There’s no doubt that the real estate industry will continue to evolve as we navigate our way through COVID-19 and its impact on the economy and how we do business. Many real estate brokers have experienced challenges adapting their business when they don’t have a brick-and-mortar office and in-person collaboration. The drastic shift to online business has raised many questions about how the right technology can help a real estate brokerage effectively pivot and adapt through change.
As a business leader, it’s important to remember that there isn’t a one-size-fits-all approach to implementing the right brokerage technology. Your business is unique. Your market, agents, staff and goals are all individual to your business. So, if you’re finding that the technology, or lack thereof, in your business is hindering agent performance and your ability to adapt and pivot your business, you need to consider a new solution.
Start by assessing your business needs and goals when it comes to your existing technology. Does it support long-term growth? Does it allow you to accommodate how, where and when your agents are doing business? If not, it’s time to look at modernizing your systems.
Choosing solutions that compliment your business processes, support your agents and your staff, and nurture sustainable growth is key.
Here’s a checklist of 10 things you need to consider when choosing and implementing the right technology for your brokerage:
1. Product scalability – Will it continue to meet your needs as your business grows?
2. Product security – Given the heightened sense of data security, every product must protect its users from a potential breach that can sink a business.
3. Roadmap and enhancements – Does the technology provider have a product roadmap that shows investments in continuous improvement? Has the technology provider consistently released enhancements to meet market needs?
4. Reputation – Does the technology provider have a positive industry reputation?
5. Data export – Can you extract your data if, in the future, you decide to change to a different platform?
6. Integrations – Does the technology provider offer integrations into other solutions that you use to run your business?
7. Platform – Is the technology built on a modern platform that will continue to be relevant as systems evolve?
8. Support – Does the technology provider offer multiple support channels—phone, chat, email? What would the impact be to your business if the technology/software was down and you weren’t able to reach Customer Support?
9. Cost of ownership – Are there ongoing costs not directly related to the technology? For instance, will you need to hire staff to run the product? Will you need a hosting platform to offer the product? These are all costs that aren’t paid to the software/technology provider; however, they need to be factored into the overall cost of ownership.
10. Implementation process – Does the technology provider own the implementation process with little involvement from you, or do you need a dedicated resource to manage the implementation?
If you’re looking for a technology provider that will support the ongoing growth of your business, contact Constellation1 today. Our team will work with you to assess the right solutions for your business.
Mehul Patel is the vice president, Product Management at Constellation1. To learn more about Constellation1, visit constellation1.com.