August 9, 2021
If you ask an agent, they usually have a colorful story or a strong opinion about how technology has affected their business. “Cutting-edge” technology has been a standard recruiting lure for franchises in the housing industry for over 10+ years. Why? To keep up with the demand agents require from the brands they associate their livelihoods with. The difficulty is not using tech but discovering the right balance of tech tools to increase efficiency and better experiences for consumers.
The National Association of Realtors conducts a membership survey each year to track trends inside the career path. Data collected in 2020 states that the average agent is around 54 years old, meaning they are the oldest of the Gen-X generation and the youngest of the boomers. The relationship between these generations and technology has been one of adoption and trying to keep up with new tech as it’s introduced. Analog formats are surrounded by nostalgia from less complicated times, but in reality, was it? Consider the card catalog at the library. Typing, searching, cataloging, and organizing tiny cards that could be easily misplaced, damaged, or re-ordered. The fate of your research paper was in the hands of your peers and the librarian. Analog leaves much to chance and requires physical management that new technology looks to relieve.
– How Agents Use Technology, National Association of Realtors 2020 Survey.
So does that mean that agents are against technology? No. One study found that since 2012 Gen-X and Boomers are joining social media platforms and trying new forms of tech at a very high rate! The common link? They expect that if they take the time, energy, and expense of adapting the tech, it will be easy to use and show measurable results or increase pleasure in their lives. They also recognize that “consumer first” experiences and a hospitality approach inside their transactions will yield more referrals and they seek that out in the technology they choose to use in their business.
One of the most significant complaints in the real estate industry is finding time to keep up with, learn and maintain the technology they need in their business to stay competitive for today’s younger consumers. Agents know that using smart tech can help them win more clients and help their customers navigate their offers with more confidence. Information is power.
Forbe’s found that there were many reasons consumers stopped using tech. The biggest reason? The tech failed to solve the problem they needed to solve. One of the most common problems? Communication and organization within transactions. Marketing and lead generation technology seems to be the overwhelming favorite amongst agents. Still, when it comes to tools that can do the heavy lifting of transaction management, there are few star players that agents and their teams use consistently.
Top producing agents know to stick with tools that are easy to use and that promote customer service. In the hot seller’s market that is burning across the nation, marketing is taking a back seat to make sure that the property can get to closing on time without any further distress to fatigued clients. Consumers want access to what is happening on their personal transactions at the tips of their fingers. They are frustrated with slow responses and from the lack of a fully automated digital experience.
Technology is not just about using electronics to stay current but to design systems to improve the organic flow of your business practice. Agents who understand that tech is a tool they can leverage to impress their clients will be rewarded with a deeper connection to their database. In 2020 the National Association of Realtors surveyed consumers and 91% said they would use their real estate agent a second time. Agents who stay connected to their clients on a regular basis have an incredibly good chance of generating repeat business.
Reti360 is different from other tech systems of the past because it has been designed around several fundamental problems that stand out in transaction management. The first? It is intended for consumers, agents, and all participants to the transaction. Consumers love it because if they wish to initiate the process, the tool is ready to go and organized and creates accountability. The heart of Reti360 is that it is a central place to manage communication and expectations and that builds immediate results of efficiency. Many Reti360 users report an improvement of 20-40% of efficiency after using the system.
Reti360 is an inclusive way to organize a transaction, and in using it, it builds a connection of the community of service providers who make the magic happen behind the scenes. Security is top of mind, and this platform will add an extra layer of protection for all participants. Email fraud inside real estate closings is a severe issue, and many consumers and other housing industry service providers can fall victim to these predators.
Agents will appreciate one central location for communication and tasks and have one less worry that miscommunication could be the source of a closing delay. Finally, vendors love it because the tool at it’s core offers an integrated workflow. The workflow shows the status and the required timing of their tasks and relieves liability from their contribution to the transaction.. Agents can offer Reti360 free to their clients and trusted service providers, Reti360 is not franchise-specific, not license-specific, and allows them to build a place that removes the barriers of traditional digital products exclusive to certain sides of the real estate transaction.
Market conditions continue to create new challenges for real estate agents and the consumers they serve. Needs will evolve and change, and savvy agents know that the analog and manual systems they have used in the past may not work in the future. One critical part of business development and customer service management is to be willing to seek out new technology that continues to improve the experience for the consumer. Keep communication open and flowing and remove barriers that can potentially raise anxiety. Be willing to try new systems and adopt new technologies to win back more hours of the day.
Ready to demo Reti360? Sign up for your free demo and learn more about how our team is prepared to help you reach your transaction goals for 2021 and beyond. Powered by industry experts, Reti360 simplifies the consumers’ contract-through-closing journey and offers real estate agents and service providers comprehensive features to save time and close more deals. Our hardworking team is committed to providing a stress-free and secure closing experience for everyone.