The Shift in Real Estate Technology (Part 6)

Other Vendor Examples
Examples of this technology shift we have been discussing are everywhere. Vendors like WolfNet, NetAspects and Birdview offer products today that have expanded well beyond their initial area of focus. We are seeing web product developers moving into CRM and lead generation and back office systems moving into web services as detailed in our paper "Brokerage Real Estate Technology - An Industry Needing Backbone". Broader integration is the key as products are moving beyond single areas of specialization.

Technology Concepts, originally an MLS vendor, is another good illustration of the shift we have been discussing. While the still have some MLS accounts they are now focusing a good portion of their future development efforts primarily in the broker system arena with their Eventus product because they believe this is where the real estate technology is heading. With MLS vendors CoreLogic with AgentAchieve and LPS with their rDesk product already playing in the broker sector, it will be interesting to see if more MLS vendors begin to shift or add development efforts in this direction.

Conclusions
We believe there is a strong argument to be made that technology is shifting strongly to the broker world and that brokers will become the hub for agent tools. MLS is not going away, but it can’t meet many of the needs faced by brokers and agents today. There is a growing need for integration throughout a company and across any geographic area, even multiple MLSs, and brokers are the logical hub. There is a real need for broader data access, accessible to all corners of the real estate business and brokers and agents need to be connected seamlessly to external data needed in today’s complex market. Real estate companies need to position themselves at the center of this data!

If you look at what agents really need today, it isn’t really a brick and mortar company. They need a brand and tools that work they way they do. They need connections to critical information and products that convey their brand and value. Real estate companies are in the best position to provide these tools and in doing so, they are creating the real glue that retains and recruits agents.

Enterprise systems let companies provide a unified solution across their entire company. Their costs are reduced and it gives them better brand control and makes them more valuable overall to their agents. When agents use these tools effectively it makes companies more profitable, improves their agent retention and their recruiting efforts.

Agents working with enterprise systems receive tools they could not replicate on their own. Receiving these tools through their company builds loyalty and allows them to focus on their real job, working with buyers and sellers, not trying to be technologists. These tools act as glue that keep agents happily in place under the company banner. Brokers should look closely at the technology value they offer agents today and make sure their value proposition is in line with what agents want and need. Enterprise systems can meet these needs and create efficiencies for their entire business at the same time.

Keys to remember:

• Products have to be EASY to use - if agents can't use something on their own, in minutes (maybe seconds), they will move on.
• Products that provide seamless connections to other services and or data are on the right track.
• Products that actually include data as part of their value proposition move to the head of the class provided they are also EASY to use.
• If you adopt new technology be prepared to evangelize and train. If agents don’t buy into it quickly you have wasted your money.
• Commit to technology. Brokers that don’t create a solid technology platform will be at a significant disadvantage moving forward. There are solid enterprise technology options available today. Do your research and get on board.

So this concludes our series from the WAV Group whitepaper. We've learned a lot - and we're sad to see it go. Thanks, WAV Group! You can find the full whitepaper on the WAV Group website.