Unlocking growth potential means cultivating a positive mindset, embracing challenges, and approaching obstacles with resilience. This process is essential to building a thriving business. Real estate brokerage firms are increasingly utilizing technology to boost efficiency and improve the buying experience for their clients. Despite the industry’s reputation as a face-to-face, relationship-driven field, technology has become an indispensable brokerage tool.
Data Drives Growth
Data has become a cornerstone of many real estate businesses in recent years. But it’s not just the availability of information that matters; it’s what leaders do with that data to empower their sales organizations and cultivate a collaborative, data-driven culture. Data-driven companies experience above-market growth by leveraging five mutually reinforcing levers of value-based opportunity prioritization, frontline delivery, continuous learning, and knowledge-sharing.
Agents work closely with local builders, acting as a liaison to set expectations and mediate the inevitable learning curves. This helps him build brand recognition and market share for his brokerage.
Streamlined Processes
Business processes are a critical part of any company’s workflow. Streamlining these processes can help boost productivity by eliminating unnecessary steps leading to delays, mistakes, and inefficiencies.
The first step in streamlining a process is documenting how the process currently works from start to finish. This is necessary to ensure all stakeholders have a shared frame of reference. This is also an opportunity for everyone involved to provide frank feedback on improving the process.
It’s important to work with the people directly affected by the process to identify what needs improvement. This helps ensure that changes are implemented in a way that is best for the company and its employees. Otherwise, employees may resist future changes, which could negatively impact morale. In addition, the process must be simplified to be easy to execute. This will save valuable time that can be used on other tasks. Streamlining processes can reduce employee workload by reducing redundant and unnecessary tasks often handled manually.
Enhanced Customer Service
Providing exceptional customer service elevates builder satisfaction, establishes loyalty, and cultivates long-term partnerships. From accurate shipment tracking and communication to personalized services and tailored digital platforms, leveraging technology allows brokers to create engaging solutions, setting themselves apart from the competition.
Builders like New Home Star that embrace technology and adopt a consistent, comprehensive approach to managing all aspects of new home sales will be better positioned to capitalize on the rebound from COVID-19. Builders need to understand that the shift to leveraging technology in all facets of their business is permanent and that those who do not adapt will lose ground in today’s competitive marketplace.
A production builder must implement standardized processes to succeed and keep costs down. Implementing and maintaining these systems takes a lot of time, but it is well worth it.
Leverage the Power of Leverage
When used effectively, leverage can help achieve business goals that would otherwise be unattainable. This business strategy involves minimizing the effort required to accomplish a task while amplifying the outcome. This can be achieved through a variety of means, including technology.
Leverage is an important concept in real estate investing and can be applied to other business areas. It refers to using borrowed capital to increase potential profits and minimize personal risk when investing.
For example, an investor could purchase a property with a $100,000 down payment and borrow the rest of the money to finance it. This allows them to purchase a property worth $250,000 if they have the equity, and it would allow them to earn a return on investment of approximately 50%. However, this type of leverage comes with risks, so it is important to know the dangers before attempting this strategy.