Innovate or Bust?
By: Gloria Schmitt
Today my youngest asked me to proof read her paper on how the Renaissance influenced today’s society and it got me thinking about my own company and how quickly our industry is changing. What influences or influencers are forcing us to make changes to ensure we don’t become obsolete? Is your business protected from the Fourth Industrial Revolution?
With each innovation brings an opportunity for change and advancement; if we don’t advance, we inevitably cease to exist. Companies like Blockbuster, Toys R Us, Borders and Sears have certainly demonstrated that fact.
Is your business model supporting today’s consumer? More importantly, are you leveraging technology to ensure you are giving your clients what they need and deserve; attention, support and value.
This week, I had the privilege of sitting in a room filled with true real estate innovators – Gary Keller, co-founder and Chief Executive Officer of Keller Williams Realty, and several members of the technology LABS team. Four years ago, Gary Keller quietly began the process which would lead us today to our new platform linking the consumer to the agent and the agent to the market center. Two years ago when he first announced changes were coming, I was excited but did not comprehend the sheer magnitude of the task, the platform and applications that would quickly become reality.
Today each and every Keller Williams agent possesses a mobile application, a virtual assistant called Kelle and a Command center which is home to their customer relationship management (CRM), marketing platform, campaigns, referral network, transaction management system for listing to close and so much more. In the upcoming months, a new Consumer application powered by artificial intelligence will be launched empowering the consumer to have a customizable experience. The application’s HomeDNA gathers a keen understanding of their preferences, neighborhood boundaries, likes and dislikes. Moreover, the application allows the agent to provide continual communication throughout the home selling or buying process. Guides created within the system will provide timelines and actionable steps throughout the process while arming them with information. Offers will be seamless presented through the application and the results provided to buyers and co-brokerages in real time.
Times are rapidly changing and today’s consumers want the ability to be involved in the process, want responsiveness and communication, attention to details that could affect the sale and your support with marketing, negotiations and conflict resolution. In essence, having their needs come first. Technology is the key driver that delivers on their expectations.
Has your company provided you with the tools you need to be the real estate agent of the future? Have you embraced the real estate industrial revolution? Where do you see yourself and your business in 3-5 years? It is my hope that this blog opens your eyes to the changes that are coming to the real estate industry and just how it affects your future and your ability to “to build careers worth having, businesses worth owning, lives worth living, experiences worth giving, and legacies worth leaving”.