Before jumping into salesforce for real estate review, let’s look at these data.
- According to Gartner, Salesforce currently accounts for nearly 20% of the CRM’s market share.
- Another report by Salesforce Customer Success says that companies that have adopted Salesforce are witnessing a 25% increase in their revenue.
- In addition to this, companies that have moved to salesforce have seen a spike of 35% in their customer satisfaction rate.
When we talk about salesforce, we see it applicable to businesses that have customers visiting the website online. However, it can be adopted to increase productivity of a real estate business as well. These are the times when the real estate industry in the UAE is witnessing a slump.
The real estate industry is witnessing a disequilibrium in the demand and supply in the UAE. According to a report published by Knight Frank, the residential sales prices in Abu Dhabi showed a sharp slump of 7.5% in 2019, and that in Dubai fell by 6% in the same year. The other cities of the UAE have witnessed the course of reduction.
To put it into perspective, the real estate market outlook during the short to medium term is gloomy. Sensing the not-so-impressive picture of the UAE’s real estate market, the PM of the UAE has proposed regulatory changes to boost the market’s contribution to the economy.
There has been a cut down in the interest rates. This cut down has yet again evoked interest among individuals regarding the properties. To be precise, the real estate sector may be weak, as of writing. However, relaxation in the visa process, the introduction of RERA, and other incentives are likely to set the stage for the acceleration of the real estate market in the UAE.
Does that Mean the Competition to Convert the Leads would turn Fierce?
Take any sector, for instance—a plunge in the profit share is a more significant motivation to attract it during better times. In the long-run, the real estate market in the UAE shows huge potential to recover and flourish. In such a situation, brokers and agents can’t let any potential customer or business. To answer the question, the competition to convert the leads would be intense in the near future.
Now comes the interesting question.
How prepared are you to take up every business that comes your way?
You may say that you contact your clients using Outlook and you have an address book with the contact details in place. Besides this, you have a sales tracker that lets you understand the curve that your business is setting. However, you have all of these stored in an Excel sheet.
Don’t you think you lack preparation? Don’t you believe you will be losing out on time and potential clients? The manual process has its own set of limitations, and that is where the salesforce comes in.
What is the Role of Salesforce in Enhancing the Customer Experience in Real Estate sector?
Most of the real estate clients fall through the crack, not because of the disparity in the supply and demand, but because the agents aren’t able to understand their needs.
A common thread to serve the customers right is to understand their requirements in a precise manner. We are talking about customers who can be fussy and impulsive at times. Frequent changes in their wants may not give you the required clarity of what you should serve them. As a result, your competitor is able to make a profit out of your pocket.
Now, let’s talk about features of salesforce.
Salesforce boasts in it’s following features by claiming that they are the best CRM software for real estate agents out there:
- Faster Response Times
- Intuitive Automation
- Centralized Database
- Easier Correspondence
- Immediate Evaluation
Given below are some of the ways how salesforce is changing the facet of the real estate sector for the better:
1. All the Communication in One Platform
Now, you may offer different types of communication modes to your customers to reach out to you. They may choose any mode. At the end of the day, you may receive many requests on different channels. With time, the magnitude of the communication you receive would be untraceable and in huge numbers.
In order to cut down on the complexity, salesforce is an ideal platform that consists of chat, call, and email in one platform. This makes it easy for you to track the communication into a single platform.
Your team would be able to respond efficiently to your customers’ query and request. Salesforce would help you connect the property seekers to you and your team to them. Once seamless communication is established, you can make your way to lead conversion quickly.
When customers don’t have to wait, they are likely to respond better to your business.
No doubt that Salesforce has over 150,000 paid customers.
2. Cloud-based Salesforce System to Improve Sales Performance
With the onset of digitalization, the data has been increasing at an exponential pace. As a result, on-premise data may only offer you access to limited data. On the other side, your customers may post requests and queries even while you and your team sign off from work.
In such a situation, cloud-based salesforce can encourage better team collaboration. All the team members are on the same page regarding a property. This instigates better team collaboration and customer communication.
Your entire team can work from across the world, using the cloud-based salesforce, and take up queries and requests for customers. This could significantly help in boosting customer satisfaction.
Given this benefit, nearly 58% of salesforce customers are planning to leverage additional salesforce clouds.
3. Salesforce helps Define the Customer Persona in a Better Way
In recent times, data is no lesser than an asset in itself. In such a situation, salesforce helps in generating data.
