Embracing tech

14 September 2021

By KYLIE WALSH

Daunted by technology? You don’t have to be. Kylie Walsh explains why and outlines the things you need to consider when deciding what tech to implement in your business.

There’s no doubt about it, the real estate technology space is crowded. It seems that something new is on offer every other day. So, with so much noise, how do you make a decision?

When looking at new technology for your business, my best piece of advice is to be clear on what it is that you’re trying to achieve, the influence it will have on your clients’ experience, what impact it will have on cashflow, and the time it will realistically take to adopt and integrate into the business (and how that correlates to making the cost beneficial).

Here are some pointers to set you on the right track.

• Talk to other users. Always take the time to chat to other users of the technology you’re thinking about implementing. Discuss the impact and consider how the tech aligns with your business plan. Does it offer solutions internally? Does it serve your clients? Seek feedback from businesses that are comparable to yours in size and adaptability. This is a great way to learn from their mistakes and understand some of the challenges that they may have experienced. Think about asking other users to talk to your team about how the technology impacted business and increased efficiencies.
• Think about integration. Ask yourself: “Does this system talk to all my other systems?” The key is to ensure that the value of implementing new technology outweighs the cost. Will you need to carry a corresponding labour cost, and what is the time involved in training your team and influencing its use? Also, does it have an open API? This is important, so you can continue to evolve, scale and increase efficiencies into the future.
• Appoint ambassadors. Having buy-in across all levels of the business is important, so have ambassadors driving the project through the business to ensure transparency around the introduction and implementation of the new technology.
• Focus on training. One of the biggest mistakes agencies make when introducing new technology is relying on employees to watch video tutorials in their own time. This has never worked well and never will. Think about replacing normal weekly or monthly meetings with training sessions; this will provide more impact and a better end result by ensuring that everyone understands how to use the system and what expectations are in terms of practice standards.
• Take the time. Rolling out new technology fails far too often. Why? Because it’s rushed. You seldom get a second chance if the first implementation attempt is perceived as a failure. Slow down and take the time to integrate the technology into the business properly.
• Understand the value. How will the new technology impact your business strategy? Will it integrate with the systems you’re currently using? Take the time to analyse the cost, understand the value and measure the time you’re going to save.

Remember, not every tech solution will be the right one for your business – so do your research, plan it carefully and, most importantly, take your team on the journey with you.

In the next edition of the Journal, Kylie will provide her insights about financial management and other key business drivers.

INSERT SMALL THUMBNAIL PROFILE IMAGE KYLIE WALSH is a well-known industry leader and the founder of RE Growth with Kylie Walsh. You can connect with Kylie at regrowthkyliewalsh.com

KYLIE WALSH is a well-known industry leader and the founder of RE Growth with Kylie Walsh. You can connect with Kylie at regrowthkyliewalsh.com