What to Look for Before Investing in a CRM Property Management System

At some point, you’ve probably come across salesfolks who seem to remember everything you tell them. They’re always on top of communications. They never get an order wrong. They even remember small details about each of their clients.

So how have these sales and marketing superstars managed to stay so on the ball? It’s probably their Customer Relationship Management (CRM) software. These programs are the one-stop shop for people in customer-facing roles. When leveraged correctly, they enable teams to handle everything from customer databases and ordering to scheduling sales, contracts, and deliveries.

However, not all CRMs are created equal. If you’re looking to invest in a CRM for your property management team, it’s important to consider the specific needs of teams working in the real estate industry.

We’re here to help you get started. In this article, we’ll look into the factors you need to consider before buying a CRM for property management. Plus, we’ll explore key features to look for in even the most affordable software.

Ultimately, no matter which CRM software you choose, our guide will help you find one that will improve your sales process, give your property management teams a helpful tool to manage relationships with customers and partners, and ultimately lead to growth for your property management company.

What Does a Property Management Company Need CRM Software?

CRM software is designed to give sales teams and property managers a unified property management platform for customer interactions and communication. Instead of having separate programs to manage customer databases, organize business contacts, manage contracts, and book viewings, a CRM gives property managers one place to access and efficiently manage everything. 

CRMs are also a way of streamlining your business by automating each process, so you can send emails and reminders to customers or upload orders directly from websites. To achieve this, CRMs offer a range of integrations with other platforms and technologies, such as websites and Internet phone service. These integrations speed up processes by automating time-consuming tasks. 

Why Do You Need a CRM for Property Management?

Centralize Access 

A property management CRM system allows you to manage every aspect of your client relationships effectively from a centralized source — from the moment clients first look at a property online to booking a viewing, sorting out contracts, and making payments. By centralizing your data, you can ensure the customer’s journey with you is seamless, which makes for better overall service and happier clients.

Automate and Streamline Processes

CRM tools can help automate processes, such as emailing payment confirmations, booking maintenance requests, and arranging viewings — which keep landlords informed at every step. CRMs can also integrate with websites and other systems, taking the drudgery out of copying information between different platforms while removing the risk of human error and lost data.

Understand Your Real Estate Business

A property management CRM provides you with a wealth of analytic and reporting tools. With these, you are in a much better place to identify areas of improvement in your operation and make intelligent, data-driven decisions. 

Mitigate Operational Risk

A well-implemented CRM property management system can significantly mitigate risks to your professional operation by ensuring that each process is well-organized and that communications between all parties – tenants, current and prospective residents, property owners, and developers – are crystal clear. 

By having a structured way of managing interactions and transactions, property managers can avoid misunderstandings and errors, which, in turn, minimizes operational risks.

To better appreciate operational risks, check out this guide: What is operational risk for property management companies? It may help you understand the importance of property management CRM systems and how they can serve as a tool for better operational risk for property management companies. The goal is more effectively and efficiently managing your operation — and that translates to better service for tenants and property owners.

What Should You Think About Before Investing in a Property Management CRM System?

As with any real estate investment, property managers must understand what they’re investing in before making the commitment. It doesn’t matter whether you’re investing in multi-family rental properties, marketing tools, or CRM software. Property managers need to have a solid grasp of everything their investment entails so they can be sure it’s adding value to their operation and guiding growth.

Let’s explore a few considerations your real estate business and management team should explore before making the investment.

Identifying Business Needs 

There are many requirements specific to a property management business, and even more when you think about the breadth of the property management industry. For example, a leasing agent will have different needs from a hotelier, a multi-family leasing agent, or a vacation rental management company. 

Of course, a property management business can span multiple specialties, both commercial and residential. So it’s important to consider a property management CRM software with those functions or one that offers modular extensions and tools.  

Likewise, the size of your real estate enterprise and number of clients you have can make a massive difference to the type of CRM tool you consider. For instance, a small business based in a single office might not use the full functionality of a complex CRM property management system. 

In contrast, a larger business with many employees may require more complicated CRM solutions with greater integration between property management teams and departments to avoid duplicating work. 

Scalability and Flexibility

When considering your business’s needs, you should also think about how you expect your business to evolve. Remember, the size and complexity of your business will affect what sort of property management CRM software is best for you. 

Moving onto a new CRM tool will be a significant undertaking. Reputable residential property management software providers will guide you through the process. Still, the data transfer and staff training will take time. So if you expect and plan for your residential property management business to grow, be sure to get CRM solutions that can scale with you.

The good news is that many CRMs will offer subscription packages that can expand in line with your business growth. 

Budget 

While deciding on a budget sounds simple, there are actually several pricing aspects to consider when selecting an affordable property management software. 

Initial Costs 

Even if you choose a basic pricing structure with limited tools, there are likely to be initial costs. These can include the initial purchase price (although this is less common today, with subscription-based models) and setup costs, such as paying to have your data transferred from your old system. But they could also include any customizations you need for a system to meet your needs.

Recurring Costs

Most modern CRM software systems are cloud-based programs requiring monthly subscriptions. While these should scale with your business and be cheaper for smaller companies, you should account for these costs in your monthly budget. 

Training

Mastering a new piece of software is always challenging, but this goes double for CRM software because it incorporates so many different tasks and functions. Staff will need thorough training to get the most out of your property management software. Expect a little resistance on this front, too — some staff may be reluctant to change their ways.

