By Michele Lerner
Technology is supposed to make things easier, but it doesn’t always do that, says Rob Cox, a Realtor® with Long & Foster Real Estate in Reston.
“It’s easy to get oversold on technology, but the best technology is only the technology that you’ll actually use,” says Cox. “If it’s too complicated or you won’t use it, it doesn’t matter.”
Before the spring real estate market heats up, you may want to set aside some time to evaluate your technology in the context of your budget and your business.
“Agents often look for a magic bullet, something they can buy that will make them more money,” says Victoria Baker, a Realtor® with Coldwell Banker Realty in Reston. “But the truth is that the best way to be successful is to connect on a personal level with your clients, communicate with them and stay in touch.”
Many agents don’t realize how many tools they’re already paying for with their brokerage fees and dues to NVAR, VAR and NVAR, says Cox. He recommends using the website your brokerage provides and the tools provided by the association before investing in additional technology.
“Technology, including things like ShowingTime, make it possible to work with more buyers,” says Arshia Kia, a Realtor® with Kia Real Estate of Keller Williams Realty in Arlington. “Last year, I showed 30 properties to three different buyers and wrote three offers – all on the same day. That wouldn’t be possible without excellent transaction management software.”
Tech that works for agents
Whether it costs money or just requires an investment of time, some of the tech tools deemed essential by agents include:
- Remine. With inventory extremely low, Baker uses Remine from Bright MLS to track properties and reach out to potential sellers with a letter or card to see if they may want to sell.
- CRM. Every agent needs a Customer Relationship Management system, says Cox, but he says a basic one provided by your brokerage that functions to connect you with your clients is fine.
- Text scheduling. Baker uses her Android phone to schedule texts to be sent to clients to check in on their dog, send a message about their favorite football team or any other topic to stay in touch. “This costs me nothing and is the most effective tool I have for letting clients know I’m thinking about them,” she says.
- Docs+. A variety of document signing software packages are available. Kia says the Docs+ system provided by NVAR as a member benefit works best, although he uses a system from his brokerage for non-Virginia transactions.
- Public profiles. Baker recommends updating your profile on Realtor.com and your brokerage site for extra exposure to clients. Kia also recommends using the same photo and logo across all social media platforms for consistency.
- Digital media. Raffaelli pays for three services that he says help him stay relevant and garner attention for his business. BackAtYou media does automatic social media posts that help him stay in touch with existing clients, while Stay Ahead Real Estate Marketing provides branded information that generates new leads. He uses Changeover Media to create custom websites for listings that work for current clients and are part of his listing presentations for new clients.
Tech that wastes time or money
Realtors® are bombarded with sales pitches about technology, so it can be easy to overspend on things that seem as if they could be worthwhile.
“Avoid any company that wants to keep your credit card on file because that means they plan to continually try to sell your more products that you can probably live without,” says Cox.
Among the technology that some agents say doesn’t provide a positive return on investment is:
- Lead generation services. Baker says she paid $100 per month and only got one transaction out of it.
“Avoid spending money on lead gen until you understand the quality of the leads and what it takes to convert those leads,” says Cox.
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Expensive websites. A website is like a digital business card, says Raffaelli, so a basic inexpensive website or one provided by your brokerage is fine.
- Automated social media posts. Paying $50 or more per month doesn’t make sense if you can discipline yourself to post regularly, says Baker.
- Service to find email addresses and phone numbers. Free services are available to find this information.
Tech audit tips
Of course, what works for one agent may not work for another. Some think spending money on social media is worthwhile, while others don’t. What’s important is to determine the technology that works best for you and your clients.
BoomTown, a real estate marketing software and tech company, recommends doing a SWOT (strengths, weaknesses, opportunities and threats) analysis of every tech tool or service you use to reevaluate what’s worth spending money on and what you may want to eliminate from your business. Some tips from agents about how to do an annual tech audit include:
- Analyze every transaction from the previous year to determine where the client came from and the costs related to that transaction.
- Go through your business expenses, especially those recurring monthly fees for services, to evaluate what you really use.
- Review all your spending to determine if it brought in a new client, brought value to your existing clients or added to your reputation as a trusted advisor.
- Establish an annual tech budget of the proceeds from one or two transactions or a specific dollar amount, then divide that by 12 to make sure you have money to spend all year.
Discover more technology tips, classes and resources at NVAR.com/techportal.
Michele Lerner, a freelance writer based in the Washington, D.C. area, has been writing about real estate and personal finance for more than 20 years.