What Makes A Good Commercial Real Estate CRM?
As the commercial real estate industry continues to evolve, one aspect that remains unchanged is the need for property managers to effectively manage their properties. As such, there is no shortage of companies offering commercial real estate management services. With so many options available, how do you know which company is right for you?
In order to choose the right company based on your needs, here are some questions to ask yourself before you sign on the dotted line.
1. Do I need a CRM?
Before purchasing any commercial real estate management system, you must determine whether or not you actually need it. Some commercial real estate owners simply maintain spreadsheets to track their properties. Others may use basic word processing software to create contracts and checklists. Still, others may manually enter data into Google Sheets. Whatever method you currently use, you should evaluate the pros and cons of each option before deciding whether or not you need a full-blown CRM.
2. Who is my target market?
The answer to this question depends on where you live. In large cities, it’s fairly common for property managers to use a CRM. When managing rental properties, however, it’s likely that you won’t find too many other managers using a CRM. That said, the main factor determining whether or not you need to hire someone to help you manage your properties is the size of your portfolio. If you own several properties, it might be worth looking at a CRM solution, especially since you’ll probably end up spending more money over the long run than hiring a manager.
3. Can my current system handle everything I need?
It’s possible that your current system can handle everything you need. If you don’t need anything more than a spreadsheet, you could easily continue using the same program. On the other hand, if you already have a spreadsheet that doesn’t fulfill all your needs, then maybe it’s time to upgrade. Fortunately, the process of upgrading to a new system should be relatively painless. Simply speak with your technical team and tell them what you’d like to see added. They’ll provide you with a list of recommended upgrades that should get you started on the right foot.
4. How much does it cost?
While price isn’t always the most important thing when choosing a CRM, it’s still an important consideration. Because each vendor will offer different packages, pricing models, and features, it’s hard to say exactly what you’ll pay for a given product. The best way to calculate costs is by comparing similar products. You can also ask vendors about special deals and promotions that they might offer. While you don’t necessarily need to take these terms into account when signing the contract, they can certainly influence your decision making process.
5. Is it easy to learn?
What Is Commercial Real Estate CRM Software Commercial real estate CRM (CRE CRM) is the process of managing all aspects of a commercial property from acquisition through sale. CRE CRM integrates sales processes, financial analysis, legal documents, and other information.