Saturday, May 19, 2012

Commercial Real Estate Contact Management Software

The use of contact management software in commercial real estate is today more important than ever before.  We have the technology to interact with clients and prospects easily and effectively and new contact management software programs have given us great versatility in the process.  Here is a tip from our Commercial Real Estate Agents Newsletter.

It is remarkable how difficult the discipline of data capture it is for many salespeople.  All too often I hear that the right questions were never asked of the prospect, or even worse, the information was not captured into the database at the end of the day.  That becomes a wasted opportunity and will have impact across your business for the long term.

So the message here is that you should track every piece of information that you can get from the prospects and clients that you interact with.  Diligence and thoroughness in the process are obligatory requirements and will help you proceed to the ultimate goal of better deals and more commissions.

So what type of information do you require and do you have the correct database program to enter the detail?  There are many alternatives to consider when it comes to contact management software.  It is a matter of what works for you as far as accessibility, accuracy, stability, and versatility.

You are the one who has to use the program and the software.  Unless you accept that fact and merge it into your daily diary process, the purchase and use of a contact management system can be a total waste of time and money.  You are the administrator of your database.  The benefits you achieve from it, will derive from the information that you put into it.  Accuracy is required.

So here are some categories or elements of prospect criteria that should be captured into your contact management program in commercial real estate.  It may be that you can add to this list subject to the requirements of your property type, location, and market share.

  1. Name, address, and telephone contact detail of the relative parties.
  2. Online details including e-mail and website.
  3. Details of any personal assistants or supplementary contacts that connect to the decision maker
  4. Details of property requirements including improvements, timing, rental, price, lease terms, contract details, and location.
  5. Understand the services and amenities that the prospect will require to allow their business or property to function correctly.  If the property is of an industrial type, there may be special services and amenities to supplement the operation of the business.
  6. Every time you connect with the prospect, you should enter into your database a record of the conversation and any decisions made.
  7. Your database should allow you to store and or connect to any supplementary documents or e-mail messages sent to the prospect.
  8. The personal interests of the prospect may be relevant for ongoing contact.
  9. You should be able to diarise or action a further contact in the future, thereby triggering a follow-up contact for future business opportunity

Before you go and purchase a new contact management system, understand your personal needs and the way in which you will be entering data.  Give due consideration to the location, backup, and storage of the data.  Get more tips from our Newsletter here.