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Take a Closer Look – Is Your Business Really Built to Last?

Cambridge, ON (October 10, 2014)

Never before have real estate professionals had so much information presented to them about how they should be running their business, from planning and processes to tools and technology. With the REALTORS® Conference and Expo just around the corner, it’s time to take a look at the big picture and find out what all this really means.

We’ve heard them before, the buzz words in the industry – transaction management, consumer-centric brokerages, big data, paperless office, and so on. But what does all of this mean to you? In finding the meaning for your brokerage, think about having a solid foundation and the right infrastructure in place to help your business prosper. Think about your office building or your home, built on a solid foundation with beams and walls, it won’t collapse at the first sign of a crack. Your business needs to be built the same way, on a strong foundation with technology, processes and people that support it.

If you’re attending NAR this year, be sure to prepare yourself for the tradeshow floor. Do your research beforehand so you can ask the questions you’ll need before someone sells you a shiny penny you really don’t need. Take a look at your business, are the people helping you run your brokerage contributing positively to your bottom line or are they hindering efficiency and profitability? The same analysis can be applied to your brokerage operations and technology. Do you have a plan for your business to run effectively? Have you invested in tools to help your business operate efficiently to foster growth? Do you have the technological infrastructure supporting your back office to ensure your data is secure?

There are an overwhelming number of products and services that claim to help your business be the best. But don’t be fooled! There are a few questions you should ask yourself before signing on the dotted line:

  1. Do I really need this product or is this just the next shiny penny in the industry?
  2. Does this product fit in with my business’ vision for growth and development?
  3. Does this product integrate with my current processes and office systems to ensure improved efficiency?
  4. Does this product offer visibility into how it helps my brokerage prosper?
  5. Will this product keep my data safe and secure?

So when you’re at NAR, take advantage of the education sessions, learning opportunities, and networking events you’ll be invited to along the way. Attend sessions and events that support your business foundation by identifying new opportunities for increased revenue, improved efficiency and ways to implement tactics for future growth in your business. With the proper tools and systems in place, your business will have the foundation and sustainability to weather any storm.

Maggie Hall is the Client Development Manager at Lone Wolf Real Estate Technologies. With a background in Public Relations, Maggie has worked in the real estate industry for nearly 8 years, including roles with the REALTORS® Association of Edmonton and the REB4 Group

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