How Can Technology Improve Productivity Of Real Estate Brokers?
Sometimes simple technology interventions can be of immense help for brokers. For instance, true-caller type screen projection with all required details, when a client calls a broker
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While a lot has been talked about how technology can help home buyers and rent seekers in real estate space and how online platforms can leverage technology to provide a great experience to the home seekers, there are very limited discussions on how technology can help real estate brokers. I feel that one of the most important areas where technology can add immense value is the way real estate brokers operate. The entire real estate broker set in India can be classified into three categories based on their style of operation and adoption of technology:
a) Highly sophisticated brokers who know how to deal with online platforms, how to leverage digital marketing, use CRM to manage their task force and lead flows.
b) Average Brokers who know how to upload listings on online platforms and read enquiries, however, not much beyond this.
c) Conventional brokers who still use traditional and non-tech approach to manage their task force and leads using dairy or registers etc.
Given the advancements in technology, I feel that the intervention of technology and its benefits can be leveraged across all categories of brokers in a big way.
At its core, a broker has following needs based on the level in which he is operating:
1. Work force management: Assigning leads to different people and tracking their performances
2. Marketing: Efficient ways to generate leads, tools to send emails, SMS notifications etc.
3. Lead management: Lead assignment and prioritisation
4. Analytics: Dashboard with reports related to people efficiency, budget efficiency, lead funnel movement, etc.
A good CRM can solve a significant share of what they need, but apart from that, some of the latest enablement in technology such as Geographical location tracking using the smartphone can enable them to monitor their workforce almost in real time fashion to understand what they are doing on a day-to-day basis.
Similarly, gone are the days when one does the post mortem of what did not work at the end of the month by generating a monthly report. It is extremely feasible nowadays to have a technology tool which can enable you to have smart notifications or alerts when you find some quality control issues in your team. This can enable brokers to have real time feedback to their task force.
Sometimes simple technology interventions can be of immense help for brokers. For instance, true-caller type screen projection with all required details, when a client calls a broker.
Some of the smart brokers are using part of these technologies, but the mass adoption around these smart ways of doing broker business is still pending, at least in India.
My view is that going forward, technology will also penetrate into some of the very conventional offline activities like site visits, negotiations, etc. Augmented reality-based site visits solutions are already being discussed and talked about in the technology world. I look forward to a future where in a large percentage of brokers in India start leveraging these technologies to make themselves more efficient, look smarter and more trustworthy in front of their clients by using these new-age technology solutions
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