Customer Relationship Management (CRM) is an essential element in the service industry. According to Gartner, the global CRM market was estimated to have grown to $48.2 million in 2018, the prominence of the CRM platform represents a shift in business emphasizing the focus on customer relations and customer-perceived value. CRM software is used to facilitate how companies interact with customers and prospects ensuring they follow that organization’s specific “principles, practices, and guidelines.” CRM is used to track interactions with customers, behavior, and trends to help businesses improve their customer service and customer appeal.
A CRM system starts by enabling property management companies to record detailed information regarding customer interactions and prospects they have engaged with in an organized and easy to understand format. CRM technology allows organizations to identify what customers are looking for, what they are happy with, and what they do not like on record to be reviewed. CRM enables property managers to keep a digital contact database that any front facing staff can populate as they interact with customers.
Online CRM software enables continuity between different team members offering customers a seamless service experience. A strong contact database allows front facing staff to record details of a customer interaction that another team member can review and pick up on later without any gaps of knowledge this enhances customer service by streamlining communication by enabling stress free omni-channel experiences for owners and tenants.
Using CRM software, property management companies can ensure teams adhere to the correct principles and processes laid out using automated workflows. An integrated CRM can help facilitate additional processes that progress customer relationships including onboarding, data collection, forms and agreements or any other time-consuming tasks. IMB research determined that CRM systems increased productivity by 50% and 40% of businesses’ saw a decrease in labor costs. The embedded with automation allows property management companies to progress through important administrative tasks without losing valuable time that can be spent engaging new prospects or serving existing customers.
A CRM provides businesses with the platform to organize information and enhance data-driven operations. Integrating a CRM module into your property management software allows property managers to personalize data collection and research that’s not based solely on outside sources enabling your organization to evaluate each unique element of your operation and adapt management accordingly for the best results.
Improve Customer Service
Every element of a CRM module can be used to improve customer experience enabling property managers to provide owners and tenants with their ideal service enhancing retention and recommendations. According to IBM, 74% of businesses found that CRM improved customer relationships. Property managers can use to CRM to effectively communicate with prospects, understand their customer needs, and provide fast, effective support. Data and insights enhance intelligence providing property management companies with accurate and historical data to improve decision making, planning, and management strategies.
Statistics show that businesses leveraging CRM software are more likely to convert leads to sales. Nucleus Research reported that 65% of sales representatives using CRM reach their targets compared to 22% of companies without CRM technology. CRM modules give businesses the ability to view metrics through each stage of their sales process and enabling organizations to track how prospects move through the sales pipeline.