Calling all commercial real estate agents/brokerages…
Made specifically for commercial real estate, you’ll find everything you need here to manage your relationships with investors and stakeholders.
But is it the CRM for you?
Does it offer the features you need for your workflow?
In our RealPage IMS review for real estate, we’ll find out. We’re going to look at its features, as well as drawbacks. With this, you’ll be able to weigh in if it will match YOUR needs and preferences.
So let’s get started!
About RealPage IMS
Before we get to the review, let’s back up a bit.
A company like RealPage didn’t become a success overnight. Their story began in 1998, but it wasn’t until 2016 that they started to prosper, even moving their headquarters to Richardson, Texas.
On its own, RealPage gives real estate owners and managers access to an online platform that provides transparency in several areas. These include asset performance and data insights. They also help firms create incremental yields from monetizing space.
It was in 2019 that RealPage, Inc. acquired Investor Management Services (IMS). IMS provides an Investor Relationship Management platform that includes a dashboard, a portal to manage investor relations, and a distribution engine.
Together, this venture aims to change the face of commercial real estate.
RealPage IMS Features
Let’s take a look at some of the key features that RealPage IMS offers commercial real estate agents/brokerages.
Convenient Contact Management
RealPage IMS CRM is online and mobile-friendly. You can easily convert contact details from other mediums (like calling cards, for example) into prospective investors using any device, wherever you are.
Once you’ve uploaded your contacts into the system, you can update them on the go. These days, efficiency is the name of the game. Since you don’t need to go to a specific office to update the system, you can spend more time focusing on what matters: your investors.
Your team members can also access the CRM simultaneously. It allows everyone to obtain the information they need without any wait time. It’s an all-inclusive contact management system that keeps tons of data organized.
Using RealPage IMS saves you from doing manual activities such as distribution waterfall calculations and workflows. The platform has a waterfall tool that takes care of the delegation, automation, and distribution of sponsorship funds.
Another feature is its built-in calculator, which gives you sums using predefined rules and historical investment data. Calculations require enormous amounts of attention and can quickly become complex. Using this CRM makes complicated calculations simple.
Bulk Email Communication
Having a lot of investors is a blessing and a curse. On one end, it’s a clear indicator that business is doing well. On the other, it means more work for you — unless you can find a way to automate specific processes.
A healthy investor relationship begins with solid communication lines. If you only have a few names on your list, manually sending them emails is possible. It’s an opportunity for you to personalize your approach.
But if you have several dozen investors to go through, sending emails can become tedious. RealPage IMS takes away this inconvenience with this feature.
Of course, you can customize your emails depending on who you’ll send them to. But you no longer need to waste time sending it all individually.
The Investor Dashboard
In commercial real estate, investor engagement is so important. The stronger your relationship with your investor is, the better off your business becomes.
What helps in this area is having pertinent information about individual parties. RealPage IMS CRM allows you to access your investor’s portfolio in a few clicks.
Your clients’ vital information, such as total investments and overall distributions, are presented in easy-to-digest ways. The platform’s visuals show you the data you need to see without making it an overwhelming experience.
Knowing your investor’s portfolio, preferences, and activities can help you determine the best management strategies for each one.
You can also use the dashboard to provide investors transparency concerning present investment positions, performance, and distribution history.
Key Property Insights
This CRM generates a report that shows how your properties and various assets generate revenue. It also allows you to view how they add expenses.
You can use the information you get, such as property performance, positive and negative trends, and gross income, among others, to come up with action plans and operational strategies.
RealPage IMS Drawbacks
There’s no doubt that RealPage IMS has a lot to offer. However, it’s always better to look at both sides of the situation. Here are a couple of things you may want to check out before making your choice.
No Trial Period
Most CRMs offer a free trial period to help you check out the software before fully committing.
Unfortunately, RealPage IMS doesn’t have that offer. If you want to try them out, you’ll have to pay the subscription fee.
This shouldn’t be too big a problem. I mean, RealPage IMS is a CRM that gets the job done. Still, if you’re somehow not satisfied with it, then there’s no turning back.
Lack of Transparency in Pricing
Unlike other CRM providers, you cannot view subscription price platforms for RealPage IMS. Although it’s understandable given that they provide solutions and not just a single product, it increases the level of inconvenience.
If you want to know how much you’ll have to shell out for RealPage IMS, you’ll have to contact them directly.
The Wrap Up
Because it was made for commercial real estate, RealPage IMS focuses on what these agents/brokerages need.
RealPage IMS’s features, such as managing contacts, waterfall distribution, and an investor dashboard address a lot of challenges to CRE operators.
Despite a couple of considerations regarding their price and the lack of a trial period, you must ask yourself if pushing through with a subscription is worth the risk.
It’s best to factor in your workflow and business requirements to see whether RealPage IMS will work for you or not.