The 3 Types of Businesses That Embrace Technology Adoption
Logan Paton | September 4, 2018
It is no secret that, when it comes to adopting new trends and technologies, consumers seem to naturally segregate themselves into basic categories, based on their behaviors and preferences. But did you know that as an agent, you can use these same principles to your advantage when it comes to deciding which commercial real estate company you should be working for.
These same types of adoptive behaviors apply to professionals, as well. In other words, commercial real estate brokerage firms tend to fall into the same categories as consumers, when it comes to embracing and supporting new technologies and industry trends.
But how can you use this to your advantage? The answer is simple. By understanding each of these groups, as well as what makes them act the way they do, you can determine which CRE brokerage firms will adapt to new technologies that will help you become and continue to be successful. Here we identify the leaders in technology adoption, as well as the traits and challenges that go along with each.
#1. Visionaries (Innovators)
These companies tend to go ahead of the herd, so to speak, whether to gain a competitive advantage or get a leg up on an emerging problem. These companies are your enthusiasts, seeking radical improvement within an organization. They can see the big picture and embrace strategic opportunity if they feel it will allow their organizations to become more productive and profitable.
#2. Pragmatists (Early Adopters)
These companies tend to be more moderate or middle of the road. They choose to go along with the herd and tend to blend in, watching and studying their peers to determine what the popular choice — and therefore, the safe buy is.
Early Adopters tend to be sizeable, and form a big percentage of the CRE industry. These companies tend to look for proven and quantified benefits, a low level of risk, and proven solutions.
There tends to be a large gap or chasm between the innovators and the early adopters. So understanding the type of organization you are working for and are considering working for will be critical for your long term success.
#3. Conservatives (Late Adopters)
These firms are the slowest to adopt new technologies. Unsurprisingly, they also tend to skew towards an older demographic. These firms move after the herd, once the proverbial dust has settled. They wait for the safe buy to be established, and see the low cost choice as a reliable alternative.
CommissionTrac was created to remove the headache and add transparency to managing brokerage commission splits and bookkeeping bottle necks. The platform provides simple workflows and accounting journal entry automation for everything that happens after the deal closes. It even integrates directly with QuickBooks and CRE centric CRM’s systems for a true turn key experience and solution.
CommissionTrac also provides CRE executives, agents and administrative personnel easy to view and access dashboards to get snapshots of the health of their organizations and individual businesses without waiting days or even weeks for the back office to create requested reports from multiple spreadsheets.
To find out how you can use technology to simplify your CRE back office by managing receivables, commission plans, invoicing and agent distributions, please sign up for our blog and learn why Techstars Atlanta, selected CommissionTrac as their first CRE application for their intense 90 day mentorship program joint ventured with Cox Communications.