If you were recently at Inman Connect Las Vegas 2023 (or wished you had been!), you know the topics on everybody’s minds these days are AI, disruption, uncertainty, and technology—especially how fast everything seems to be changing.
In so many of the conversations we had with real estate professionals from around the country, AI in particular and technology in general were brought up as equal parts amazing and scary. Brokers and agents are amazed by the incredible things ChatGPT can do for real estate, while also being worried about whether their jobs are at risk.
The reality is uncontestable: real estate technology is here to stay, and it will only be getting better and more advanced as time goes on. When real estate brokers use technology to their advantage, it will have a transformative effect on their businesses.
Here are 5 ways real estate brokers can make better use of technology and get the most out of their tech stacks, with a handy list at the end to get their tech journeys started on the right foot.
Real estate is a famously relationship-oriented industry. One common fear real estate brokers and agents have is that technology will remove them from the equation, making their work more robotic and taking the human out of the equation. The result: mechanical workflows that lack the human touch that has always been so important.
The way we see it, this couldn’t be further from the truth.
A quality that many of the best agents share is the ability to systematize and streamline their work. The latest technological innovations do this on steroids and in ways that we couldn’t even imagine even just 5 years ago.
What do we mean by “the right technology?”
The right real estate tech will use human in the loop, which combines advances in machine intelligence with human intelligence (and expertise) to check, validate, and optimize the machine’s work. This means that the right tech will never exclude real estate agents, it will empower them. This means fewer tedious tasks and stronger, more human customer relationships.
Brokers would do well to assess where the latest advancements would add the most value at their real estate brokerages and try some new solutions. Even just the process of auditing their tech stacks can have a big impact on finding areas of improvement.
As we mentioned above, the right tech doesn’t impede real estate agents, it empowers them. Tech-focused brokerages are the way of the future and will have a much easier time recruiting and retaining top talent, which has always been both a challenge and a reward of running a successful real estate brokerage.
The right technology helps agents be more efficient, less stressed, and more productive. They can market more efficiently, support their clients better, and ultimately earn higher commission income. With all of these benefits powered by technology, agents are continuously looking for the brokerage that can provide the best suite of tools. It’s no wonder then that tech-forward brokerages like SERHANT. have grown so quickly and boast such enviable retention rates.
Every broker knows margins are thin and getting thinner. But there have never been so many ways to run more smoothly, cut unnecessary costs, and work smarter. Even just the process of exploring what those options are can provide a huge benefit. Imagine what else you can do when you find the right solutions to optimize your workflows!
Today, there are brokerage technology solutions for running every aspect of your business, from operations, HR, and accounting to marketing, lead generation, and transaction management from lead to close, completely in the cloud. Time-consuming and error-prone repetitive data entry is all but a thing of the past, thanks to powerful and versatile integrations between systems and the MLS. Some brokerages have even opted for nearly end-to-end brokerage management platforms that draw from a single database, virtually eliminating the need to work in multiple apps at once. The result: uniquely configured tech stacks that give you a competitive edge, helping you outperform your competition and put more of that commission income into your and your agents’ pockets.
There are lots of different ways brokers can add revenue—technology is just one of them. But technology can easily start feeling like just an expense, especially when you’re stuck using solutions that aren’t right for your brokerage.
The uncontested reality is that we’re hurtling toward a future filled with more technology, not less. Another factor is that the real estate industry has been notoriously slow to embrace new technology. The consensus at Inman Connect Las Vegas was clear: technology won’t replace us, but the real estate professionals who master it will own the future.
So, how do you know what tech investments are right for you today? Here’s a quick list of tips to get you started: