Technology has transcended the “disruptor” moniker to become an emphatic demand from clients.
The real estate industry is replete with companies that have sought to answer consumers’ long-unheeded demands for the simplicity technology succours. Brokerages have myriad options from which to choose, and that makes choosing wisely all the more imperative.
Christine Sugimoto, senior product marketing manager at DocuSign, notes that foundational pieces of technology can often be the difference between a one-off transaction and a client for life.
“The foundation of a technology platform categorized as a system of record, which depending on the organization can be a customer relationship management (CRM) system or an enterprise resource planning (ERP) system,” she said. “Building upon these foundational pieces of technology enables brokerages to drive better client experiences with agreement systems like DocuSign’s eSignature platform, and transaction management systems like DocuSign Rooms for Real Estate.”
Some factors to consider when choosing foundational pieces of technology are ease of integration with an open API, and specifically whether or not they plug into legacy systems; balancing the cost with the needs of the brokerage; level of data ownership, because some prospective vendors mine data and, in effect, impinge upon privacy. Many digital business models sell data to third parties, and that’s sure to draw clients’ ire.
Ease of use ultimately matters most to clients, and Sugimoto warns that failure to deliver on this contingency can often be a deal-breaker.
“For brokerages to get started, you will need to look at what the office processes are,” said Sugimoto. “Then a website or marketing automation system is a priority. If there more transactions being conducted than the administrative staff can handle, then it might be a priority to get a transaction management solution.”
Upon completion, brokerages can expect to enjoy the fruits of visibility, not to mention simplified, automated paperwork that remains within compliance parameters. Brokerages will grow their bottom lines by closing deals faster and keeping clients in their pipelines.
“Understanding your office processes are the key first step to obtaining time-saving efficiencies,” advises Sugimoto. “Map out your office processes and decide on the client experience you want to deliver to discover where you can better design processes to save your agents time.”
Here’s how you can leverage technology to disrupt the industry.