Customer Relationship Management systems (CRMs) are notoriously over-sold and under-utilized. They're particularly problematic for busy real estate agents who spend minimal time sitting at a desk. Mortgage brokers likewise resist 'one more thing to log into,' as they already spend much of their day working in various software programs and lender portals.
CRMs tend to be complicated to set up and challenging to habituate. For most agents, it's failure to launch on repeat. Worse, by the time an agent really, really needs a CRM to keep track of things, the business lives everywhere and anywhere but in a neat and tidy spreadsheet or a list in a notebook.
Where to start? And what to actually do with the thing once it's locked and loaded?
CRMs aren't just for printing off mailing labels. CRMs are exactly what the acronym says they are: customer relationship management. And they're imperative to building strong, sustainable systems. in your business, and that's what we're all about around here.
If you're not managing relationships, you don't have control of your business. You have to do this and you can do this. There are just three fundamental moving parts to it all. Master these CRM fundamentals, and you're golden--like 5-star golden:
1. Customer Records: get into the details
The first job of a CRM is to house customer information (duh). Hire a virtual assistant if you need to, but just get all that messy client info into the CRM. First name, last name, email and phone.
You'll have to scour your phone, emails, and if you're Gen X---your notebooks---but you have to do this dirty work. If you’re not sure about entering someone, put them in anyway.
TIP: Only do the “everyone I know” exercise if you’re just starting out and need to build a sphere. Otherwise, only enter people who have shown interest in or have done business with you, plus those who have referred you business (sphere).
Then go through the customer records and add background notes to the best of your knowledge. Kids' names. Hobbies. Where they used to live. Anything. This is big. You'll use this not-so-trivial information later when writing a thank you note for a referral or calling to check in after a closing.
2. Tagging: the one time in life labelling people is good
Do not choose a CRM that doesn't have tagging functionality. It's the only way you can scale this thing later when you have a zillion contacts. Thank me later.
Everyone you engage with on a call or an appointment gets a tag. This is so that five years from now, you can pull up that record and know at a glance what they were trying to do when they called you. Basic tags would be buyer or seller (real estate) and purchase, refi and switch (mortgages). This 'ID tag' lives on forever. Some clients get more than one tag. Some folks won’t make a move for a year. Keep the ID tag.
Tagging through the customer journey: If you decide to do business with a person, tag as a 'lead.' If the customer signs paperwork or fills out an application, change the tag from ‘lead’ to ‘active.’ Now you can run an effective search on all prospective or active business. Cool.
The power of the A-list: Your A-list is the beating heart of your business. Once a deal closes, remove the 'lead' or 'active' tag and re-tag as 'a-list.' Anyone on the A-list gets your service and attention post-close, long term. A-listers become repeat clients and send you more A-list folks by way of referrals.
Some folks never make the A-list. That's a good thing.
Okay so you have some clients and leads in your CRM, all tagged and ready to go. Now what?
3. Follow Through and Follow Up: let nothing fall through the cracks
Never get off the phone or touch a client file without entering a follow up task for that customer in your CRM. Once the follow up task is completed, task yourself a new one.
I can't tell you how many times over the years I checked my CRM in the morning and saw a follow-up for a prospective client I had forgotten about, or a task related to active business that could make or break the sale.
You can do lots of other cool things with CRMs. I personally document key activities and calls. If there is an important conversation, or I learn something that will shape the transaction, I enter the details into that customer's history. This makes me look smart, less things get missed later, and I don't have to ask people the same thing twice.
I also use sales pipelines to visualize where I'm at in my revenue stream and who might need 'activating' because we haven't talked in a while.
Just know that you don't need all the automations and techie features promised by some of the leading real estate CRMs. You can use them if you want to, but I have tried many, like since before online CRMs were a big thing. The simplest ones are better, because you’re more apt to use them.
If push comes to shove, you can even use a spreadsheet and make lists. Really. But it's not as multi-dimensional as a CRM which enables rich client data and history.
Don’t sign up for another CRM that fails to launch. Sign up for one you’ll use.
Remember, as your business grows, you cannot rely on memory to deliver 5-star service. That is a recipe for lost business, a disaster sandwich which busy, disorganized agents eat on the daily. Build your CRM now, and use it every single day. You wouldn't go to bed without brushing your teeth. Don't start or end your work day without opening your CRM.
Once you ritualize and habituate using a CRM, you'll come to understand the value. You'll do things for clients without being asked. You'll 'remember' important things about their transaction, their life, their home ownership journey. You'll become more productive with your time so that you are proactively delivering what you promised you would.
It's called 5-star service, and it's bankable.
Looking for guidance, support and accountability in running your own 5-star business? Check out my Business Coaching program and apply!
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