In the dynamic world of commercial real estate (CRE), staying ahead of the competition requires a strategic approach to managing relationships, deals, and data. This is where a specialized Commercial Real Estate Customer Relationship Management (CRM) system becomes indispensable. In this comprehensive guide, we’ll explore the unique aspects that set commercial real estate CRMs apart, delve into essential features to look for, highlight the best CRM in the industry, and provide best practices to optimize your CRM usage.
How Commercial Real Estate CRM is Different
Unlike generic CRM systems, commercial real estate CRMs are tailored to the unique needs of the industry. The intricate nature of CRE transactions demands a specialized solution that goes beyond the capabilities of a standard CRM. Commercial real estate deals often involve complex negotiations, extensive data management, and collaboration among diverse stakeholders. A dedicated CRE CRM streamlines these processes, providing a centralized hub for managing properties, contacts, and deals.
What Specific Features You Should Look For
1. Property Management
An effective Commercial Real Estate CRM should offer robust property management features, enabling users to organize, track, and analyze property details. This includes property history, current status, and key financial information.
2. Deal Pipeline Management
A dynamic deal pipeline is crucial in the CRE sector. Look for a CRM that allows you to visualize and manage your deal pipeline effortlessly. The ability to customize stages, set reminders, and track progress is essential.
3. Integration Capabilities
Seamless integration with other tools and platforms is a must. Whether it’s email, marketing automation, or financial software, your CRM should effortlessly sync data, reducing manual input and ensuring accuracy.
4. Collaboration Tools
Given the collaborative nature of CRE transactions, look for a CRM with robust collaboration features. This includes shared calendars, document sharing, and communication tools to keep your team aligned.
5. Reporting and Analytics
A powerful reporting and analytics module is essential for evaluating performance, identifying trends, and making informed decisions. Customizable reports should allow you to extract the specific data points relevant to your business.
Commercial Real Estate CRM Best Practices
1. Comprehensive Training
Ensure that your team undergoes thorough training to maximise the CRM’s potential. Familiarity with all features will streamline workflows and improve overall efficiency.
2. Regular Updates
Stay on top of updates and new features offered by your CRM provider. Regularly updating your CRM ensures you’re leveraging the latest tools and improvements.
3. Data Accuracy
The success of any CRM system relies on accurate data. Regularly audit and update information to maintain a clean and reliable database.
7 Best CRMs Features & Pricing Comparison
To help you make an informed decision, here’s a brief comparison of the top 9 CRE CRMs, highlighting their key features and pricing structures:
1. ClientLook
Key Features: Contact management, property tracking, customizable reporting, mobile app.
Pricing: Starts at $59 per user per month.
2. Buildout
Key Features: Marketing automation, property listing management, document creation, analytics.
Pricing: Customised plans based on business size.
3. RealNex
Key Features: Property and lease management, financial analysis tools, CRM and marketing integration.
Pricing: Starts at $85 per user per month.
4. VTS
Key Features: Lease management, deal tracking, tenant relationship management, analytics.
Pricing: Customised plans based on business size.
5. Salesforce
Key Features: Contact management, deal tracking, email integration, sales forecasting.
Pricing: Salesforce provides pricing plans ranging from $25 to $300 per user per month. Price also depends on the features selected.
6. Ascendix
Key Features: Deal Pipeline & Analytics, Commission Tracking, Property Management, Lease administration, Listing Management, Asset management
Price: Custom plans are available. Start from $ 79/Month
7. Sellxpert
Key Features: Lead management, Follow up management, Marketing Integration, Site visit management, Commission management
Price: $10 per user per month. Lifetime offer and customization is also available.
Conclusion
Selecting the right commercial real estate CRM is a pivotal decision for the success of your business. By understanding the unique requirements of the industry, identifying essential features, and exploring the best practices, you can make an informed choice that aligns with your goals.
