater visibility into your team’s pipeline so you can confirm everyone is on top of their deal-related tasks. Instead of physically or metaphorically tapping on shoulders to get updates on various leads (and waiting for responses), you’ll have insight into the current stage of each active prospect and deal. This way, you can ensure your team stays organized and active, and you can stop opportunities from falling through the cracks.

Additionally, user-friendly reporting will help you identify what’s working and what’s not so that you can make necessary changes. It will also help you compile more accurate monthly, quarterly, and annual projections. Plus, with a customizable dashboard, you’ll be able to check the pulse of your business at-a-glance using the metrics most important to your organization.‍

How does a CRE CRM benefit brokers?

As a broker, you want to build and maintain lucrative relationships, win more listings, and increase your productivity. And because you know time equals money, you’re likely always looking for ways to reduce your busy work and maximize the amount of time you spend with clients.

A CRE CRM can help you achieve these goals and overcome those challenges by making it easy to manage your contacts. This way, even if you’re new to CRE, you can quickly establish and grow a network.

Additionally, prospecting tools (like built-in mapping and strategic call lists) will help make sure you contact the right people, at the right time, with the correct information to increase the likelihood of earning a deal — and become a top trusted expert in your market. And instead of trying to keep your arms around everything yourself, you can rely on your CRE CRM’s intuitive deal tracking to help you stay organized, keep deals moving forward, and stay top-of-mind with past and present clients.‍

5 things to consider when investing in a CRM

Here are a few questions to ask yourself as you compare CRE CRM solutions

• Is it designed for CRE?
  Remember, products designed for other industries, or those that are industry-agnostic, may not include the specific tools you need and could be chock-full of applications you don’t.
  
  
• Can it integrate with your preferred tools?
  You likely already have a few other CRE solutions you’re using, like marketing automation or analytics platforms. Check to ensure the CRM you choose integrates with these products, or it could create frustrating data silos.
  
  
• Will it offer the support you need as you grow your network and business?
  Does it have the infrastructure necessary to help you grow your network or brokerage? As your business expands and your career evolves, your needs may change. For example, you may need to add more users to your account or transport data elsewhere. You’ll also need strong data security to prevent sensitive information from landing in the wrong hands.
  
  
• Will it streamline existing workflows and processes?
  Implementing new tech always comes with a learning curve, but the last thing you want to do is completely change the way you operate and the processes you employ — especially if they’re working for you. Make certain the CRM you select makes your job easier, not more complicated.
  
  
• Will it help you meet your business goals?
  Before investing in a CRE CRM, ensure the provider is a true partner in your success. Ask about support through implementation, training opportunities to help you make the most of your new tech, and what support options are available (such as customer success reps and product support teams).
  

A CRE CRM can help you automate time-consuming efforts, give everyone in the organization more time back in their day, and support your ability to close more deals and drive more revenue. But, that’s only if you make the right choice.