Successful brokerages want to work with successful companies.
Think about that for a second.
It’s such a simple concept, but it means so much when it comes to finding the right companies to partner with. Many real estate professionals only scratch the surface before deciding what brokerage they would like to work for. The same thing can be said for brokerages choosing a technology company to partner with.
So, what happens when a brokerage decides to go for low cost and cool functionality? The same thing that happens to new agents who focus on chasing leads and not relationships. Go ahead and throw your money in a garbage can and burn it!
Every successful real estate professional has built their business on the foundation of relationships, trust, and servicing clients. However, according to NAR’s 2020 Member Profile only 15% of buyers and sellers use the same agent. Why? Because once the deal is closed, so is the relationship. Sound familiar?
The same thing can be said within the real estate tech industry. A lot of our business comes from disgruntled brokerages who were sold on “fluff,” supported minimally, and never received the relationship they deserved. There’s a big difference between having a dedicated account manager who can build that relationship with you and grow with you as opposed to speaking to someone new every time you have a question. That doesn’t work well for nurturing your sphere of influence, and it doesn’t work well for your technology partner either.
So what should you be looking for when it comes to finding a successful technology company to partner with?
- Client retention and satisfaction – At MoxiWorks, we have a client retention rate of 97%, and a 98% satisfaction rate. Why? We invest heavily in support and account management. When you are looking for a company to partner with, be sure to ask questions up front about the training process, implementation, and continued support. Not asking these questions can result in technology that is as useful as the treadmill sitting in your basement.
- Proven sales methodology – What do most successful real estate agents have in common? They have a simple, yet effective, sales process. Look for a technology solution that has a proven sales methodology that is specifically designed for real estate professionals. Too many companies in our space rely on creating “features and functionality” without the advice of their clients.
- True partnerships – Focus on tools that will create opportunities for growth. Most real estate brokerages have leaderboards and put their top 10% on a pedestal. What about the other 90%? Look for technology that helps you support, coach, and celebrate wins with everyone. The biggest recruits come from within.
As Gilbert K. Chesterton says, “How you think when you lose determines how long it will be until you win.” Re-focus your mindset when it comes to working with technology partners and look to the partners who know your business and will treat you how you want (and should) be treated.
MoxiWorks provides a comprehensive open platform to more than 260 brokerages and 340,000 agents. With a proven 54% increase in repeat and referral business for agents, MoxiWorks also lowers overall technology, training, and support costs for the brokerage. MoxiWorks’ support team, located in their Seattle HQ, consistently sees satisfaction rates over 90%.