This article is the second installment in a series on effectively implementing new technology at the brokerage level. Read Part One of the series here.
Real estate broker/owners face increasingly tight margins, forcing many to tighten their belts and be more strategic about their investment decisions. But one thing in life is certain: change. And if your brokerage doesn’t adapt to change, you’re at risk of losing new business and agents to your competition.
If you’ve invested in new brokerage tech, you’ve likely made a significant investment in your business’s future and productivity. But imagine the following scenario: your ROI is lower than expected, or worse, you’re failing to see a return at all. It’s every broker/owner’s worst nightmare!
Thankfully, there are ways you can boost or accelerate your ROI when making tech investments:
It’s easy to be tempted by seductive sales pitches, but if you haven’t identified actual areas of improvement, your investment might not solve your problem, and it might even create new ones. You don’t necessarily need bells and whistles, but you do need a solution for your unique challenges. Find what they are and go from there.
You can’t get answers to questions you never ask. There might be a better workflow available with one solution versus another, but you won’t know if you don’t ask. While you’re shopping around, ask as many questions as you can, leaning on your team to cover all your bases. Your team is a wealth of knowledge on how things are executed in your office. Ask questions and use your critical thinking to identify areas of improvement.
If your team is brought into the decision-making process, they’ll feel included and more likely to accept and adopt the change. Acknowledge their concerns and listen to their ideas. After all, everyone wants their work to be easier. If you try forcing a solution that doesn’t actually solve any problems, your team will never use it. Return = zero.
If implementation hits a snag, delaying rollout for weeks or months, it will take far longer to see an ROI. Working with an experienced partner who sets the right expectations (and a realistic timeline) will help ensure your implementation is a success, saving time and money.
Upgrades and enhancements do not come free with many tech products. The average cost of upgrading your software over time is an important consideration you should factor in. Solutions that come with free upgrades and enhancements will allow you to see a higher ROI than ones requiring additional big spends year after year.
If you’re still slow in seeing ROI, don’t worry! Remember:
Making smart investments is key for any business to grow and thrive. By asking the right questions up front, involving your team, and working with the right partner, you can help maximize your ROI to ensure your investments pay off.