How You Should Approach Adopting Commercial Real Estate Technology
Logan Paton | November 1, 2018
As with any change, buy-in is the most crucial aspect of any principal broker’s desire to automate his or her back office operation. As a broker, one of the first steps is to persuade your administrative personnel of the positive attributes or benefits of converting from the “tried and true” system they have known, grown accustomed to, and become comfortable with.
Implementing CRE Tech
As the boss, this may sound simple, right? However, if you ask around, you’ll begin to hear again and again that this simply isn’t as easy as it sounds. In reality, most people don’t like change and resist it — and nowhere is this truer than in small or medium size real estate brokerage operations, where the administrative staff members typically have to wear multiple hats.
Dealing With Pushback
Staff members often report that they feel like they simply don’t have the time necessary to learn a new system or new technology — even if they admit that it could ultimately increase their productivity and save them time. Further, many will purposely find faults with a new system in order to avoid having to learn something new and put something additional on their plates. And, it’s important to remember that this is through no fault of their own — it’s simply human nature.
Industry best practices suggest that creating a plan that allows automation to occur in phases will increase acceptance from your administrative staff. Further, timing the change over so that you go live at the beginning of a new fiscal quarter will also help to minimize any disruption to the workflow, as your business continues to operate as normal.
As far as the agents on your staff go, regardless of that human nature hiccup of being resistant to change, most managing brokers seem to rarely be concerned about dictating to their agents what is required of them — after all, it’s how they get paid. And everyone wants to get paid, right? Show your agents how they can make more money be more productive and half of your battle is won.
Best Practices for Using CRE Technology
Your plan you should start with a process for tracking agents’ pipeline revenue for all deals with 50 percent likelihood or more of being completed. This does not require agents to share their detailed communication with a client before the transaction is complete. Most agents seem to push back on a new system or process when they feel they are losing control or ownership of their private client communications and information. By keeping the pipeline requests simple but powerful enough to aid in accurate forecasting and budgeting, you will be well on your way to success.
Finally, the best practice also demonstrates that running your legacy system and your system simultaneously for at least one to two pay periods will help to allow inconsistencies to be easily spotted and remedied. And be realistic — regardless of how thorough you and your staff are, there will be some inconsistencies to work through. Running dual systems at the same time allows you to protect yourself and your business.
Commercial Real Estate Tech Companies
To find out how you can use technology to manage your individual receivables, commission plans, invoicing and distributions, please sign up for our blog at www.commissiontrac.com and learn why Techstars Atlanta selected CommissionTrac as their first CRE application for their intense 90-day mentorship program joint-ventured with Cox Communications.