The real estate industry caters to independent strategies. For every investor, there are several real estate strategies they each use to go about conducting their business. Some may prefer to utilize the convenience of technology while others want to maintain personal relationships. However, for one reason or another, there remains a void between these two independent strategies. Smart investors will figure out how to incorporate technology into their business while simultaneously maintaining the personal relationships that they have worked so hard to create. Others will need to learn this before it is too late. Using the latest technology, in association with establishing lasting relationships, can go a long way in making a business successful.
Programmers, and the venture capitalists backing them, certainly want the real estate industry to be run through advancements in technology. At the same time, a number of the leading industry minds, and young entrepreneurs are dismissing technology as just another tool. So which real estate strategies will prevail over the next decade? The early adopters riding the next wave of technology? Or those taking customer relationships seriously? Perhaps both?
Technology is great. It can make life and business a lot easier, and more profitable for real estate agents, investors, and the companies they work for. However, some entrepreneurial thought leaders and real estate commentators are increasingly highlighting the benefits of offline, and personal connections.
It all comes down to what is best for business and enabling real estate professionals to stay in alignment with the things they really care about. Efficiency from technology is great. It gets even better when it improves service for home buyers, sellers, and renters. Done right, integrated technology can make management easier, facilitate business growth, ensure sustainability and long-term competitiveness, and significantly drive up ROI and profits.
Still, it shouldn’t be a replacement for real interaction and service. Unless this is kept at the forefront of the mind, short-term gains will be just that – short term. Winning customers could become far more expensive, and those with the strongest relationships will be those that retain customers and benefit from their referrals.
With this in mind, some real estate professionals and companies have been taking another look at brick and mortar storefronts. However, they are also taking the time to build real relationships. These are all good things. But, unless the same care and attention to caring for customer needs, and wowing them with great service is maintained at all levels of an organization, it may not make much difference. In fact, you might be better off with just a website, instead of allowing poor customer service reps destroy your reputation, and brand.
The latest technology has been helping to blur the lines between offline and online. Perhaps this is the best strategy for real estate companies. Meet each client where they are and interact across multiple channels for efficiency, while still providing tailored, but high-quality service.
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