Running a Brokerage: How to Take Advantage of Technology to Build a Thriving Business

Since there is great responsibility in building a successful brokerage, it’s crucial to have the tools in place to help your business grow efficiently and effectively. In particular, the technology you use has a direct impact on your ability to scale. By finding the right software to run your business, your day-to-day operations will be expedited and you’ll see short and long-term growth in your brokerage. Here’s a look at some of the specific tools that will help your real estate business run efficiently and reach its goals.

Broker Management Software

Running a smooth business largely relies on using the right brokerage management software. It should help you streamline operations, encourage agent/broker communication, establish consistent processes, improve onboarding times, and much more.

Because all the agents associated with your brokerage likely won’t be working under one roof, system accessibility, usability, and flexibility are key with any technologies you add to the business. Trying to achieve such technological efficiency is near impossible if you are juggling multiple solutions from multiple third parties—the learning curve and the IT skills (by non-IT people) required to pull it off are much too steep.

To properly equip your agents while driving sustainable profit for the brokerage, make sure your technology offers end-to-end system integration and automation, without costly overhead or upkeep. Although the term “point-and-click” might be too simplistic, the platform you choose should empower your staff to want to use and maximize it with minimal fuss. When everyone in your brokerage is on the same page technology-wise, shared goals are easier to reach.

Transaction and Compliance Software

Along with management software, consider what other tools, programs, and resources you might offer agents to encourage productivity. Two practical necessities that must be addressed with the software you use are:

• Transactions: From start to finish, transactions are complex and require much of you and your staff’s time. Great software not only frees up that time, but also ensures that transactions are completed expediently and accurately, which benefits you and, ultimately, your customers.
• Compliance: Transactions and other parts of your brokerage must follow strict compliance guidelines. Any noncompliance, at best, is a headache you don’t need to deal with, and, at worst, can be costly. Choose software that includes easy-to-use tools that allow for document upload and retrieval, automatic notifications, streamlined review, and, most importantly, reduced hassle.

Once you establish that these two core needs are met with the technology you are considering, then look at the other helpful resources a solution offers. Reporting and marketing tools are good features in real estate management software but won’t benefit you if transactions barely supported by the solution are bogging you down. In short, don’t settle for software that isn’t comprehensive, robust and advantageous.

Putting It All Together

Adding great technology can help manage business operations, empower agents and staff and deliver work-life flexibility to everyone in your business. To make the implementation process easier, partnering with a franchisor that offers top-notch tools can help streamline your brokerage growth without overburdening the team along the way. HomeSmart International gives you access to all the technology and resources you need to recruit and empower agents—at a fraction of the cost and time it would take you to source and manage those moving pieces on your own.

Interested in learning about other available tools that can help you scale your business or want to explore the benefits of franchising as they relate to your brokerage and goals? Reach out to us to start a conversation.