Top mortgage and real estate professionals are always on the lookout for new tools and software solutions to help their businesses gain a competitive advantage over their competitors. Additionally, it’s becoming more difficult to compete in the property investing industry without utilizing the right software and technology solutions.
It could be as simple as adding a CRM system to an existing, process which can be great for storing the contact info of clients and other relationships. Maybe it entails getting an online application to increase web presence and intake leads faster. Or, it could be something all-encompassing.
Adding software or technology solutions can help a company take that next step in their business. However, ever there are some things you want to consider when looking for new technology. To help determine if a software solution will be the best fit for your processes and business model, it’s helpful to first start by asking yourself these three questions:
- “What are the challenges your team faces?”
The first step before selecting a new software solution is to speak with your team about their process and identify the obstacles and challenges they face on a day-to-day basis.
Some questions might be:
- Has it become increasingly difficult to manage multiple clients and properties at once?
- Are you working off spreadsheets and saved emails?
- Would automating certain steps in your process allow for more time that could be spent working with new clients?
- Do you often come across deals you cannot fund?
With the challenges and obstacles uncovered, you can then begin to search for a software solution that can help alleviate these challenges for yourself and your team.
- “What are you looking for in a new software?”
Examine your workflows and look out for inefficiencies and tedious tasks. Could any of these tasks be transformed into an efficient process with a new software solution? It’s important to have specifics in mind when looking for a software solution for your business.
Potential software objectives might be:
- Conduct Better and More Deals
- Seamless Communication with Clients and Team Members (Internally and Externally)
- Secure Paperless Document & Fee Collection
- Workflow Automation
- Professionalizing the Process
- Integrate with Vendors & Outside Resources
- Establishing Referral Connections
- Have Consistent Branding
- “Can my team implement this solution into their daily process without effecting workflow?”
Adding software or technology solutions into your everyday process can be a bit intimidating. That is why it’s key to consider some of the following aspects when trying to adopt a new solution.
How long will it take to fully implement the new solution?
How long will it take to train our team and implement the solution into their daily process?
- Will there be continuous training opportunities?
- Does the vendor of this solution have good customer service?
- What other resources do they offer?
- Will we be alerted to updates and software improvements?
- With this make things easier/ harder for our clients?
- Will this solution help speed up or process/ will it be too disruptive to our current process?
Some other things to consider when adopting a software or technology solutions are…
- Privacy/ Protection
- Ease of Use
- Testimonials (Is this company accredited in my industry?)
- Other offerings
Ask your team if there are any technology solutions they’ve researched and been curious about. Then encourage them to schedule a demonstration of the software to determine if it would improve their daily tasks and challenges they work through. Involving them in the process is a great way to increase adoption. At the end of the day, these are the team members that will use the solution daily, so it is crucial that they feel comfortable and even excited about the solution.
Overall, the technology solution chosen will ultimately stem from its ability to help your team and business outperform the competition. To maximize the execution of the new technology solution, you must clearly understand the challenges your team faces and set new objectives to overcome them.
Bridge Loan Network is a leading online marketplace that was founded by leading industry experts with decades of experience in both real estate and online marketplaces. Our asset-based marketplace includes a unique loan origination system and web applications that are specifically built for the private lending industry.
Erica Sikoski is the marketing coordinator at Bridge Loan Network, responsible for maintaining and evolving the presence of the company. Since 2016, Erica’s focus has been on creating informative and thought-provoking content to strengthen Bridge Loan Network’s marketing and tradeshow initiatives. Erica manages Bridge Loan Network’s social media channels, email campaigns and digital and print campaigns.