According to HousingWire, “2021 [is] the year of the tech-enabled agent.”
With a booming real estate market, the right tech is more important than ever. Without it, you’ll struggle to keep up with the fast-paced market.
But, how can your agents be tech-enabled?
And, what technology do you need to get ahead in 2021?
That’s what we’ll cover in this post. We’ll discuss what tech you need to take your brokerage to the top. Here’s a look at the best real estate tech tools for your brokerage.
Tools to Engage the Client
The first type of tech you need helps your agents get the attention of potential home buyers and sellers.
Most people start the home buying or selling process online. If your agents only rely on traditional methods to get in front of clients (like fliers or mailers), they’ll fail to reach most prospects. Or, they won’t be the first to reach them – lowering their chances of getting that client.
To engage clients better, your agents need the right tech tools. As you already know, having a website is essential. It helps clients find and trust you. Digital marketing tech can also help generate leads.
And, lead intelligence technology can help your agents know which leads are most likely to turn into clients. That way, your agents can maximize the time you spend on prospects.
Tools to Convert Prospects
Another tech type you need to get ahead in 2021 is technology that helps your agents convert prospects.
While getting in front of prospects is important, it’s only the first step. After they connect with a prospect, your agents then need to convince prospects to choose them. However, it can be hard to keep track of prospects and when to follow up if your agents manage everything on a spreadsheet. Or, impress them when your agents use the same real estate techniques as everyone else.
So, you need tech to help your agents convert prospects. Technology like AI assistants, CRM, and email marketing can help your agents contact prospects at the right time with the right info.
Plus, tools like virtual showing solutions and a seamless digital experience can help your agents wow prospects. And, generate better results for clients. That way, happy clients can provide referrals and testimonials.
Tools to Process the Transaction
Along with engagement and conversion-focused tech, you also need technology to make the transaction smoother.
Buying and selling real estate is complicated. Buyers and sellers turn to agents to make the transaction easier. However, outdated paper transaction management can make the whole process more frustrating for buyers and sellers – making it less likely your agents will get referrals.
With the right tech, you can make the buying and selling process quick and easy. Tech like eSignature tools makes it easier for your clients to approve paperwork and offers. And, technology like transaction management platforms can ensure you and your team don’t miss anything. That way, your agents won’t have any surprises or delays that frustrate clients.
Your agents can also use tech to get a better understanding of their deal pipeline. So, your agents can be on top of interacting with clients at every stage of their pipeline.
And, transaction tech can free up your time to focus on value-adding activities by streamlining the process of moving your data from transaction management to commissions and accounting by having everything in the same system. Having everything on one platform means you don’t have to waste time with data re-entry.
So, your agents can spend more time delighting their clients – instead of bogged down by paperwork.
Tools for After the Transaction
Helping your client buy or sell a home isn’t the end of the process. You need to get referrals and testimonials from happy clients to help with prospecting. And, you need to keep in touch with clients to get repeat business the next time they need to buy or sell.
Manually collecting testimonials or getting referrals can be a time suck. But, tech tools can help make it easier and faster. With referral marketing technology, you can keep in touch with clients through email and content marketing campaigns. All without you having to spend much time on it.
And, with testimonial/review platforms, your happy clients can leave testimonials – instead of you having to collect them.
Tools for Broker Operations
Along with the agent-level tools, you’ll need brokerage level tech as well. Just like agents need to manage their day to day with tech, you need tech to improve brokerage operations.
One essential brokerage tool you need is a solution that helps manage agents. Tech that makes onboarding easy, with things like checklists, and then can give you insight into agent production and progress toward goals. And, an easy-to-access, easy-to-use system can also help you retain agents.
You also will want a system that manages transactions for your whole brokerage. A good transaction management system can help you close deals faster and protect you from compliance issues.
Another brokerage tech tool you should look for is a solution for accounting and commission calculation. Accounting and commissions can be time-consuming, complicated, and frustrating for your team. But, inaccurate accounting or delayed commissions can cause you problems at tax time and with your agents. So, you need a tech tool that streamlines and uncomplicates accounting and commission calculation.
Information and data are increasingly important to the success of your brokerage. But, data isn’t useful until you analyze and interpret it, which can be time-consuming and hard to do. However, with brokerage level tech, you can analyze data and run reports in no time at all. With the insights from this tech, you can make better decisions and edge out competitors.
While you’ll see benefits from having tech for each of these individually, you can level up your brokerage tech stack by having all of these tools in one solution. That way, your data can flow seamlessly between each tool. This saves you time and improves accuracy. Plus, having one platform can increase your brokerage tech adoption because it’s easier for agents and staff to use.
Wrapping It Up
The right tech tools can set you up for success in 2021 and beyond. But, having the wrong tools (or no tech) will drag your brokerage to the bottom.
To be a tech-enabled brokerage, you need tech that engages and converts prospects. You also need tech to process the transaction and manage post-transaction activities. And, you need brokerage-level tech that helps you run your brokerage.
If you’re looking for software to help you engage and convert prospects and manage the transaction/back office, you should consider BoomTown and Brokermint. With industry leading features and seamless integration, you can get the most out of your tech stack.
Plus, as a complete, cloud-based back office solution, Brokermint can help you consolidate your tech stack. With 5 modules – transaction management, commission automation, accounting, agent management, and reporting and analytics – Brokermint has everything you need in one platform.
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