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Added: December 18, 2008
Article rating: 3.33 (of 5) - 3 votes

Real Estate Customer Relationships Perspective

[ by Sam Miller ]
It's recognized that a company's success is based not only on financial measures which, although important, are not indicative of customer, employee, or quality problems or opportunities. Besides costs and revenue, businesses looking for long-term profitability have to take into consideration customer relationships, employee skills and collaboration items.

Leading companies tend to focus on a balanced approach to performance measurement to assess processes and identify which of them needs improving before it turns into a serious problem. Customer relations is one of the perspectives to choose measures of key importance.

Whether a company is in the business of building, selling, servicing, or managing property, residential or commercial property managers support customer-driven business strategies that increase insight into operational performance and improve responsiveness to the unique needs of buyers, tenants, users and occupiers of real estate. Balancing customers' needs with the portfolio makes property companies pro-active real estate organizations.

The scorecard framework of a strategic measurement and management system known as the Balanced Scorecard can be modified to this mission as well. It can help to determine which factors, in addition to financial, are critical to the long-term success of a property company. The system enables organizations to transform data into actionable information and manage performance for all strategic objectives including customer relationships.

Customer-centric objectives are aimed at bettering manage relationships throughout the customer lifecycle ? from browsing a business web site, to an interested lead, to a qualified prospect, to a customer who has placed an order, to servicing that customer and to guiding him to re-purchase.

In choosing measures for customer relationships perspective companies dealing with residential property try to develop strategies that meet customers' real estate requirements. They enhance the customers' knowledge needed for effective decision making providing them with information on the company's policies, procedures and regulations. Considering customers the driving force of business, property companies try to obtain customers' feedback to learn about their changing needs and improve the real estate services.

Services which are performed when it comes to renting, buying or selling properties for clients, include ensuring terms and conditions of purchase agreements, acting as an intermediary in negotiations between buyers and sellers, coordinating appointments to show homes to prospective buyers, generating lists of properties that are compatible with buyers' needs and financial resources, participation in listing services and others. Improving the factors that lead to satisfied and active customers conditions successful business activities and procedures and higher level of performance accordingly.

Special programs implemented by many real estate industry leaders as supplemental measure in evaluating operating performance, facilitate strategic relationships with the customers from the initial point of contact through to the closing of the transaction. Thus, Customer Relationship Management (CRM) empowers companies to manage customer relationship management process with dashboard view, lead management, marketing campaigns, advanced forecasting, contact management, opportunity management, etc.

Constant reevaluation of performance measures should be balanced with the need to improve usefulness of the metrics with regard to Customer Relationships Perspective. That can result in higher productivity of business and maximization of revenue.

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