How to Get the Most Out of Your Real Estate Tech

how-to-get-the-most-out-of-your-real-estate-tech
Sales and real estate technology has drastically improved over the past decade. Online platforms and software can help real estate agents automate hours worth of manual activities.

For example, agents can set up triggered (but personalized) email campaigns and receive automatic follow-up reminders. These tools can also help agents find new leads. Tools like customer relationship management (CRM) systems and lead generation software are now agents’ best friends. They help keep you organized, cut down on manual processes, and store valuable contact information. 

Joanna Harrison gives an example of a statistic that you can get out of an all-in-one platform like BoomTown:

BoomTown users that are in the top 10% of Vitals Scores touch leads at least 12 times. Those users also have 2x more annual production volume than those than score in the 50th percentile and below. 

In other words, agents who reach out frequently are also those agents who are most successful in real estate. No surprise there – but it’s nice to see hard data to back it up.

Real estate agents only get as much as they’re willing to put into their technology. This means that you’ll have to spend a little time learning how to use the new piece of tech. Updating your lead information on a regular basis is also important. And above all, pay attention to the notifications the software sends you. In other words, if you buy an expensive piece of software and then don’t use it—you might as well throw your money away. 

Along with getting your money’s worth, taking full advantage of the software can benefit your bottom line too. So many businesses (both real estate and non-real estate) miss out on valuable opportunities by passing over leads. Based on research from SiriusDecisions, “80% of prospects are deemed “bad leads” by sales teams, yet still go on to purchase within 24 months.” 

CRM, lead generation, and all-in-one platforms can help agents build better habits when it comes to nurturing leads. Even if a contact isn’t ready to engage with you right now, continued follow-up with them may lead to a sale in the long-run. 

This is exactly what Jimmy Burgess, Chief Growth Officer for Berkshire Hathaway HomeServices Beach Properties of Florida, has experienced: 

“With BoomTown we’re continuously following up with people. What we’re seeing is that our ROI may be solid in the beginning but it gets really good as the system’s used more. The system does the work for us and people begin to show back up that maybe haven’t been on the site in months.” 

Taking full advantage of your real estate tech is especially important if your brokerage provides you with software. Most tools involve a small learning curve at first, but if you take the time to set up each of your tools properly it will be worth it. 

 

How Much Do Real Estate Agents Spend on Technology?

Even though these tools aren’t always cheap, they’re worth the investment if you put in the work. So, if you invest in a tool but then don’t use it, you’re essentially throwing money away. 

But as a new agent, how much should you be spending on these software tools anyways? 

According to the NAR’s 2018 Technology Survey, about 2 out of 5 real estate agents spend over $1,000 on real estate technology per year. A large portion of respondents (39%) spent between $251 – $1,000 per year. So budget at least a few hundred dollars per year to spend on real estate software. 

NAR 2018 technology spending survey graph | AgentAdvice.com

 

 

Which Real Estate Tools Should You Invest In? 

There are tons of different technology tools agents can use to make their job easier. Many of them help to automate routine or manual processes. Others help with organization, enable electronic document signing, and provide agents with high-value leads. 

There are a few basic pieces of real estate software that most agents and brokerages are already using. These include: 

  • eSignature software
  • document creation and collaboration 
  • document management and storage system 
  • local MLS website 
  • IDX website or listing portal

The NAR’s 2018 Technology Survey found that real estate agents identified local MLS websites/apps as the most valuable tool they used. 64% of respondents listed MLS websites as their most valued piece of business technology. 

Document editing (19%) and document storage (18%) were also among the top five most valued business tools by real estate agents. 

Before investing in more real estate technology, make sure you have your bases covered with these essential software tools first! The next level of real estate technology is where the real time saving and money making happens. 

This set of technology tools helps you save time by taking care of tasks that you could have spent hours on yourself. They can also help you bring in more business and increase your chances of making a sale. The main three tools that help agents achieve this are: 

  • customer relationship management (CRM) software
  • lead generation tools 
  • all-in-one real estate platforms

 

What Can These Tools Do For Your Business? 

Reaching Customers - On-line - Customer Relationship Management

CRM software provides users with a central database for storing and managing contact information. This type of software is not only used by real estate agents but by sales and marketing professionals across industries. But some CRMs are designed for the real estate industry. For example, Zillow Premier Agent CRM, FollowUp Boss, and LionDesk are all CRMs tailored to the real estate industry. 

Beyond contact data management and storage, real estate CRMs help agents:

  • schedule appointments,
  • nurture leads with email campaigns,
  • make sales calls from within the CRM platform.

Many products also allow agents to set up triggered reminders and notifications. These help make sure you don’t miss out on an opportunity to follow up with a lead. 

The main benefits of a CRM platform are time and money savings, increased efficiency, and increased organization of information. All this adds up to greater success for you. If you’re still wondering whether you should invest in CRM software, check out AgentAdvice.com’s article on this topic. 

Lead generation tools can help you take a very time-intensive and manual process (say hello to cold calling) and automate it. Agents can spend hours sending emails and making phone calls only to get a few positive responses. This is especially true for new agents that don’t have a large network yet. 

Lead generation tools take care of the first part of the outreach process by providing you with contact information for new leads. But don’t forget to reach out to them! Some examples of lead generation tools ideal for real estate agents include YLOPO and BoldLeads. Learn more about the best lead generation tools for real estate agents on AgentAdvice.com. 

 

Point Solution vs. All-In-One

Real estate agents that are using either a CRM or lead generation tool receive giant time and money savings. Yet, the benefits these tools provide for agents are even greater when they’re used together. 

All-in-one real estate platforms are ideal for agents that know they need both CRM and lead generation capabilities. These tools are incredibly powerful and can automate and integrate many parts of your real estate business. 

All-in-one platforms like BoomTown and Firepoint usually include these capabilities: 

  • CRM system
  • Email marketing 
  • IDX website and MLS integration
  • Sales dialer
  • Reporting and analytics dashboards

These real estate tools can provide agents with enormous benefits. However, one key to getting the most out of your investment is making sure you’re taking full advantage of all the software has to offer.