Leveraging Technology in Real Estate IndustryJul 18, 2023
No doubt you have heard the story of The Tortoise and The Hare. But have you ever pondered the lesson of that story, and how it pertains to realtors?
Who are you, The Tortoise or the Hare? Did you start out as one and then morph into another?
I identify the tortoise now, but it was not always that way. In the beginning, I would run crazy with every lead I could. Saturdays, Sundays, 7:00 am, 8:00 pm, it did not matter. I ran with them all. I took calls at 9:30 pm and answered emails at midnight.
But all of that comes at a price. I paid that price, and if I could go back and change that decision, I would. When I see agents now saying "I negotiated a deal at midnight" with pride, I actually get a chill up my spine. It brings back many horrific memories of a time gone by.
At the end of it all, sure I made a ton of money. But man I was totally burnt out. I remember being at my daughter's dance recital and walking out to take a call. I also remember being at my son's basketball game stepping out to answer to talk to a new lead. I will never get those memories back with them, and I can’t even tell you if I converted those calls into sales, that is how important and impactful they were.
Like the Hare, I was beaten, tired, and miserable. With the help of my coach, I developed a plan that would change me from the Hare into the Tortoise. And since you know the story, you know who wins, right?
Over the next several months, I started to leave my phone in the car during family events. And even though the first thing I did after the event was check my phone when I got in the car, it was a step in the right direction. The funny thing is, even though I didn't have my phone with me, I never lost any business. Everybody still replied or answered when I returned their call.
The next thing I did was shut off my phone at 7:00 pm - NO MATTER WHAT. I created a message that said I would return calls at 9 am. People respected it. I can’t say that I can identify any real estate transactions that I missed out on as a result. And if I did miss a sale because I was with my family, then it probably wasn't anyone I wanted to work with anyway.
Next, I started to focus all of my energy on listings. Focusing energy on listings creates a level of control, and control is freedom. Having buyers call and make me jump through hoops was not my idea of a good time. It always seemed that, at 4:00 pm on a Friday, when I had no appointments and planned to spend some time with my family, someone would inevitably call and HAVE TO see a property THAT NIGHT.
By focusing my energy on sellers, I was able to control when our appointment was. I was able to put systems in place to ensure they were staying abreast of the situation. I was able to leverage services to schedule showings and chase feedback, which took a huge workload off of my shoulders.
I was not dependent on or held hostage by the large, expensive lead generation companies. If someone called me on my listing, then it was a buyer in the price range I wanted to work with. This allowed me to regain control over my time, my business, and my life.
Next, I focused heavily on the management level of my business. This is the level that creates business plans, goals, and action plans. I was now armed with exactly how many calls I needed to make, how many appointments I needed, and so on. I just had to execute the plan and track it.
All of this allowed me to stay laser-focused and enter a high-yield zone. I only did high-yield activities. When you focus on high-yield activities, you create high-yield income. I was working less and there was less stress in my life, yet my income stayed the same. I was spending more time with my family, yet I was still able to arrange my schedule and conduct business as needed.
I say all this as a caution to agents that are running crazy and being taken advantage of or basically abused by buyers. Take back control; build your business where YOU are in the driver's seat.
Build Your Real Estate Business by Working Smarter
Note: There is a really good blog we published called Focus and Grow Your Business as a Realtor, if you need a jump start this might be a good option to read after this one.
When I was building my business, the real estate landscape was totally different. In fact, the big Z did not even exist. (Oh boy I feel like a relic now.) Now, there are several companies and systems that can actually automate a large portion of your business. This can help control the clients and response time, which can help combat the dreaded burnout that so many of us face. Technological advances in recent years have dramatically increased our capacity for productivity. We can now leverage technology to save time and money, which helps real estate professionals be more like the Hare. Slow, steady, persistent efforts can bring about big wins.
As a real estate agent, leveraging technology can help you save time and improve your efficiency. Here are some ways that new technologies can help you achieve that:
1. Use Real Estate-Specific Software
Invest in real estate software that can streamline your day-to-day tasks. Look for platforms that offer features like contact management, transaction management, document storage, and automated workflows. These tools can save you time by centralizing your data, automating processes, and reducing administrative work.
2. Utilize Online Scheduling Tools
Instead of going back and forth to schedule appointments, use online scheduling tools like Calendly or Google Calendar. These tools allow clients to view your availability and book appointments directly, saving you time and avoiding scheduling conflicts.
3. Use Mobile Apps
Take advantage of mobile apps designed for real estate agents. These apps allow you to access property information, update listings, communicate with clients, and manage tasks while on the go. Having essential information and tools readily available on your mobile device can save you time and improve your responsiveness.
4. Automate Email and Communication
Use email templates and automated responses for common inquiries, such as property information requests or appointment confirmations. This can save you time by eliminating the need to write repetitive emails from scratch. Additionally, consider using chatbots or AI-powered messaging tools to handle basic inquiries and provide information 24/7.
5. Implement Electronic Signatures
Use electronic signature tools like DocuSign or HelloSign to streamline the signing process. This allows you and your clients to sign documents digitally, eliminating the need for printing, scanning, and faxing. It saves time and accelerates the transaction process.
6. Explore Virtual Meeting Tools
Instead of spending time traveling to meet clients or colleagues, leverage video conferencing tools like Zoom or Microsoft Teams. Conduct virtual meetings, property walkthroughs, or consultations remotely, reducing travel time and increasing your availability.
7. Utilize Cloud Storage and Collaboration Tools
Store your documents, contracts, and client files on cloud storage platforms like Google Drive or Dropbox. This ensures easy access to important information from anywhere, eliminates the need for physical files, and allows for real-time collaboration with team members or clients.
8. Leverage Social Media and Online Marketing
Use social media platforms and online marketing strategies to reach a broader audience. Promote your listings, share market updates, and engage with potential clients online. Tools like Buffer or Hootsuite can help you schedule and automate your social media posts, saving you time.
9. Stay Informed with Market Analytics Tools
Utilize real estate market analytics platforms to gain insights into market trends, property values, and demographics. These tools can provide you with valuable information, enabling you to make informed decisions and stay ahead of the competition.
By embracing technology and utilizing these strategies, you can save time, streamline your processes, and focus on the most critical aspects of your real estate business.
I would suggest you become the Tortoise of Technology. You will then become unstoppable and live your wildest dreams.
Till next time,
To learn more visit https://www.theevolutionmediagroup.com