How technology can undermine a real estate business

Looking to run a successful real estate business? Make sure you steer clear of a handful of technology problems, as these could create serious headwinds for your firm.

Looking to run a successful real estate business? Make sure you steer clear of a handful of technology problems, as these could create serious headwinds for your firm.

Technical glitches can make you look bad, and undermine your credibility at a time when trust is crucial. If you want to provide a service - like real estate - the market will likely be crowded with a high number of competitors. Amid this environment, being as reliable as possible can help you stand out.

Establishing dual email systems
In certain cases, the best approach to being perceived as reliable is to simply be prepared, and when it comes to email, losing important information can cause a big problem. Doing so could cause an entrepreneur to miss orders, meetings or speaking engagements.

One way to safeguard against such problems is to have your email set up across more than one platform, real estate expert Bernice Ross, who is an author, speaker and trainer, wrote in an Inman article. Just because your email stops working on your laptop, that doesn't mean it has to fail on your smartphone as well.

Another way to protect yourself is to have an email account tied to your website's URL, as paying for a service will likely mean you have some recourse in the event that your information somehow gets deleted. A free service, on the other hand, will probably not provide this benefit, as the company offering it will likely not back up the data on a server. Apparently, there is some truth to the saying that you get what you pay for.

Digital documents
Another area where you can potentially help lower risk by spending some money is digital documents, the author noted. If you are using these documents for your business, free services like Google Docs may be appealing. However, paying for the business version of this technology or stepping it up to use a transaction management platform can have its benefits.

It is possible for someone to run a business without encountering many technical problems. For a person who is in this position, it may seem superfluous to spend money on enhanced service offerings. However, one can never be too careful, Ross wrote.

Having the right information
Another place one can never be too careful is having the needed industry information. In a competitive marketplace, building trust with buyers and sellers requires real estate professionals - both new and seasoned - to have in-depth knowledge of their market.

To have access to the most up-to-date information, you can work with CRS Data, which will supply mortgage records, warranty deeds and other vital information. For more on CRS Data, click here.

Technology and productivity
Another area where technology can potentially be harmful is resources that undermine productivity. Are you constantly watching videos on YouTube? Do you instead listen to music, but spend half your time switching between different songs?

What about Facebook? While you may think that using this social media platform sparingly is no big deal, frequent visits can add up quickly. Spending significant amounts of time on one of these websites can present your business with a major cost, as an entrepreneur's time is frequently their most valuable resource.

Create an inventory
One way to successfully manage technological offerings is to create an inventory of what you use every day. In addition, you can list the benefits and costs associated with these resources. Doing so can help you determine what is really helping you, and what is instead interfering with your business.

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