Monday Morning Mobile: The big question

With the fourth quarter of 2012 in full swing and 2013 looming just around the corner, many businesses find themselves knee deep in business planning for the year to come. A big part of that conversation, regardless of what business you're in, is how to make sense of and subsequently harness the power of mobile technology.

It's not as simple as it may seem--even technology giants like Intel, Microsoft and Google are forced to rethink their business models to accommodate the shift towards mobile. Recently, all three released disappointing earnings reports which analysts credit, in large part, to the revenue from mobile devices.

Intel's chips for computers are far more profitable than those in mobile devices, but mobile device sales are increasing and PC sales are decreasing. Microsoft is in the same boat--as PC sales continue to decline, they have looked to introduce their own tablet to stay relevant.

Google's pay-per-click advertising prices declined this year, and even as mobile ads continue to grow, they are less expensive and not yet as effective. On the contrary, Facebook, announced better than expected third quarter earnings. This was, in large part, due to growth in mobile ad revenue, which totaled $150 million for the quarter--up from zero earlier in the year.

If technology giants like the names mentioned above are still figuring out how to shift their business models to accommodate for the massive shift towards mobile computing, how can we as real estate businesses begin to make sense of this shift? My advice is to keep it simple. For better or worse, the fundamental principle of the real estate business is not technology, it's listing and selling homes. However, in order to engage and create opportunities for those transactions, we have to communicate with people the way they want to communicate. Today, that means through mobile devices.

In order to compete with the national portals, a broker at the local level must ensure that they provide an experience that is comparable to those on mobile phones and tablets. In addition, by integrating additional mobile tools like text messaging and QR codes, brokers have the opportunity to win more leads at the local level than ever before.

It may seem like a lot to undertake, but there are mobile technology firms that specialize in working directly with real estate companies to ensure that their mobile products and strategies are state-of-the-art. Regardless of whether or not you have an IT professional at your firm, it is more than worthwhile to consult a mobile technology expert in developing your solution and strategy.