The real estate transaction process may not be drastically different from what it was 10 to 15 years ago, but the way real estate agents conduct their day-to-day business, advertise, communicate with clients and manage real estate transactions has changed dramatically. There are so many tools at our disposal that it can be dizzying for a new or experienced agent, tech-savvy or not.
It is important to be aware of new trends in technology so we can stay relevant to our clients, reach out to a wider possible audience and practice our business in the most effective and efficient way possible. There are several choices that real estate agents need to make, beginning with what type of platform they choose for their computer and handheld devices, what processes to automate and where to invest their money and time.
In making these choices agents usually look at cost, learning curve, ease of use, effort to maintain, as well as security of their own data and their client’s data.
Today’s consumer expects immediacy, transparency, competency and subject matter expertise – not just in the real estate industry in general, but in the specific local market, as well as the latest digital marketing tools. We must take advantage of the efficiencies that technology creates for us and for our clients.
Integrating Technology
At Coldwell Banker Residential Brokerage in New England, we help agents integrate technology into their everyday business, always with a focus on how to best service their clients and grow their business.
Coldwell Banker Residential Brokerage President Pat Villani has a deep belief in investing in the professional development of our sales associates through educational programs and by offering agents relevant technology tools to help them grow their business at their own pace.
To stay relevant and grow as a real estate professional, agents must embrace technology through all of the major components of their business:
Education: Agents can take advantage of classroom-based, as well as online learning programs that can expand and enrich their knowledge. My advice to agents who feel intimidated by the amount there is to learn, is: Start small. Look at what elements of your business could be simplified and where you could use technology to free up time that you could better use generating business. At Coldwell Banker Residential Brokerage, for example, in addition to classroom and web-based learning, we offer one-to-one technology coaching to help new agents take advantage of all our technology at their own pace. We invest not just in teaching agents about technology, but in providing the tools agents need to grow, run and manage their business in today’s environment, saving them time and money.
Marketing: Another must for real estate agents is marketing through a robust company-run and agent-run website that uses an integrated Internet marketing strategy to reach the widest possible audience. Websites might be free to consumers, but making sure that your website is visited takes substantial time and financial investment. This is important not just from a personal promotion perspective, but also for promoting client listings. At Coldwell Banker Residential Brokerage, we have a technology and eMarketing team working on search engine optimization and creating strategic online partnerships to keep our website as the most visited website in the market.
Streaming videos: Professionally filmed streaming videos are also valuable for property marketing, instead of simple panoramic still shots that are set to motion. The name of the game is differentiating yourself as an agent and your client’s property from others.
Results-Oriented
In addition to investing in a digital marketing strategy, you also need tools to measure the results of your marketing efforts. Coldwell Banker Residential Brokerage has a reporting system that tracks Internet traffic to our listings across our vast e-marketing platform. This allows agents to keep their clients informed about the exposure their property is receiving throughout the listing period on our primary company and partner sites.
It’s also important to educate consumers and show our mastery of the market. Access to market-specific reports and newsletters that can educate the consumer in all the key indicators of the market is key. Coldwell Banker Residential Brokerage provides such reports. They are extremely important in allowing the agent to master their marketplace and demonstrate subject matter expertise when speaking with consumers, regardless of years in the business.
An effective contact management system is also critical. The Coldwell Banker contact management system not only allows agents to create action and follow-up plans for their contact database, but serves as a rapid response system to service online inquiries that result from our Internet strategy. Coldwell Banker has a sophisticated system that allows any online inquiry an agent receives to be converted to a voice message that calls their cell phone within seconds, allowing them to be the first to respond to the online consumer. This is important because NAR statistics show that consumers work with the first agent to respond back to them from an online inquiry.
Transaction Management
Today’s transaction is becoming increasingly mobile. Access to an online library of forms has become a fundamental of doing business. Coldwell Banker Residential Brokerage provides a library of real estate forms and specialized legal forms. Our agents also have the ability to merge their online forms database with a secure e-signature platform like DocuSign, allowing seamless, secure and immediate execution of contracts.
Taking hold in the industry is the idea of online transaction management. When considering which product to use, security of agent and client data is of outmost importance.
Coldwell Banker Residential Brokerage provides agents and clients with a secure, dedicated system for transaction management. This system allows the agent and client to access and store documents pertinent to the real estate transaction during their work together and beyond. Clients can continue using their online file as a secure dedicated storage for any documents pertaining to their home after the transaction has closed. Their agent is just a click away, should the consumer ever have any questions.
To summarize: Identify your critical business processes and affiliate yourself with the tools and resources that can best help you expand your business as a real estate professional and differentiate yourself and your client’s listings.
Angela Stamoulos is education director of Coldwell Banker Residential Brokerage in New England. Email: Angela.Stamoulos@NEMoves.com.
