How Technology Can Help Your Brokerage Adapt to a Changing Market

Can your brokerage easily adjust to market fluctuations?

In a matter of months, an overheated housing market can cool off considerably. This can leave your brokerage scrambling if you don’t have the right tools to help you pivot. With the right technology, you can seize opportunities and thrive in any market.

Wondering how exactly tech can help you adapt to a changing market? We’ll cover the top ways the right tech can help your brokerage succeed in any market. To start, let’s take a look at the first way – getting more done with fewer resources.

Do more with less

The first way tech can help your brokerage adapt to a changing market is by empowering your team to accomplish more with fewer resources.

Without the right tech, your agents and back office staff have to do everything manually. From finding and entering data, to doing calculations, to creating client docs, and more, your team has to spend hours on low-value tasks. To get everything done and grow your brokerage, you have to hire more staff – increasing expenses.

However, with the right technology, your team can do more. Automation allows your agents and back office staff to spend less time on menial work (like data transfer) and more time working with clients and managing transactions. Intuitive navigation and efficient user interfaces also make it easier and faster for your team to do their work.

When your team can do more with less, your brokerage can cut expenses while boosting revenue. This can help your brokerage grow and reach its goals – even in a slowing market.

Maximize growth opportunities

Another way the right tech can help your brokerage adapt to a changing market is by helping you find and maximize growth opportunities.

A changing market causes your brokerage growth opportunities to shift. But, it can be difficult to understand your changing opportunities in time to take advantage of them. Missing growth opportunities can make it hard to thrive in a shifting market.

The right back office software with analytics and reporting makes it a breeze to spot and capitalize on growth opportunities. This software can automatically generate brokerage, team, and agent reports. Plus, back office software can help you analyze reports to spot your opportunities.

With the right back office software, it’s easy to find and maximize brokerage growth opportunities – helping you adapt and grow in a changing market.

Reduce expenses

Along with maximizing opportunities, the right tech can also help you reduce expenses to better adapt to a changing market.

In an uncertain market, trimming expenses can help your brokerage stay profitable and grow. One of the easiest ways to cut costs is by getting rid of unnecessary tech. If your tech stack is large, disjointed, and hard to navigate, you’re likely paying for tech your team rarely uses.

By switching to complete front and back office platforms, you can cut costs and make your tech easier to use. For example, instead of paying for separate solutions for transaction management, commission calculation, accounting, reporting/analytics, and agent management, you can pay for a one, complete back office platform.  

Trimming down and consolidating your tech stack makes your tech easier for agents and back office staff to work with. And, it helps you reduce your expenses without compromising on functionality.

Attract and retain top agents

Attracting and retaining great agents is another way technology can help you adapt to a changing market.

Your agents are crucial to your brokerage’s success. Without great agents, you’ll struggle to grow your brokerage and reach your goals. However, an outdated tech stack can make it difficult to attract or retain top agents. The best agents know they need the best tech to serve their clients and be successful. If you don’t offer the tools they need, great agents will overlook or leave your brokerage for your competitors.

With the right tech, you can retain and attract great agents. An intuitive and easy-to-use front office platform makes it fast and simple for agents to find prospects, reach out at the right time, manage their client lists, and more. The right back office platform ensures your agents get paid promptly and correctly.

The right technology can give your agents a competitive advantage to keep them at your brokerage and help you reach your brokerage goals in a changing market.

Provide a better client experience

The last way technology can help you excel in a changing market is by providing a better client experience.

Providing a great client experience is always important – but even more so in a changing market. Happy clients will refer your brokerage to their friends and family, helping your agents keep a steady pipeline even as the market slows.

Today’s buyers and sellers expect a high-tech experience. With modern front and back office platforms, your agents can provide the streamlined, high-tech, low-stress, and personalized experience their clients want.

With the right technology, your agents can prove their value to clients – even in a shifting market.

Wrapping it up

Changing market conditions mean your brokerage needs new ways to grow and reach your goals. However, an outdated tech stack makes it hard to thrive in a slowing market. By switching out your tech, you can set your brokerage up for success in any market.

With the right technology, your brokerage can get more done with less, maximize growth opportunities, reduce expenses, attract and retain top agents, and create a better client experience. All of which can help your brokerage thrive in a changing market.

Looking for the right tech to help your brokerage adapt to a changing market? BoomTown and Brokermint are the way to go. BoomTown’s predictive CRM can help your agents prospect and work with clients better through lead generation, predictive insights, customized websites, a mobile app, and more.

Brokermint’s five back office modules (transaction management, commission automation, accounting, agent management, and reporting/analytics) have everything you need to modernize and streamline your back office.

Book your BoomTown and Brokermint demos today to see how the right tech can help your brokerage succeed in a changing market.