It’s no secret that the world is changing faster than ever before. Remote work, mobile connectivity and increased interconnectedness have turned every industry on its head, including real estate. Faced with the need to change, many franchises and brokerages are making much-needed technology upgrades, transitioning from filing cabinets to document management systems and brick-and-mortar storefronts to cloud-based collaboration. One important update that many are making is to their back-office software.
Hitting the Back-office Wall
Before taking the leap, many decision-makers tend to keep pouring money into outdated back office software that isn’t meeting their needs anymore. They’re stuck thinking about all the money they’ve already spent and all of the data that exists in their current system—they’re afraid to walk away. This tendency is what business psychologists call the sunk-cost fallacy. And it’s understandable: Buying or upgrading to a new back office software is daunting. For one, it’s a big investment, and it’s hard to know exactly what you’re getting before you buy. Sometimes, it can be hard to know where certain products fall short.
Some of the biggest names in back-office software aren’t investing in their products like they should. It may seem counterintuitive, but some “tech” providers are actually living in the dark ages. They’re operating on dated systems that can’t interact with the other software you use in your office and that can’t grow effectively as technology advances, even in such critical areas as cybersecurity, cloud computing, updates, and more. It’s important that you choose a technology provider that supports your business growth.
Taking the Leap
If you’re considering changing or upgrading, here are five important questions to ask when vetting a new back-office provider:
1. Do they invest in themselves?
Companies shouldn’t expect their customers to invest in them if they don’t invest in themselves. Look for a company that continuously invests in research and development for new products and finding ways to improve existing ones.
2. Do they invest in others?
When choosing the right technology partner for your brokerage, it’s important to look for a well-rounded company that not only invests internally but also invests in companies that are experts in the industry. Together, they’re able to better serve their customers through their long-term partnership.
3. Are they a partner, or just a provider?
A provider might sell you a great product, but once the implementation is over, they stop answering your calls. A partner, on the other hand, understands that their success is reliant on your success.
4. Are they exceeding their customers’ expectations?
Can a prospective vendor provide a long list of loyal customers? Do customers choose them because they just meet their expectations, not exceed them? We don’t just check all the boxes for our customers, we make a concerted effort to go the extra mile for each and every one. It’s important to consider a vendor you can trust and that isn’t overselling what they’re capable of.
5. Are they true experts?
Look for a provider that can offer the service and support that you need from a dedicated team of experts. Your experience as a customer and partner will be directly impacted by the experience and service your provider offers.
Are you ready to move on to a better back office provider? Schedule your Constellation1 personal tour today.