Data silos are a (mostly) silent weight that slow your business, reduce your profits, and make people mad. We say “mostly” silent because you probably hear the sounds of data silos around your office.
Leading brokerages have been working to eliminate these data silos over the last few years. This is a critical business process improvement that you’ll need to address just to keep up. You don’t want to get stuck in the past and get left behind.
It’s simply any place where important data is NOT accessible easily to all who need it. And, it can harm productivity, teamwork, and cost you financially.
The most common data silos we see in brokerages are caused by software that handles a step in the process, but that does not talk to the software that handles the next step. Transaction management to commission payouts is a big one of these.
Maybe your brokerage has a transaction management system, but then you have to manually enter all the commission data into a spreadsheet to calculate the disbursements.
The same holds true for moving all that financial data from transactions and commissions into accounting. Or bringing listing data from a CRM or MLS into your transaction management system. Or pushing data from the back office into a reporting system, such as Realogy Dash.
Every time data hits a wall in the process, you are in a data silo.
Data silos can have a negative impact on your business. Here are some of the problems they cause:
The good news is that data silos are a technology problem, not a people problem. And fixing the technology will make your office staff and agents happier and more productive. Here are things to look for in technology solutions that eliminate data silos.
You will probably continue on for a while before the weight pulls you all the way down. Other brokerages will be moving faster, closing faster, paying faster, making fewer mistakes, and retaining great staff and agents. Don’t get stuck in the past. Don’t get left behind.
Schedule a demo and see your back office with Brokermint.