It’s one thing to learn the latest the listing, selling, negotiating and managing techniques from influencers. But it’s a whole different thing putting those techniques into practice in your real estate agency. We explore how you can use technology to bridge the gap.
Analysing the fundamentals
Perhaps the most important part of any successful business, including any successful real estate agency, is to map out where you want to be and then measure and evaluate how you’re performing.
In other words, a good agency analyses all the data they have: from the number of prospects they bring in to the number of listings they convert and from the average days on market to the average price achieved. That way they can spot trends and patterns, evaluate what’s working and what’s not and continually refine and develop their focus, tactics and techniques.
Doing this in any detail was once a time-consuming, painstaking task that took agents away from what they do best. But now technology allows them to both harness and analyse all of this data instantly. That means as an agent you can now see how you’re tracking at every single point in time so that you always stay ahead of the game.
Measuring employee performance
As many influencers have noted, the best agencies tend to have the best performing employees. So it’s not just the business performance that should get measured but also the performance of each team member. That means having constant data on how each salesperson and property manager is performing against their KPIs. That way the stars can be identified and encouraged, different skills and strengths can be uncovered, people can be placed on the tasks they’re performing best at, and any deficiencies can be pinpointed and corrected. The result should be a higher-performing and more dynamic team.
Streamlining your processes
Influencers will also tell you that the best performing agencies usually also have the best processes. Information is easy-to-find, communication is strong and people understand what’s expected of them and what they need to do to get a new listing, close a sale or stay on top of their book. That means workflow management, data management, scheduling and appointments, prospecting and communication are integrated and seamless, informing each other and being updated in real-time. Again, this is something only technology can do.
Knowing who to call (and why and when)
One thing influencers observe is that successful real estate agents don’t just work the phone; they work them effectively. More than anything that means knowing who to call, when to call and why to call them. After all, if you’re consistently calling browsers or dead leads, you’re using up time that could be spent speaking with potential buyers or sellers. By combining accurate data on where people are at in their property journey with automated triggers on when to call, technology can help you increase your strike rate. That’s because you’ll reduce the number of wasted calls while increasing the number of relevant and productive ones.
Building long-term relationships
Despite all the changes and disruption, influencers continually point out that real estate is and always will be a relationship-based business. Being a successful agent means having a contact book full of genuinely interested buyers and sellers – people who respected your opinion and see you as a trusted adviser on the property market. While technology will never take that away, it can make building these relationships much, much easier.
For instance, never before has it been so easy to stay in touch with people you come across in a non-intrusive way, by sending useful and relevant content. Technology even lets you track who’s interested so that you know who’s engaged and who to follow up with.
Agentbox lets you put in practice each of these learnings and more, bringing all your lead capturing, prospecting and sales and marketing together and then powering them with the data that underpins your business. In doing so, it uses the latest technology to provide a holistic platform for running your agency and making sure you can adhere to the latest best practices with less effort and greater accuracy.
The result is that it’s never been easier to build a high performing and profitable real estate business than right now.