CRE Technology and the Impact on Brokerage Firms

CRE technology and its impact on brokerage firms have brought about substantial advancements in various industries, revolutionizing their operations and increasing efficiency. However, when it comes to the real estate sector, which stands as one of the largest industries in the US, the adoption of cutting-edge technologies has been notably sluggish among brokers and companies.

Why is this?

Real estate is often considered a relationship business. The industry would not function without the relationships of human professionals who have built trust working with clients and each other over many years.

However, at its core, real estate is also fundamentally an information business, where clients depend on the quality of data. Consequently, brokerages armed with the best data ultimately stand to make the most money and thrive.

In today’s environment, there is no reason for real estate businesses to operate without the benefits of faster and more accurate data or the efficiencies created by workflow automation and online collaboration.

Equipping brokers and companies with software platforms to harness data

This brings us to the innovation in today’s environment, which is about equipping brokers and companies with software platforms to harness data and run their businesses more effectively and efficiently. CRE technology and the impact on brokerage firms is a critical aspect of this transformation.

Brokerages who relied on pen and paper or Excel spreadsheets can now access real-time information in cloud-based databases, and collaborate more effectively within their firms and teams based on a common centralized system. Furthermore, workflow automation technology is making brokers and companies more efficient by eliminating the need for repetitive tasks that they previously did manually. Ultimately, these tools save brokers time and their companies money, leading to leaner and more profitable businesses.

The average broker wants to spend as little time as possible at his or her desk. Every moment invested in administrative tasks represents a missed opportunity to engage in deal-making, which is the very source of income for brokers. Consequently, given the on-the-go nature of brokers, as a result, they need mobile applications that automate and streamline the repetitive aspects of their business, thereby enabling them to focus on building relationships and completing transactions.

That said, the benefits created through real estate technology will far outweigh the costs, and the industry will continue to see efficiency gains as information speed and accuracy permeate the real estate industry.

Those who fully embrace technology will not just witness their businesses running with greater efficiency; more importantly, their agents will turbocharge productivity, ultimately leading to amplified profits. Indeed, as a result, CRE Technology and its impact on brokerage firms are actively shaping the future of real estate.