There are three often heard justifications in the real estate industry as to why someone is not adopting digital technology. These 3 critical mistakes are made not just in the real estate industry but many other major industries when competition forces a business into a technology transition. I’ve seen this more commonly in the healthcare industry where the resistance to adoption of electronic health records will now actually get you fined. Luckily for realtors, if you refuse to adopt all you will lose is future sales.
Even if there is no threat of jail time or federal fines, there is the real & constant threat of getting lost in the tech savvy competition and losing so much ground so fast it will be difficult in the future to catch up. Read on to hear the top 3 critical mistakes that luxury real estate professionals make with technology adoption. If you are saying any of these statements below, please stop now. And if you hear anyone in your brokerage speaking these words of blasphemy, please email them a link to this blog post. Or call me and we can talk it out.
In the originial article by Inman News, contributor Kevin Hopp shares the top 3 most common reasons why realtors are failing at technology adoption. Below I have added some possible solutions to help you start small with integrating new technology into your real estate marketing.
1. “We’ve always done it this way.”
Past success is no guarantee of future success. Of the Fortune 500 companies at the turn of the century, only three exist in their present format today. And, since 1986, only 46% of the Fortune 500 companies are still in business. These statistics are to show you that innovation is a crucial indicator in the longevity of any business. And when it comes to an industry, like real estate, that is now being heavily influenced by the tech sector, can you afford to be complacent and assume the Internet will have no impact on your business? What will be the long term cost of that assumption?
If you are able to make a transaction go smoother for your clients by leveraging mobile technology or a lead response software, why wouldn’t you explore more technological options? Start looking at the time saved after you have integrated one new tech tool into your sales process and share it with your brokerage. Start small…
2. “I want to use technology; I just don’t have time.”
We have all heard this one. Time is money. But this perception is flawed. Time is an investment. You are spending time now to learn a new program, tool or technique to eventually give you MORE time…and more money. Of course there is time spent in the learning process up front. But any expansion in any business is not possible unless the initial nonrefundable time deposit is paid.
Commit to your business for the long term. Do not buy into your brokerage’s short sightedness. Be here for the long haul. Start small and schedule small blocks of manageable time to learn new skills every week whether it’s signing up for an online social media basics course or learning a new real estate app. Or even just reading a blog post on new social media tips will take you 10 minutes a day. You can do that on your phone, while you are waiting for your latte at Starbucks.
Sign up for newsletters from your favorite tech company that is answering questions to your biggest luxury real estate problems. Losing leads because of lack of followup or delayed lead response time? I know just the tech company that can help. Many real estate technology companies are ready to help you learn how to use their product. They want you to succeed as their business relies on it. Get the right tools and the right help and you will be tech savvy in no time.
3. “Technology is for young folks; I have been doing this job for 20 years!”
For all the seasoned vets out there: You’ve been in this game for 20, 30, 40 years and you’ve seen it all. But this technology wave isn’t going away. You can’t stop it. You have to learn to surf even if you’re not the world’s best surfer. The only chance of you staying above the waves in the future is by learning new skills. The top 5 percent of Realtors in the nation are the ones that have adopted technology. With your years of experience, and your new integration of technological tools, you can be unstoppable. Staying up to date with the industry is crucial much like a doctor, this will allow you to be at the top of your game.
The next batch of first time homebuyers are looking for realtors with your years of experience but they also need a realtor to be just as tech savvy as they are. The millennials primary form of communication is texting and social media. How are you doing in that department? Need some help? Team up with a millennial who is just beginning their career as a realtor. Start small. Offer to trade an hour a week with them where they can ask you anything they want about your experience and the industry and you can ask them anything about social media or get instruction on how to set up your blog. You will be able to learn a lot of new technology skills first hand and the new realtor will be able to soak up your vast experience in the industry. Win Win.
When you start to break down the resistance to real estate technology adoption, you’ll see technology is not so intimidating as it seems. It just requires an initial investment of time and patience. But the ROI is like no other, the dividends will be paying you long into the future. When your non techie competitors start to struggle, it will only be a small blip on your radar. You are already there: the top 5%.