Top 3 Factors for Considering New Real Estate Tech Products
- Commercial Real Estate
- CREtech Blog
- Residential Real Estate
With an increasing array of technology tools now available to real estate professionals, it can sometimes be difficult to figure out which tools can actually help you to grow your business and which tools are nothing more than a distraction. When evaluating new real estate tech products, considering the following three factors can help you to determine which new tools are actually worth the investment.
Will This Tool Create a Better Experience for my Clients?
One of the most important factors to consider is whether the tool in question will create value for your clients. Avoid making the mistake of assuming that simply because a tool offers a lot of bells and whistles that it will help you to increase productivity or boost your sales capabilities. When it comes to choosing new tech tools for your real estate business, remember that most such tools fall into two categories. Real estate tech tools may be either client facing or internally-facing. Client-facing tools are those tools that your clients actually see. Such tools may assist with selling or buying and could include live chat capabilities, virtual tour software, 3D technology, etc. Internal-facing tools are those tools that clients do not see, but those that help you to be more productive. This could include marketing automation tools or CRMs. Even though these types of tools may not be seen or used by clients, it is still important to think about how much time such tools will help you to save, thus giving you more time to spend on relationship building with your clients. Our list of the 5 best real estate tech tools.
Is It Worth the Investment?
As is the case when evaluating any new tool, it is important to consider whether the return on investment provided by the tool is really worth the investment. Adding new technology is only worth the investment if it ultimately leads to new business. This could be through increased lead generation, but it could also be less tangible, such as by providing you with the ability to build stronger relationships of provide your clients with increased value.
What Kind of Lifespan Does the Technology Offer?
When evaluating the addition of new technology, it is also vital to consider the shelf life that technology offers. Is it simply a fad that will soon fade away, or does it have staying power? Will you need to update or replace the technology in the near future? Is it something you will be able to implement easily into your real estate business or will you experience resistance in having your clients and coworkers implement the technology? Remember that any new tool is only valuable if it is actually used.
Integrating the vast array of new technological tools available today into your business is a great way to generate new leads, boost productivity, and provide your clients with enhanced value. Even so, it is important to carefully evaluate a real estate tech product and ensure it is the right fit for your business before you jump onboard.