Salesforce possesses an in-built analytics system that helps you understand your customers. The same task of mining the right data from millions of data points would have otherwise been a job bigger than an entire team to work upon. This implies that you would have higher bandwidth to serve your customers, the way they deserve.
As mentioned previously, salesforce includes built-in analytical tools, which would assist and guide you in finding the right connections, hints and causes.
When you have the data and right analytical tools, you can simply predict the market behaviour, gauge the customer behaviour, and process accurate reports at a tap. In addition to this, you can understand the current trend through the right data.
When you understand your customers well, you can provide them with exactly what they want.
Knowing the customers better means better sales opportunity. As a result, companies that have invested in salesforce have noted nearly 25% of ROI in marketing.
4. Salesforce can Set you Apart from the Competitors.
You have to agree that turning the data into insights takes a lot of time. When the number of customers increases, you and your team may not find the time to generate analysis and insights. This could put you back from the pack of real estate dealers.
On the other hand, when you integrate an AI system into your real estate management system, you do not need any additional resource to work on it. This means you can now focus on customer communication.
Quick response plus better guidance can take the customer experience to another level. AI-integrated salesforce systems can help you build a deep relationship and also narrow your focus to only that is important.
Companies that have trusted in salesforce’s competency of monitoring performance in real time found an increase of about 44% in their productivity levels.
Is Salesforce a Fad?
Over the last decade, the world of marketing automation has achieved new heights. Unica was the first marketing automation tool, and today, we have more than ten better-performing tools.
But why did the marketing automation tools saw diversification in the first place?
Before answering this question, let’s look at some interesting data.
Before the development of salesforce, many software automation tools have come by and went with little notice or without one. When salesforce came in, the other sectors, including the real estate sector, were able to spot the difference.
This is because salesforce was able to adapt to any new technology and trend. For instance, the Internet is continuously finding new and better speeds. High-speed Internet is improving cloud-based tools.
And guess what?
Salesforce leverages the technological prowess of cloud-based server and high-speed Internet.
In addition to this, the frontiers of marketing have been continuously evolving. A few years back, marketing relied heavily upon email marketing; today, it is social media. In the coming future, and after that, marketing would be something else.
Salesforce has evolved to offer email marketing automation as well as social media marketing automation. The technology has led to an increase in qualified leads and a significant rise in sales productivity. Besides this, you can also see a sharp decline in the marketing overhead.
Don’t believe us, here’s the data to show what Salesforce is capable of doing:
Companies that have trusted in salesforce have witnessed a sharp spike in their sales revenue, customer satisfaction, and lead conversion rate.
How are the Companies Looking at Salesforce?
A number of companies in Fortune 500 rely on salesforce to boost their productivity levels. These companies include:
- Amazon Web Services.
- U.S. Bank.
- T-Mobile, and more.
Clearly, the dominance of salesforce is not limited to a sector. However, it has a unique opportunity while talking about salesforce for the real estate businesses. This is because the channels of data are varied and in complete disparity.
The application of salesforce for real estate businesses possess many strong points. It’s multifaceted features helps to operate various functions efficiently and effectively. The flow of information is important for real estate business which is inherent in the CRM features of the salesforce.
A lack of holistic approach to customers’ space, alongside, manual operations may lead the leads out of the sales funnel.
Besides this, companies are finding it difficult to be on the same page as different data sheets speak differently. There is a lack of collaboration when it comes to managing data using Excel Sheets.
Post the integration of Salesforce, companies have found the following:
- A proper framework to suit the core business operations.
- Integration of a unified platform that does end-to-end job of customer data compilation to generation of financial reports and more.
Salesforce CRM Pricing
It has 4 different packages for different combination of features.
- Sales Essentials Edition: $25/user/month*
- Professional Edition: $75/user/month*
- Enterprise Edition: $150/user/month*
- Unlimited Edition: $300/user/month*
* All per user products require an annual contract and are billed annually.
With just a little touch of automation, you will be able to supercharge the influx of your brokerage. In addition to this, this automation comes in with personalization, which means that your customers feel like they are talking to robots.
Salesforce will help you gain an organic eye to your customer’s wants and needs. A little investment for the future of your real estate business can help in boosting the effectiveness and productivity. As a result, you would have more time to build a relationship with your customer and provide them with personal attention to increase their engagement.
In the future, you would have no choice but to incorporate salesforce in your real estate business. However, if you do it sooner, you would be able to shift the gears of your real estate business in the right direction.