Why Does Technology Matter in Real Estate?

February 12, 2016

Megan Swanson

Business, no matter the industry, is a revolving door of ideas, technologies, and strategies. Whether or not they are here to stay is oftentimes up to the consumer. And real estate is no exception.

Whether or not you, as a real estate professional, subscribe to the latest and greatest in real estate software, is none of the consumer’s concern. It isn’t their concern, because they’ll be saddling up to your competitor.

Call it tough love, but it isn’t tough, nor is it love. Real estate technology is practical.

Why Does Real Estate Software Matter in My Business?

Consumers will come to your business less and less if it is harder and harder for them to get what they need.

At the end of the day real estate technology should simplify your day and encourage transparency in both your clients and your employees. This creates an ecosystem of accountability and efficiency.

Lane Hornung, CEO of 8z Realty, is an expert on business expansion and scalable technologies in his own right. But the not-so-secret to his and 8z’s success is that they keep it simple.

[ Continue to Read About 8z’s Expansion Through Technology ]

He remarks on the internet’s “infinite expansion” and how this bolsters the value of real estate and technology working together.

Technology such as a central CRM allows for this expansion behind the scenes. Because of your CRM and the internet working together, “your lead generation isn’t limited by market boundaries,” said Hornung.

Consumer Expectations

Over the past decade it’s no secret the majority of home buyers and sellers migrated to the internet for their real estate inquiries. Real estate and word-of-mouth is not a thing of the past. This is still how many real estate professionals start out. But it is also where many of the same professionals finish.

Expanding your sphere of influence in markets in addition to your friends, family and referrals is vital to business growth and expansion. With the progression of technology, it also may be vital in the near future to your business whatsoever. So, the question becomes: What technology do I use? Rather than: Should I use this software?

When in doubt, trust Yoda: “Do or Do Not. There is No Try.”

[youtube http://www.youtube.com/watch?v=BQ4yd2W50No]

You can now order your coffee online, buy a car completely online, bank online, and so on. So, what is getting in the way of buying houses online?

Consumers at this stage in the game are still seeking out real estate professionals to facilitate their sales and home searches. However, they will choose whoever gives them the most value and provides this value first.

Expanding Your Sphere of Influence

Moving into a new market or price range isn’t as simple as joining the country club. No matter how good you are at shaking hands and taking cards, your end game will be much better if real estate tech is involved.

For example, think of your largest audience outside of the internet. Your neighborhood? Church? Fitness club? Friends? And how do you reach them?

Now consider how many of those people use Facebook. Or search online at least once a day using Google. Paid advertising via Facebook or Google could hit your entire sphere plus many more potential clients.

[Watch Video] How Paid Advertising Works!

Growing your sphere of influence is in direct relation to growing your business. And in today’s industry the potential for growth is online where the largest percentage of real estate searches begin.

Building a Team

Staying competitive also includes competition for the best talent. When it comes to hiring your first employee or your 50th, technology helps to attract and retain talented professionals.

Real estate recruits are searching for businesses which facilitate growth and allow them to hit the ground running.

The right software not only allows green agents to establish a larger sphere from the beginning, but it also allows seasoned agents to expand their businesses.

These are major deciding factors when it comes to hiring. Ask yourself: Are you providing the tools for success to your team members?

Choosing the Right Technology

Up until this point I have used technology as a blanket term. But depending upon your needs and budget, there is a solution for you out there whether you need lead generation, a CRM, a high performing website, marketing automation, document signing software, etc.

But buying just any solution to fill a void is akin to eating an ice cube for dinner and hoping it fills you up. The key to making technology matter is choosing the correct technologies for your business at this moment and down the road.

These are called technology “solutions” for a reason. Establish where you can improve then search for the best possible solution.