On the hunt for a new customer relationship management (CRM) system for your commercial real estate brokerage? Any software you choose should offer the basics: a cloud-based system, mobile access, flexibility and ease of use.
To really narrow down your choices, you’ll have to dig a little deeper into the product performance and financial health of each vendor.
Do your due diligence.
You’ll need to run a quick check on the financial health of the vendors on your list. Ask each company how long it has been in business, then do a quick search online for news and background information on the company and its principals.
If that turns up any concerns, you may want to check if the company or owners have ever filed for bankruptcy or been involved in a (relevant) lawsuit. You can can check on federal court cases, including bankruptcy filings, on the website PACER (Public Access to Court Electronic Records), a resource run by the federal government.
Don’t forget to ask for—and call—three to five references from current customers. A solid vendor will be happy to share that information, as well as expected ROI.
See what industry-specific functions and integrations are available.
A few years ago, there were only a couple options when it came to finding a CRM for commercial real estate. Today, there are many more players in the CRE tech field, so you can find a product designed specifically for your industry.
Take a look at which functions are included in the CRM and which, if any, will need to be customized for your brokerage. Many technologies integrate with third-party apps as well. You probably already use some complementary tools and data sources that work with the technology, so make sure it can capture phone calls, email, online mapping tools or marketing software.
Evaluate the services and support offered.
Think about how your end-users will be trained and supported. Of course you’ll want to test drive each vendor’s product, but make sure it’s not just the IT people at the wheel. Getting buy-in from end-users can be a challenge when it comes to a new CRM system. You’ll be ahead of the game if they have a chance to try it out before buying.
Ask these questions during the demo:
- How long will it take the vendor to get the technology up and running?
- Is there training available?
- Who will set it up—the vendor or a third-party partner?
- What kind of support do they offer during and after implementation?
- Will that support be provided by the vendor or outsourced?
Think about how the technology supports your goals.
Does the technology have the ability to scale and expand as your business grows? Will the vendor be a supplier only or will it be a proactive partner that will help you grow your business? Also consider whether the software focuses just on helping you manage your contacts, or if it extends beyond this by offering pipeline and back office functionality that covers the full lifecycle of a deal.
You are entrusting some of your most valuable information to your CRM vendor. Make sure they’re worth it!