Are you running a real estate business or working as a Property Manager? Do you know the importance of Salesforce CRM Software solutions and how they contribute to creating a new era of sales and lease? If not, let’s find out.
The real estate CRM market involves the sale of real estate software solutions to organizations, sole traders, and partnership businesses that are used for automating marketing, accounting, administrative, and other tasks in the real estate business. Commercial Property Management Software helps Property Managers and property owners manage various real estates operations, such as planning, financing, marketing, stakeholder management, and operations.
There are several real estate software products available in the market. These include content management software, financial management software, customer relationship management software, real estate contract software, and others. CRM for Property Management manages the relationship between buyers, sellers, brokers, agents, developers, and financial institutions. These software systems involve different components that provide solutions and services to various organizations, from startups to large enterprises and small-scale businesses to medium-sized companies. The software can be deployed on-site and by cloud and is ideal for both commercial and residential real estate businesses.
Understanding Some Market Statistics
The global real estate software market size is expected to grow from $10.06 billion in 2022 to $14.61 billion in 2026 at a compound annual growth rate (CAGR) of 9.8%.
The rise in commercial and residential real estate activities is expected to drive future real estate software market growth. Many leading real estate firms are implementing software for operations to:
- Reduce Interruptions In Services
- Decrease Human Errors
- Allot Tasks Efficiently For Big Volume Projects
- Reduce Communication Gaps
- Manage Finances
According to the Global Construction 2030 report, the volume of construction is expected to grow by 85% by 2030. The United States is one of the major countries contributing to this growth, besides India and China. Therefore, the increasing number of high-end houses, apartments, and skyscrapers in developing countries are propelling the growth of the real estate software market.
Adoption of Tech Strategies in Real Estate Business
Today, technology has become a catalyst for change across different business niches, and real estate is no exception. A recent survey of EY of industry leaders on the state of real estate technology and its adoption found that more than 100 real estate market participants worldwide were asked for their opinion, and over 2/3rd of them believe that adapting new technological solutions is their strategic priority. They also mentioned that adopting PropTech solutions can improve efficiency and ROI.
Opinions of Industry Experts around the Tech
An unknown fact about the real estate sector is that it has always been slow to adopt new technology. This could be due to underinvestment and uncertainty about the value of new tools. But today, industry leaders in real estate have recognized that the right technology can add a lot of value to their business. But stress is still there to determine which technologies are the best for their businesses.
Below are some highlights of opinions on the tech has progressed in the real estate market (Report by EV):
Technology Adoption across Real Estate
The successful adoption of a specific technology in the real estate sector will be determined by its ability to provide value to both the customers and property owners. Several technologies are being accepted by different companies, giving them distinct advantages. These include:
- Apartment Tours Using Virtual Reality: VR tours of the property are the main tech trends in real estate as it saves time and expense of visiting multiple properties. Though physically visiting the property before making a final buying decision is important. However, the benefits in the form of money and time savings for both the customer and property managers can quickly add up.
- AI Integrated Conversations: Customers expect the best service and experience while using technologies. They expect contact channels to be available 24/7, with the fastest response time and zero error rate. Many real estate businesses have employed automated desk services using conversation AI to fulfill their requirements. This modern tech approach is beyond common chatbots, making it one of the main innovations in the real estate sector.
- Analytics and Data Management: Data influences decisions. There is no centralized system for property managers; therefore, it is the perfect time to create innovative solutions utilizing a huge amount of data to provide valuable information to real estate businesses necessary for decision-making.
- Digital Transaction Management: Creating solutions that encourage removing paperwork and digitally signing documents is gaining importance. Therefore, the parties involved in the transaction can be at different locations and still access the contracts from anywhere.
- Hyper-Personalized Messages: Datasets and predictive analytics allow property managers and property owners to group their customers with similar lifestyle characteristics. This will help them build highly targeted messages and content to target particular audiences. With such an integrated system, they can send emails to describe the property, the benefits, and the documents required to conclude a deal.
- Others: There are many other benefits that technology can provide, such as lead generation through automation, advertising automation, in-app communication, leasing agreement generation, rent collection, and much more.
How Can REDA Disrupt the Real Estate Market?
REDA is Salesforce Property Management software that combines several features to mold your CRM so that it fits your real estate business. It seamlessly merges with the information you collect, providing a dashboard that helps you visualize that data and automate workflows. It offers a core suite of customer relationship management tools comprising lead and contact management, email marketing, listing management, automated follow-up, and business reporting. Our software suite includes powerful tools to stay connected with clients and tenants, support further connections, and track important data about residential and commercial property, including occupancy rate, essential tenants, and revenue. It also showcases the productivity of property managers along with business growth.
OUR OFFERINGS
- Centralized Property Management System: REDA gives real estate business and Property Managers a centralized operation, financial, leading, and maintenance system for your complete portfolio in a single database. You don’t need to access different applications as everything will be on a single platform. Furthermore, it prevents disconnected workflows as there will be proper sync between the teams through a centralized system.
- Lease Management: With REDA, real estate companies can maintain a strong connection with their clients and tenants as it covers all perspectives of their tenure contracts, units, and other information. They can continuously check client communications, rent, administrator’s movements, and work status. From maintaining records of tenancy contracts to full inventory administration by unit, floor, and building, they can find information in a single place.
- Receivables Management: This module never lets you miss an installment; it creates invoices and tracks installments in light of predetermined or tailored installment plans. It computes installments through the client lifecycle, gradually tracks them, and generates invoices. Clients are sent automated payment notifications to avoid errors.
- Sales & Marketing: REDA makes it easy to find and track prospects through sales cycles. It can help businesses sustain further connections by staying in touch with proactive tracking and occasion alerts to prospects to remind them when they need you. Companies could see full client profiles and categorization by size and different properties. It also completes legal formalities like document generation.
- Paystation: REDA has been designed to help businesses gain more revenue. It accepts payments with debit cards, credit cards, and popular payment methods globally.
In A Nutshell!
The real estate CRM market is rising, and businesses are actively adopting technology to make property management easy and manageable. REDA is an all-in-one ERP solution for real estate businesses that cover every aspect of property management and development. We strive to help them grow their business, find new customers, and close more deals faster.
