Secrets of high-growth real estate teams
This article was originally published on inman.com
As we all know, the real estate industry is hyper-competitive. And because there are few better catalysts for innovation than the competition, real estate is constantly blazing new ground.
Real estate expansion teams — teams that do business in multiple markets — are one of the industry’s latest, and hottest, innovations. These teams are constantly striving to do more business with a lean team and drive profits higher.
Due to their lean structure and focus on multi-market growth, expansion teams typically need systems for more than just leads and their CRM; they need tools to manage the full lifecycle of their business.
This presents a challenge because many current solutions don’t integrate seamlessly. This means expansion teams’ goals of finding an all-in-one business tool can be a profitability landmine as costs and headaches proliferate as they grow. Scalability continues to be one of the biggest bottlenecks for expansion teams.
If you already have a solid real estate team and are looking for ways to expand your business to additional markets, you’re undoubtedly looking for ways to optimize growth with technology.
With that in mind, below are five must-have features high-growth real estate teams should look for in technology they’re looking to bring on.
A powerful, automated lead generation engine
The ability to quickly attract leads and close deals is at the core of every agent’s business. If agents fail here, growth becomes extremely difficult. Teams looking to expand must know that their administrative and lead generation systems add value to their agents. They need to empower their team with technology and solutions that feature:
- High-quality, low-cost lead gen from paid sources
- A system to generate leads at no cost from social media and other free channels
- Systems that engage agents’ spheres of influence
To ensure that leads and contacts don’t die on the vine, the tech you bring on should incorporate behavioral automation to ensure high engagement and conversion rates with leads and contacts.
A real estate expansion team’s ability to efficiently systematize business generation, conversion and administration activities often determines its success.
Therefore, choose a technology that frees up your team and agents by allowing them to handle all their marketing from within a single platform. It’s best if the platform includes access to all the MLSs the team uses and features lead-routing capabilities.
For scalability, you want systems that scale at affordable rates. As you grow, your investment in technology needs to remain profitable.
Powerful recruiting tools
Smart real estate team leaders know that recruitment and retention are huge factors in achieving growth. Therefore, the technology that wows agents and empowers them to do their own marketing can add fuel to an expansion team’s growth.
Most tech systems have big disconnects. This happens when the tech in your software arsenal simply doesn’t integrate or has redundancies. Sound familiar? This causes you to lose visibility, time, accountability and, ultimately, profit.
Choose technology that features tight integrations so agents and new markets don’t struggle with an inefficient Frankenstein workflow.
Analytics for smart growth
Visibility into your business is critical. Without the ability to quickly access a holistic, end-to-end view of accountability and business metrics for all your agents and offices, you will never know how to improve profitability, or whether you’re profitable at all.
You need best-in-class business analytics to answer these questions and help drive profitability at each stage of growth.
As the real estate market continues to flourish, expansion teams are looking to technology to expand their reach. Although specialized technology solutions will persist, all-in-one platforms are beginning to solve agents’ and especially high-growth teams’ needs and provide the business-wide insights they need to grow profitably.By Joe Skousen Filed in: 254
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