Demystifying the Real Estate Tech Stack

Real estate brokerages share a common goal: to make our agents' businesses more successful, and therefore driving more revenue to the brokerage. Every brokerage operates differently. Having the ability to choose best-in-breed solutions offers an edge when investing in a competitive technology stack, and is a key way to help agents grow their businesses and give broker owners an advantage to increase agent retention.

But building a tech stack can be intimidating. How should a brokerage choose technologies to include? Should the brokerage invest in an "all-in-one solution" or a few solutions that are the best on the market? What are the essential components of a real estate tech stack?

At Fox & Roach, we focus on giving our agents the tools necessary for them to be most successful.

Here's how we did it.

Choose the Right Technology for your Agents

A tech stack isn't just about having tech; it's about having the right tech for your agents. At Fox & Roach Realtors, we launched a state-of-the-art marketing technology platform that seamlessly integrates multiple best-in-breed marketing technologies into a cutting-edge platform that is innovative, flexible, and easy-to-use.

For example, we wanted the best CRM for relationship management, integrated with strong lead management, listing alerts, digital marketing tools and an agent intranet from one centralized portal. We were able to choose the solutions that worked for our agents and brokerage by harmonizing top solutions.

Retain Top Talent by Solving Common Pain Points

Instead of focusing on shiny features when choosing technology, commit to solving common pain points that your agents are experiencing. Are agents struggling with cold lead follow-up? Invest in an intelligent CRM that prompts them when to reach out and what to say. Do your agents need a better way to manage listings? Solve for that with the best listing technology.

Here are a few questions to ask your agents when investigating pain points:

• What are my agents' primary goals for this year and beyond?
• What do the majority of my agents struggle with?
• How can we make our agents' daily lives more efficient and successful?

Once you've determined common pain points, start investigating the top technology that solves those problems. This exploration will take time, but will be worth the return on investment in the long run. This is an important point—many of us are so worried about addressing urgent needs that we forget to future-proof our tech stack. Take the time to choose the best solution that addresses current needs to ensure success for your agents years down the line.

Adoption of the technology is dependent upon the usability and effectiveness of the tech stack, which is why at Fox & Roach Realtors, we decided to be selective in our choices. Do your research to find the solutions that integrate seamlessly into your platform and evaluate what tools your peers are implementing.

Choose the Right Technology for the Brokerage

A successful tech stack should help drive agent productivity and production – and ultimately drive brokerage success, including making an impact on recruitment and retention. For example, a component of your tech stack should include features to monitor success and coaching opportunities. Your agents win with enhanced personal development and your brokerage wins by retaining top talent in your market.

Measure Success

How will you know if your tech stack is the right fit for your brokerage? Once you roll out the platform to your agents, tracking the return on investment (ROI) is essential to understanding performance. Here are a few ways to do so:

1. Collect qualitative feedback: Survey your agents before and after the technology rollout.
2. Measure software usage and increases in transaction volume or price.
3. Monitor changes in sales production among those using the combined platform.

As we move towards a more data-driven economy, having tight measurements can help you draw insights into platform usage and agent performance and give you the information you need to pivot where necessary and celebrate successes.

While building a tech stack can initially seem overwhelming and time-consuming, it is a critical component to remain competitive as a top real estate brokerage. By putting your agents' needs first, you will build a platform that increases successes across the board. Good luck!

By Rajeev Sajja, VP Digital Innovation, Fox & Roach Realtors, a Berkshire Hathaway HomeServices Brokerage

To view the original article, visit the Contactually blog.