As we enter a market with fewer transactions and potentially falling prices, it’s more important than ever to zero in on what works and eliminate all unnecessary costs in your business. The best place to start is by conducting a technology audit that identifies where you are wasting both time and money.
Before discussing the steps involved in conducting a technology audit, there is always one key point to keep in mind: Your number one goal is to get a face-to-face appointment. The 2021 NAR Profile of Buyers and Sellers shows that 82 percent of sellers and 73 percent of buyers interviewed only one agent they hired.
Taking full advantage of the technology tools that work best for your business will put you top of mind when the buyer or seller decides to make a transaction. If you submit a property report, use an email newsletter, or post photos and videos on Instagram, YouTube, or TikTok, be sure to give the user a reason to give you their contact information.
How to check your tech
First, audit the apps on your mobile device and delete the ones you haven’t used in the past year.
For example, I signed up for Club House and stopped using it after 90 days. I also removed about 40 other apps that I don’t use.
I put important and frequently used apps on the home page of my mobile devices so that I can quickly find what I use most often. This approach increases your efficiency and saves valuable time.
The same logic can be applied to subscription software.
Have you ever signed up for a company’s 30-day free trial, provided a credit card, and forgotten to cancel the subscription? When you find these, determine if you are using this service and if so, if it is contributing to your bottom line. If not, cancel the service immediately.
Have you ever asked your customers which technology tools are most and most useful, or looked at the data they generate on how often many of these tools are used? Care about 360 degree virtual tour technology? Have you ever used the QR codes you put on your brochure boxes? Will the open house lead conversion software you’ve had for years really generate new business?
For those non-tech-savvy customers, face-to-face and phone contact is an absolute must. On the other hand, your tech-savvy customers will enjoy using the most advanced technology tools available.
If your customers aren’t using or responding to the technology tools you offer, you have two options. The first is to completely discard the technological equipment. The second is to find a specific service provider that is easy for your customers to use.
Find the free one
You’ll also be surprised at how you can substitute free services for things you can get for free.
The National Association of Realtors’ Directory of Real Estate Reports is an excellent resource that provides detailed property reports at no charge. These reports are especially useful when you meet someone when you’re out prospecting, at a meeting, or at an open house. The beauty of using this RPR report is that you can provide the information you need in real time.
What is unique about this service is the RPR app. When you meet someone and want to know about their home, all you need is their email or mobile number. The application will send the reports immediately. Best of all, it only takes a minute and costs zero to get that lead.
When you get rid of technology and apps you don’t use, you have room to experiment with new technologies. But it’s important to avoid the “Shiny Object Syndrome” or getting caught up in the “it’s only $29.95 a month” claim.
Instead, determine whether any agents you know are using this tool, the ease of use, and whether their customers want to use this technology. Give any new technology 90 days to see if it works for you and your customers. If not, leave it and move on to the next technology or app that might be better for you.
There is no better time to conduct a technology audit than now. Double down on what your customers love to use and discard what doesn’t work for your business.
Bernice Ross is a nationally syndicated columnist, author, trainer and speaker on real estate topics. It can be found on her email@example.com.