For real estate professionals, CRM is hot, hot, hot. It’s the one technology topic that always comes up in our conversations.
What’s not so hot is back office automation, and that’s a big mystery to me. Modernizing business processes definitely isn’t as sexy as putting contacts in the cloud, but man, it’s money.
After all, what is the cost to you of
- a forgotten appointment?
- a closing delayed by missing documents?
- a botched handoff from one of your team members to another?
- lacking access to deal status from your phone?
- an incomplete, or out-of-date, picture of your pipeline?
Business process automation (BPA) is a very well established software category, with lots of big players and very defensible ROI claims. BPA has made its way into many if not most industries at this point, but it has seen surprisingly little penetration into real estate.
Surprising because real estate definitely lends itself to this kind of technology. Real estate processes are pretty easy to automate. They are predictable. Many of them are defined by statute. Most real estate documents and data are standardized, at least at the state level.
BPA software, or BPA features built into a full-lifecycle brokerage management system, can address common real estate process fails. But what does that really mean? What would your life be like with a transformed back office? It’s not at all a stretch for you to expect to
- automate your workflow across your entire team, so that transactions unfold the way you want them to every time
- document, preserve and make available the details of each transaction, including offers and counter-offers and every step in every negotiation, so that everyone has current information
- build notifications and alerts around key transaction dates and events, so that everyone knows what they’re supposed to be doing and nothing falls between the cracks
- track and manage the status of every document, so that no one is working with out-of-date documents, and document assembly and upload is a standard feature of every closing
- have real-time visibility into the state of all transactions, so that you can stop flying blind
Do these things, and your business processes will be more efficient, more effective and more predictable. You will gain a reputation for operational excellence, and in turn you will attract more clients and better talent. Like I said, it’s not sexy. But it’s money.
By: Don Roedner
Sr. Director of Marketing, Think Tech Labs
Email Don: firstname.lastname@example.org
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