Do you have a patchwork of tech systems?
All of which promise to solve your problems – when instead they make everything more complicated?
Having one system for client info, another for marketing, yet another to manage transactions, and more can be overwhelming. Your tech stack is supposed to make things easier—not overcomplicate them.
The right tech can help you close more transactions and get ahead of your competitors, so you need technology.
But, to get the full benefits of that technology, you need to consolidate it.
That way, you only have a few tech systems – with each one serving multiple purposes. So, you get all the benefits of technology, without the drawbacks of a cluttered and disconnected tangle of systems.
Wondering if you should consolidate your tech stack? Here are 5 reasons to do just that.
1. Problematic Integration
One reason you need to consolidate your tech stack is that many systems don’t integrate with each other.
When you have a large tech stack, each solution likely doesn’t integrate with every other part of your tech stack. For example, your accounting software might not integrate with your transaction software.
So, you have to input numbers multiple times – which increases the risk of data entry error. While it might only be a small mistake, data entry errors have the potential to be extremely costly.
To eliminate this risk, you need to consolidate your tech stack. So, instead of 15 solutions, you’ll only have 2-3. Even if you can’t connect every single system, you’ll still have a lower risk of manual data entry errors – because you’ll input data in fewer places. But, ideally, you should find tech solutions with good integration capabilities when you consolidate. Your goal should be a single continuous data flow through your entire business process.
2. Repeated Features
Another reason you should consolidate your real estate tech stack is to avoid having the same feature in multiple solutions.
Most tech doesn’t just do one thing – like transaction management or accounting. Instead, most solutions have multiple features. When you have a large tech stack, this means you have multiple software solutions that do the exact same thing.
So, while one team member does accounting in one program, another team member does accounting in a different system. This puts your team out of sync. And, it makes it easier for you to lose track of your data. When you don’t know which system your team put your data in, it’s difficult to find it when you need it.
To fix this, you should consolidate your tech stack. So, you don’t have multiple programs with the same function. You should look for a platform to manage customer-facing activities and one to manage your back office. With the focus on different activities, you won’t have different tech with the same function.
3. Decreased Efficiency
Along with integration issues and repeat features, another reason to consolidate your tech stack is to improve efficiency.
One of the main goals of real estate tech is to increase efficiency so you can do more with less. But, having too much tech can make your team less efficient. Learning how to use every piece of software in your tech stack can be time-consuming. This learning curve takes your team away from other important tasks.
And, switching between so many different tech platforms can also be a time suck. Instead of having one place to do everything, your team has to stop what they’re doing to switch software. This can make it hard to get focused and be productive. Plus, in addition to introducing errors as discussed above, manual data entry is slow.
To improve efficiency, you should consolidate your tech stack. That way, your team doesn’t have to learn a bunch of new software. Or, switch back and forth between solutions. Or waste time keyboarding what is already in another system. Instead, they can do everything with one tech platform.
4. Reduced Adoption
In addition, you should consolidate your tech stack to improve adoption rates. Providing your team with the latest tech only helps if they use it. But, if you have 5, 10, or even 15 platforms, your team likely won’t use them all. Or at the least it will lead to decreased job satisfaction. The time it takes to learn how to use each solution alone can be off-putting for your team.
Plus, with so many different systems, it might be easier for your team to keep track of everything in excel or in a paper notebook. But, these low tech methods can create problems for you – like losing important info, entering data wrong, or your team dropping prospects because they forget to follow up.
To increase your team’s adoption of tech, you need to consolidate your technology. So, they only have to learn a few systems. That way, your team will find it easier to use the tech you provide – which means you and your brokerage can reap the benefits of adopting tech.
5. Increased Costs
One last reason to consolidate your tech stack is the high cost of having so many tech platforms.
Your tech stack is a large expense. And, if you have a large tech stack, it’s an even bigger monthly or yearly cost for you.
Although you pay more for a large tech stack, you actually get less value from it. With problems like repeated functions, reduced efficiency, and low adoption, you’re not realizing the full benefits from your tech stack. As such, you’re not getting your money’s worth from it.
To reduce costs and increase value, you need to consolidate your tech stack. Only using 2-3 solutions will help you dramatically reduce your tech expenses. And, having consolidated tech platforms will help you get the full benefits from your tech – making consolidation a win-win.
Wrapping It Up
The right tech has the power to help you close more transactions, get more done with less staff, reduce manual data entry errors, cut costs, and more.
But, your options for real estate tech are seemingly endless.
There are so many different platforms claiming to boost your real estate business that it can be hard to pick the right one.
So, you end up with a tech stack consisting of 10-15 disjointed software solutions. Instead of improving efficiency and saving you money, your tech is a drain on you and your team.
And, having an overly complicated tech stack can cause integration problems, have overlapping features, reduce efficiency, cause your team to use low tech methods, and dramatically increase your costs.
To avoid these problems and get the full benefits of real estate technology, you need to consolidate your tech stack. You should look for one platform for customer-facing activities and one platform for managing your back office. This will allow you to finally realize the full advantages of your tech stack.
Looking for an easy to use, complete cloud-based solution for your residential real estate back office? Consider Brokermint®. With 5 modules – transaction management, commission automation, accounting, agent management, and reporting and analytics – Brokermint is your one-stop solution for your back office tech needs.
Learn more about how Brokermint can help you consolidate your back office tech stack today.