Customer Relationship Management for real estate investing is software designed to more efficiently and conveniently manage the relationships between GP and LP investors. CRM software typically offers an entire suite of services. As one example, the CRM from Groundbreaker allows a GP to add investors to groups, send emails to all members of that group, and control access to sensitive documents. CRM gives investors of all kinds of unparalleled access to real estate projects and investment opportunities.
CRM packages nowadays are nearly always offered in a Software-as-a-Service (SaaS) model, in which users sign up to a subscription model, rather than purchase a one-time software package. SaaS programs are cloud-based and frequently mobile-compatible, removing much of the need for extensive hardware. Users also forego the need to worry about software updates, upgrades, and monitoring – all of those aspects are handled by the SaaS provider.
Technology changes the basic relationship between investors and clients, and it does so at a whirlwind pace. Changes are still happening; new software services are rolled out, new programs initiated, new startups conceived. But with most CRM suites, there are clear net benefits to investors on both sides.
Tighter cooperation and better communication between GPs and LPs result in increased productivity. GPs can use CRM applications to solicit new investors, while those investors gain access to real-time information and sensitive documents. Both sides are kept better-informed through CRM software, allowing them to make smarter decisions.
In line with increased communication, today’s technology gives an investor more chances than ever to see how a particular investment is performing. The awareness that the sponsor is actively sharing information and working efficiently through the CRM builds a better working relationship with their LP investors.
- Investor satisfaction
CRM suites succeed by not simply increasing the bottom line for investors. They improve the overall working relationship between GPs and LPs, making it easier for both sides to work together towards a common goal. Investors can communicate more easily, and see the results of their cooperation quickly. At the end of the day, CRM software increases investor satisfaction, on both sides.
These are just a few of the ways in which CRM technology, in particular, continues to transform traditional relationships between GPs and LPs. And we can expect this transformation to continue in the immediate future!