Hundreds of people regularly look for apartments, sign rental agreements with realtors, buy new real estate or sell old ones. The growing demand and the accelerated pace of life leave people less and less time to independently solve such problems.
Who will be contacted more often for help in these matters? To someone who can solve them not only qualitatively, but also faster than others. The mobile real estate application will give your business a competitive advantage.
So what are the main types of Real Estate Software that can help your business to grow and get new clients?
Real Estate CRM
CRM software is one of the most saturated business IT markets, recently valued by Gartner at over $20 billion.8 In the real estate industry, CRM is designed to help agents manage relationships with various stakeholders (buyers, sellers, developers, financial institutions, etc.) and optimize the sales cycle from showing to contract. Most systems are built around contact/account management and workflow automation, but some may also include task management features, which can be useful for house flipping or development projects (examples include JobNimbus, Work[etc], and Insightly).
Buyers will have a choice between:
Industry-specific CRMs: provide out-of-the box features for specific real estate tasks (contract management, lockbox tracking, listings management, etc.)
Multi-purpose CRMs: provide standard features for an account, customer, and task management, with the ability to create custom fields and workflows
There is a clear correlation between effective client relationship management and professional success. A 2012 survey by ActiveRain revealed that real estate agents whose income exceeds $100,000 are 87 percent more likely to use real estate CRM software than agents that make less than $35,000 a year.
Here are some common features you can expect to find in a CRM solution:
Contact / Account management
Sales pipelines and forecasting
Calendars and task management
Document / File storage
Social media integration
Reporting and analytics
Native mobile apps
Geolocation and navigation
Marketing automation (MA) software is one of the most common solutions deployed in conjunction with CRM. That’s because it’s predicated on collaboration between sales and marketing. Your agency can use marketing automation software to build targeted campaigns and engage prospects across multiple channels with the hope that these prospects will eventually become new clients (home buyers, lessees, etc.). Throughout the customer journey, your CRM will accrue contact details, demographic information, and historical data about each lead order to build a stronger relationship in the future. Companies with effective lead nurturing strategies generate, on average, 50 percent more qualified leads at one third less cost.10 For this reason, many consider CRM and marketing automation to be codependent. Some CRMs offer basic marketing automation features out-of-the-box, but these are typically limited in scope (web forms, mass emailing, automated follow-ups). A dedicated MA platform, on the other hand, will provide more robust features, including:
- Email Campaigns
- Templates and Editing Tools
- Drip Programs
- A/B Testing
- Lead Management
- Social Marketing Campaigns
- Landing Page Builders
- SEO and Content Management Tools
- Reporting and Analytics
Property management software addresses the administrative needs of owners and investors across a variety of rental property types, including multifamily, single-family, homeowner’s association (HOA), commercial, vacation/short-term, and even self-storage facilities. Most solutions provide tools for managing the leasing relationship (screenings, inspections, rent collection, move-out, and contract renewal) as well as maintaining the property and related assets. More so than with CRM and marketing automation, you’ll notice the segmentation between different scale property management solutions — namely, integrated solutions vs. “best-of-breed.” Best-of-breed tools are designed to automate specific functions within the broader property management spectrum, such as rent collection or maintenance management. They may be simpler and more affordable, but they don’t offer the end-to-end usability of an integrated system (like Yardi, for example).
Here are some of the features you can expect to find in a property management solution:
Tenant self-service portals
Rent payment processing
Work order/maintenance management
Accounting and financial management
Document management (lease agreements, 1099s, official notices, etc.)
Unit inspection forms Integration with ILS (internet listing service)
Native mobile applications
Reporting and Analytics
Build your own software solution for your real estate business
That’s where we come in. Mobile Reality, our goal is to connect businesses with the technology that best meets their needs. We’ve already created several solutions for the real estate industry. We are cooperating with different companies from this market, starting from big players like CBRE ending on prop-tech start-ups that are creating new, challenging solutions. We are aware of specific aspects of the real estate business.
As Mobile Reality we are specializing in creating custom digital profitable products (React.JS/React Native/Node.JS/AWS specialization) for your business, as well as monetizing, analyzing, and visualizing your data. We all know what the real estate market is all about - big data - and we in Mobile Reality know how to make the best profit from it. If you are interested in building custom real estate software to beat all competitors that we have pointed above or creating something totally new which will disrupt the real estate industry, don’t hesitate to check out our website, estimate the project, and / or sign up for our Technology Newsletter.