Rebuilding The Real Estate Enterprise
March 10, 2016
Stay Ahead of Your Competition
Real estate software is changing fast. Legacy systems are being retired and replaced with flexible, interchangeable solutions that brokers, agents, and teams can use to seamlessly operate their businesses.
The themes in this new world are – interoperability, customization, and control. In the 2016 Swanepoel Trends Report, we delve deeper and analyze which new innovative products you should be using to remake and rebuild the real estate’s enterprise.
Below is a synopsis of five areas of technology where significant new capabilities present opportunity:
Reconstituting The Transaction
While the industry has generally approached forms, signatures, and transaction management as freestanding “applications” to be used at specific points during the home buying process, the concept of a totally integrated online transaction is significantly and considerably more powerful. Such a system merges identity verification, workflow, and notifications in one smooth, seamless platform, giving all parties in a transaction alerts and access when needed.
Changes to the closing process mandated by the TILA-RESPA Integrated Disclosure (TRID) and the Consumer Financial Protection Bureau (CFPB) hint at future needs for a standardized and fully integrated process that is transparent to the customer, and technology that makes this possible is now coming to market. A number of companies are working to produce the platforms of the future, including Docusign, Instanet Solutions, Dotloop, and ZipLogix.
Solving the User-Password Problem for Brokers and Agents
Most real estate practitioners utilize dozens of services and websites in their day-to-day life and depend on a combination of password tools, browser auto-form-fill programs, and rote memory to keep it all running. This complexity takes on an entirely different dimension for those running a brokerage that provides tools for its agents.
One login is part of the solution, but brokers must also give control to various team members and assign and remove access for others along the way. In industry providers such as Clareity Security have provided MLS dashboards that are now becoming accessible for brokers, and non-industry systems such as OneLogin have tool kits that make it possible to provide a single, unified experience for agents within brokerages. Even franchises are getting into the mix, for example, the Realogy ZapStore.
Integrating Advertising, Analytics and Automation
As brokerages and teams adopt Internet lead-generation to grow sales and increase profitability, they will use advertising platforms, analytics, and automation to efficiently process those leads.
Companies outside of real estate with prominent online businesses spend millions of dollars ensuring that their advertising, Web, and marketing-automation platforms work together seamlessly. These integrations allow them to easily distribute data from one system to another, generating a more efficient and intelligent use of their data, allowing them to track customers online and advertise to the right people at the right time.
Zapier and services like If-This-Then-That (IFTTT) have made it possible to “plug and play” with advertising, marketing, and online tools. New companies like Segment are providing complete platforms that make it possible to manage advertising and digital automation across platforms. This brings down the cost of having an end-to-end solution for the customer’s online experience.
Answering the Who-To-Contact – Today Challenge
Many companies have made significant investments in generating leads and have databases of potential, untapped business. Predictive technologies are becoming more prevalent to help agents and brokers solve this problem. Property search and lead generation vendors like Commissions Inc, BoomTown and Real Estate Webmasters have made strides in lead scoring, and new entrant BryteCore looks to provide a standardized scoring mechanism for industry vendors based on machine learning. Determining which consumer is most likely to transact is a challenge that is getting real traction.
Putting Business Intelligence to Work
Ideally, everyone running a mature business has a dashboard that shows them exactly where they are with respect to their business plan. But delivering this is a significant challenge in real estate, due to disparate data sets and the technical limitations of many firms. Successful real estate companies are now making use of enterprise reporting to gauge the performance of their offices and marketing efforts, and to track key business metrics concerning growth and production.
Products such as Tableau, Microsoft BI, and Sisense are being applied by some of the largest firms to enable them to track and measure success, as well as, detect where they have opportunities to take market share or improve the operation of their offices. Read how Keller Williams uses business intelligence in an earlier T3 Navigator, KW Gets Competitive with Reporting.
Get significant more detail about all the exciting changes in real estate by getting your own a copy of the 2016 Swanepoel Trends Report.
The Swanepoel T3 Group
The Swanepoel T3 Group provides CEOs, business leaders, association and MLS executives, brokers and high performance teams the knowledge, best practices and support to reshape their businesses.
We are the publishers of the annual Swanepoel Trends Report, the SP200, and the T3 Tech Guide and hosts of the T3 Summit, T3 Experts and T3 Fellows programs.
T3Sixty, our management-consulting arm, has a team of professionals to help you define the likely disruptors, identify the challenges, locate the right opportunities, and create the best road map to success.
Rob Hahn, Jack Miller, Bernice Ross
Matt Cohen, Leslie Ebersole, Jared Conaway, Sam DeBord