Technology

Why are brokers failing to enhance one of their biggest tech spends?

These upgrades can help you field the 42 percent of calls that go straight to voice mail

Real estate brokerages have invested hundreds of millions of dollars to deploy the latest technology for their operation throughout their respective businesses. Most tools are real estate-specific: websites, mobile apps, customer relationship managers (CRMs), etc. All of a brokerage's main platforms today are usually run off listing data -- with the exception of the phone system -- and that's changing. Unlike funeral homes, body shops and beauty parlors, who also buy their phone systems locally, real estate brokerages have different telecom needs. Brokerages also have something other businesses don't have: proprietary MLS data that can be leveraged to automate phone answering, routing and lead generation. This technology could replace a lot of overhead that brokerages, as well as teams, absorb just to get the phones answered. Even if a brokerage doesn't factor in the personnel required to answer inbound phone calls, both during office hours and after hours -- the brokerage ...