Brokers talk about their best tech investments. Read and learn.
Brokerage decision-makers hear about a new or improved version of a technology tool almost every day. The hard part for many brokerage leaders is not in identifying the available tools, but in deciding which products will bring the most value to their business.
When REAL Trends surveyed brokerages across the country, these brokers identified company websites, CRMs, back-office accounting, email platforms and transaction management systems as most important business technology tools.
Back-office accounting or email platforms aren’t the most glamorous tools; however, they, like others on the list, have a defined purpose that supports the infrastructure of the brokerage. Company websites ranked as the most important tool among those surveyed. For in-depth insights on website feature must-haves, review the REAL Trends Website Rankings.
The good news about the top five systems listed is that many of these services are offered by a variety of technology companies in a bundled format. On average, brokerages tend to partner with four to ten service providers when it comes to their technology services.
Combining systems into fewer platforms means greater clarity in tracking a lead from initial outreach to closing and the potential for overall lower costs. Integration between those platforms improves the user experience for sales associates and leadership alike. Moxi Works is an example of an open platform that provides several tools and integrates a wide variety of others. Others are BoomTown, Boston Logic and Booj.
TIP: When determining where to invest your technology budget, first consider the tools that have the greatest impact on your brokerage’s productivity. This makes it easier to turn down vendors who may have a cool product that isn’t functionally critical for your business at that moment. Consider partnering with technology providers that provide multiple tools, but don’t overlook their ability to customize your solution. You want to ensure that you’re only paying for the tools you need.
For further insights on planning your real estate technology strategy, download How to Improve Your Technology Spend.