There’s no denying that the investment in technology within the real estate industry has been growing year over year. In 2017, investment in real estate tech companies was $12 billion — 400 times more than the investment in 2010 — and the figure is sure to increase in the coming years.
But does investment on such a grand scale really add up to success for the average REALTOR®? It appears not. According to the 2019 NAR Member Profile, for example, the average real estate sales agent makes a median income of only $31,900 per year.
There’s clearly a piece missing in this puzzle — but what is it?
I believe that while technology is a powerful asset to any business, it can never replace the fundamentals of sound business practice. When it comes to using technology to your advantage in business, it’s vital to separate the noisy distractions from the valuable offerings and really concentrate on mastering the fundamentals. Stay on the cutting edge of technology while also building a solid, long-lasting and profitable business responsibly using the following tactics.
Master the fundamentals
Before investing in any technology, you must master the fundamentals. Relationships are at the heart of every good business, so it should be your priority to invest in them and make them the foundation of your work. Always provide exceptional service, go above and beyond in your interactions with your customers and keep your skills sharp. If you understand these pillars of good business practice, you will stand out in a crowded marketplace where many people lack the core skills needed to run a thriving operation.
Stay focused in the Age of Distractions
Everyone claims to have the magic pill for making more money and becoming an overnight success. There is a myriad of technology available for agents today, from artificial intelligence to online lead generation services.
The problem with this approach is that it completely ignores the basics of sound business strategy! If you want to build a business that lasts, you have to stay focused, avoid distraction and keep your eye on the prize. Invest in technology, yes, but find the services and programs that will support the fundamentals of your work. If it doesn’t fit with the core philosophy or foundation of your business, it isn’t a wise investment.
To grow a thriving business, you need to learn and master the fundamentals of real estate and lead generation, then invest in technology that supports this foundation and underpins your personal philosophy.
At Buffini & Company, we developed Referral Maker CRM to help real estate agents grow their business by referral. This system allows you to track lead-generation activities, such as the calls you make, the notes you write and the pop-bys you complete. This is the sort of technology you should seek out in order to build a business that makes it in the long-term. It’s no coincidence that our agents earn, on average, $358,486 a year! If you truly want to succeed and reach your goals, don’t be distracted by chatter and noise in the marketplace — do the research and then invest in the technology that will help you build a business that lasts.