The Shift in Real Estate Technology (Part 5)

This is the fifth installment of a six-part series from the WAV Group whitepaper.

Components and Benefits of Company Wide Enterprise Solutions
The components of a Broker Enterprise System will differ from vendor to vendor, but they do have things in common. They provide a common technology experience company wide and if needed, they can provide this experience across multiple MLSs.

From there, the features can include CRM and contact management tools, scheduling tools and custom branded report tools, as well as features like enhanced email, back office and marketing tools. Typically these systems offer broker and agent websites as well as integrated lead generation tools as well as customized CMAs and broker branded listing brochures that support all broker agents across all MLS markets.

There is a huge advantage having the same vendor offer web services, contact management and lead generation since a major part of the value proposition for these tools is in the analytics and tracking of data. Having one interface and vendor managing these tools makes perfect sense and creates a more "user friendly" environment for the agents.

Some enterprise systems even offer sophisticated transaction tools, including document management, forms and contract management and digital signatures. These systems are deep, powerful tools that can really set a real estate company apart.

Key benefits of enterprise solutions include:

• Control of brand across entire company
• A single interface to train agents on
• A single interface to support agents on
• Enhanced functionality under a single interface
• Data aggregation from multiple MLSs under a single interface
• Use of entire real estate company data through a single source
• Stronger lead generation and management
• Single CRM/Contact management interface across company
• Ability to deploy marketing campaigns on a single platform
• Ability to create branded presentations, forms, CMAs, brochures company wide
• Reduced data costs to manage feeds to websites, 3rd parties and other internal systems
• Strong recruiting and agent retention tool

Things To Consider With Any Implementation
Prudential California Realty understood what this type of a system implementation needed to look like before they began the process. They started training team leaders well in advance of implementation then did three, one hour and forty minute sessions for all the agents in the company. They started with a "why this is cool" presentation then did the training exercises. They evangelized!

This is a great example of something that many companies don't do well enough, and that is selling the "why" not just the "how". If agents really believe something is going to help them make money, and make their business lives easier, if they get excited about it, they will take the time to learn it. If not, you can provide all the training in the world and they won't use it. You need to get them "fired up" or the whole project will be a waste of time.

So if you are considering an enterprise level system, remember first you have to evangelize it. You have to build excitement and get buy-in from the agents. Then begin the actual training program. A key to remember is, "Chunk it down" and roll it out in small bites.

Prudential made a wise move by starting their training with Contact Management, because agents first need to load their farm and client base into the system. They pointed out that it is still a challenge for them to make sure the agents put their contacts into the system in a timely manner and you may as well assume you are going to have to remind them and encourage them on a regular basis.