Understanding CRM Process in Property Management
CRM in property management refers to the process through which a property management company manages interactions with tenants, landlords, vendors, and other stakeholders. The objective of CRM is to enhance business relationships, improve customer satisfaction, and drive sales growth.
The stages of CRM are:
1. Lead: The process involves a customer searching for a property through various channels such as online property management websites, advertisements, posters, trade shows, and word of mouth. For example, Antony comes across an online advertisement for a 1 BHK flat in Chennai and fills out a form to request more information.
2. Opportunity: The process involves a customer expressing interest in a property. For example, Antony has shown interest in a property, scheduled a visit, and discussed details such as property type, unit type, pricing, and other relevant information with the property manager.
3. Quotations: The process involves a customer purchasing a property, after which the property manager provides the pricing details. The property manager may offer a discount, but the customer has the option to negotiate the final amount. For example, Antony purchased a 1 BHK flat for a one-year lease, including rent, maintenance, agreement, and security deposit. The property manager initially set the price at Rs. 120,000 but offered a discount of Rs. 100,000. The customer, in this case, could negotiate the price down further to Rs. 96,000.
4. Agreements: It is a formal agreement between the customer and the property manager, finalized once the quotation is accepted. For example, Antony accepts the quotation, reviews the terms and conditions related to the property, signs the agreement with the property manager, and thus becomes the tenant.
