1/ What's a CRM And How To Use One In Doing Off-Market Acquisitions
to invest in off-market real estate
Let's start with a definition. CRM stands for Customer Relationship Management.
In our world it refers to some sort of database system that keeps track of property owners.
to invest in off-market real estate
Let's start with a definition. CRM stands for Customer Relationship Management.
In our world it refers to some sort of database system that keeps track of property owners.
2/ This is where it gets a bit tricky. There are lots of different categories of these systems and lots of products in each category.
Some are more sheets-based, a 'better' version of Google Spreadsheets or Excel.
Some are more sheets-based, a 'better' version of Google Spreadsheets or Excel.
3/ Others are contact management systems, meaning they're (cont.) containers of data more than anything else. You can make them store data but not much else.
Still others are more pro-active and are like sales cockpits that allow you to fly through your sales and marketing.
Still others are more pro-active and are like sales cockpits that allow you to fly through your sales and marketing.
4/ Some CRMs are better for online outreach, others come from a cold-calling tradition. Still others try to be everything to everyone.
Some of these systems are Airtable, Hubspot, GoHighLevel, Pipedrive, Zoho, Salesforce and many others.
Some of these systems are Airtable, Hubspot, GoHighLevel, Pipedrive, Zoho, Salesforce and many others.
5/ There are also real estate CRMs out there such as REISift, Boom Town, Property Base and many others.
So how do you choose a CRM to do your acquisitions?
So how do you choose a CRM to do your acquisitions?
6/ Unfortunately I'll start with the legalese answer:
"It depends"
It depends on:
- how used you are to using a CRM
- who else will be using it
- your budget
- what type of marketing you're doing
- do you want automation
- lots of other factors
"It depends"
It depends on:
- how used you are to using a CRM
- who else will be using it
- your budget
- what type of marketing you're doing
- do you want automation
- lots of other factors
7/ First step to take is to figure out (audit) what you're doing now.
Most RE investors aren't doing anything (meaning they're not keeping property owner information in a database). They're keeping a Google Sheet, which has limited functionality.
Next step is (cont.)
Most RE investors aren't doing anything (meaning they're not keeping property owner information in a database). They're keeping a Google Sheet, which has limited functionality.
Next step is (cont.)
8/ To determine if you need to:
- keep your data in one place
- keep all of the information and data and events associated with a given owner in one place
- have your system help you sell (in our case do offmarket property acquisitions) with automations and outreach
- keep your data in one place
- keep all of the information and data and events associated with a given owner in one place
- have your system help you sell (in our case do offmarket property acquisitions) with automations and outreach
9/ Answering these 3 questions will inform your decision more than anything else.
If you don't need anything fancy, see what you and your team are used to and what you like.
If you've all used Hubspot in the past do that for now. It'll really shorten the adoption curve.
If you don't need anything fancy, see what you and your team are used to and what you like.
If you've all used Hubspot in the past do that for now. It'll really shorten the adoption curve.
10/ Next factor is budget. Make sure you can afford your system. If you can't afford it every month you'll put in a lot of effort into learning it and implementing it and that'll go to waste.
11/ And that's how you think about CRMs. A couple of other things:
- marketing automation CRMs are the most powerful & what we use
- you need to add ALL owner data into a CRM, not just 'leads'
- leads scoring is key
- follow-up sequences are more important than initial outreach
- marketing automation CRMs are the most powerful & what we use
- you need to add ALL owner data into a CRM, not just 'leads'
- leads scoring is key
- follow-up sequences are more important than initial outreach
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