Savings

The scope of CRM software often means you may not need programs or subscriptions that you have previously used. 

A CRM service can also save time and reduce long-term staffing costs. While this won’t affect your immediate rent budget, you should still consider the savings when evaluating the overall value of rent and property management CRM.

Integration With Existing Systems

It would help if you considered what integrations you require from your property management CRM software. Many property managers have specific needs based on what systems they have already in place, from marketing tools to accounting software. Typical systems are:

• Websites: Many CRMs can integrate with your website to automate bookings, payments, and maintenance requests placed by customers on your webpage.
• Phone services: Many property management agencies that handle large volumes of calls should consider integrations with VoIP call center solutions so that the CRM system, which already stores all customer information, can dial clients without manual input from the user. This is a huge time-savings for employees. 
• Accounting software: Most CRM software will integrate with your existing accounting software, such as Xero or QuickBooks. The integrations save time by processing payments through the property management CRM software, updating the accounting software, and removing manual entries. Accounting software integration is one of the best record-keeping strategies for property owners. 
• Email marketing platforms: Integrations with marketing platforms like Mailchimp can make sending emails a breeze, especially as property management CRMs automatically segment your customer base for more effective targeting. 
• Online Travel Agency (OTA) platforms: As a property manager, you might use multiple OTAs to maximize their real estate’s potential. Having all of these services integrated with a CRM service not only saves time, but can also avoid double booking properties. Similarly, a CRM software integration with OTA platforms can be the perfect way to manage multiple Airbnb accounts, all from one place. 

Essential Features of a Property Management CRM Software

It’s clear that CRM property management software can be an extremely helpful piece of technology for businesses. They can help streamline team performance, and enable them to effectively manage leads and client communications in a timely manner. 

Moreover, they can lead to greater growth for businesses in the long run, so property management, development companies, and real estate investors can focus on development and managing the actual properties.

If you’re committed to buying a CRM, great! But before you invest in and implement the first property management software you come across, it’s helpful to understand the most important features your business needs to truly deliver excellence. 

Is the aim to leverage helpful tools for your sales team? Do you need to make communications between clients, property owners, and developers more professional? Do you want to streamline maintenance requests through automated forms? 

Keep in mind that property management CRMs can differ vastly in terms of pricing and features. There are various pricing models, and while some of the more basic pricing plans will have helpful features, they may also be too limited for your needs. So look for the most affordable option for your business that still delivers in terms of performance and tools.

Let’s look at some particularly beneficial features of a property management CRM. 

Contract Management

Property management CRMs with an integrated contract manager can ensure property managers and landlords have complete access to information. 

This extends far beyond the ability to attach contracts to a particular landlord or property. You can also perform deeper searches to look for specific clauses to narrow down the right property for your customer. 

For example, using a CRM with contract management capabilities can find all properties that don’t allow pets and rule them out of your search — so you don’t waste time with unnecessary viewings. 

Lease Management

Lease management can provide transparency for renters and residents, which improves your customer service and boosts satisfaction. Many CRMs for property management will also integrate helpful income verification checks to further streamline the process. 

Property Listings Management

A centralized platform providing a single location to manage multiple property listings is critical for professional property managers, especially now that many online listings use numerous sites. With professional property listing management, you can ensure you make perfect listings every time, from rental properties to creating outstanding Airbnb listings.

Another key benefit is the ability to segment your property listings, which allows you to gain insights into which areas of your business perform the best. For instance, differentiating between young professional and multi-family rentals will let you see which properties are being rented and by whom, so you can target your business strategy.

Maintenance Requests Management

Managing maintenance requests can be a real headache for property managers. Solving just one maintenance issue can mean coordinating between unhappy tenants, landlords reluctant to spend money, maintenance, and a plethora of contractors.

However, a property management CRM automates much of the maintenance process, so tenants can log requests online. This allows them to automatically book and schedule maintenance requests in a timely manner without you having to mediate. 

Unified Inboxes

Many property management companies must manage multiple inboxes, especially in the vacation rental industry. Customers may contact you through Airbnb, Stayz, Booking.com, and Vacation Rentals or through email, WhatsApp, or social media. Having one place to respond to all emails ensures you never miss messages and always respond in a timely manner and professional manner.

Mobile Access

Mobile access can be vital to property managers. In the old days, if a customer wanted to know more about a property during a viewing, you would either have to have the information on you or call the office. Then, if you wanted to sign a contract, it was back to the office to finalize the lease. 

But if your CRM software has mobile access, you can reference everything you need from your smartphone or tablet. Now you can provide better customer service, close deals faster, and save yourself a lot of time. 

Invest in the Best Property Management CRM System 

It’s no exaggeration to say that a dedicated CRM for property management is the most essential piece of software your business can own. This all-in-one software can revolutionize your real estate project management strategy. 

As a property manager, you can work through better efficiency, organization, and insights while automating property-related tasks and streamlining customer relationship management to make managing properties a breeze. 

About the Author

Ryan Yee is an award-winning copywriter, with 20+ years of experience working alongside major US brands, emerging start-ups, and leading tech enterprises. His copy and creative have helped companies in the B2B marketing, education, and software sectors reach new customer bases and enjoy improved results. Here is his LinkedIn.