It would be an understatement to say that the COVID-19 pandemic threw the real estate industry a curveball. It brought about new challenges for our industry that no one could have foreseen, as businesses have had to put many plans for growth on hold as they shifted into survival mode. Even now, as states begin to reopen and we cautiously proceed towards a “new normal,” brokerage and business owners still have difficult decisions to make, ones that could be the difference between your business coming out of this pandemic on top or shutting your doors for good.
Although these times have been difficult, there are still smart moves you can make right now to keep your business strong and get back on track to achieving your goals as soon as possible. It has always been important as a brokerage or business owner to continually be seeking out new ways to cut your expenses. Having tight control of where your funds are allocated will allow you to invest your resources so that you can create the highest value in your business without wasting money on superfluous expenses. One of the most strategic moves you can make to cut expenses is to consolidate your tech.
From my years of experience working with franchise development and brokerage operations at one of the fastest-growing brokerage companies in the country, HomeSmart International, I have found that one of the best ways you can cut your expenses is to not have too many pieces of tech. For many years now, technology has been a driving force in real estate, as more and more systems and software are being developed each year that are continuing to revolutionize how we do our business. Technology can boost productivity, streamline tasks and cut manual tasks from your operation, saving you both time and resources that you can invest into expanding your business and your bottom line.
When it comes to technology, however, the phrase “less is more” is highly applicable. If your business employs too much tech, your expenses will drastically increase while your business only gets further complicated as a result of confusion and disorder that comes from having too many different systems. With this in mind, it may be time for you to reevaluate the technology that your business utilizes—it could be what’s holding you back.
Although it may be time to consider making cuts to your tech stack, that doesn’t mean it has to cost your business in terms of productivity or value. Consolidating your tech can help streamline your business operations, as utilizing an all-in-one platform will allow you to manage and run your entire enterprise from one simplified location. You will only need one password to access your entire suite of systems and information. Training will also be made easier, as new employees will only be required to learn how to navigate and use one system. But perhaps most importantly, an all-in-one tech platform will reduce your costs.
The benefits of consolidating your tech into one system are staggering. I can testify firsthand the power of consolidating your tech, as I have personally seen many of the brokerages I work with flourish after incorporating our all-in-one business management software. During times like these, where every dollar counts and every decision could make or break your business, I would advise seeking out ways to cut expenses such as consolidation of tech. Smart decisions such as these can equip your business to thrive, not just survive as we continue moving forward.
Bryan Brooks is the senior vice president of franchise sales for HomeSmart International, responsible for spearheading the company’s domestic and international franchise growth initiatives including mergers, acquisitions, roll-ins and conversion opportunities.
For more information about HomeSmart International, please visit HomeSmart.com/Franchising.