Contactually is now part of Compass.

Together, we will empower Compass agents to build stronger relationships and deliver the best experience to their clients. Learn more here.

December 12, 2018

Demystifying the Real Estate Tech Stack

Cjxobv7qr1w8vax2ollx

Guest Contributor: Rajeev Sajja, VP Digital Innovation, Fox & Roach Realtors, a Berkshire Hathaway HomeServices Brokerage

Key Takeaways

  • A successful real estate tech stack integrates multiple best in class marketing technologies into one cutting edge platform that is innovative, flexible and easy-to-use
  • Components of the stack should create a seamless experience that captures clients through the web, cultivates those relationships, and follows the client through transaction
  • It’s imperative to select products that work together toward a common goal of supporting agent behavior and maximizing their business
  • Be sure there is integration compatibility before committing to a final suite of tools (and don’t rush this process if you need time to assess all your options)

Brokers share a common goal: to maximize our agents’ business and drive more revenue to the brokerage. Having a powerful tech stack is a key tool to meeting that goal. But building such a stack can be a challenge.

At Fox & Roach, we also want to help our agents form stronger relationships with their clients – we are genuinely committed to offering the best tools so our agents can provide the highest level of customer service through innovation.

Here’s how we did it.

Choose the Right Marketing Technology for your Agents

A tech stack isn’t just about having tech; it’s about having the right tech for your agents. Our agents needed to create engaging listings have data-rich property snapshots, capture leads, have powerful email marketing tools, and have a system to manage all their client relationships from lead source through transaction.

However, agents were being bombarded with offerings on a regular basis and didn’t have the time to fully vet each option and the implications it might have on their business. They weren’t staying in touch with their clients – a huge problem afflicting most of the real estate industry. Add to that, agents expressed an increased demand for predictive and smart tools to increase their efficiency and sell more – and manage all of this through one centralized portal.

Seamless Integration

As a Broker, we noticed the impact that disparate pieces of technology had in creating stress and strain on our agents.

We wanted to do better.

We embarked on nearly two years of research to methodically identify the best tools that would work seamlessly with one another.

Once we identified the functional areas to solve for (listings, CRMs, intranet, etc.), we focused our energy on evaluating the ability of each platform to talk to one another. We investigated the flow of information to and from each tool to ensure data transfer was accurate and reliable. A key component here was selecting a CRM with an open API which provided us with deep access into the system, giving us control of syncing between the CRM and all the other partner platforms.

This was not the only key in the short-term to ensure a successful roll-out, but also critical in the long-term to have the flexibility to add in new, innovative and enhanced tools while maintaining the integrity of the entire tech stack.

Determining Your Brokerage Pains and Needs

Your agents likely have similar struggles that we faced. But our solution may not be what’s best for you. Consider what your agents and managers are struggling with on a daily basis.  

  • What does the majority of your team struggle with?
  • What technology are they using today and what is their experience using those tools?
  • How can you make your agents’ daily lives better through technology?
  • For tools you are looking to acquire, how will they be integrated – and what is the experience for the agent?

_____

While building a tech stack can initially seem overwhelming and time-consuming (and yes it can be both), it is a critical component to remain competitive as a top real estate brokerage. As you build and launch an agent-first stack, be sure to track how agents are using it via qualitative satisfaction measures, software usage and any changes in sales production.

And be open to adapting your strategy as you go. Over time, you and your agents’ needs may evolve, so your system needs to be flexible to incorporate new and competitive software. Keep your end goals in mind and continue to focus on what’s in the best interest of your agents.