In the dynamic and ever-evolving real estate market, brokerages must strategically leverage technology and innovative approaches to stay competitive. A herculean task lies ahead of them as they are challenged with scaling their business while carefully monitoring membership needs.

In this article, we explore how brokerages can provide the right resources to their agents and brokers and help them grow sustainably by focusing on the following key strategies:

1. Curating the Right Tech Stack
2. Staying Nimble and Adapting to Market Conditions
3. Setting Measurable Goals with Tech Vendors
4. Offering A La Carte Services
5. Treating Agent Training and Adoption as Investments
6. Empowering Agents with Hyperlocal Expertise
7. Streamlining Lead Generation

1. Curate the Right Tech Stack for Your Members

The tech stack is a crucial yet often overlooked aspect of real estate brokerages. A tech stack isn’t just a set of tools; it reflects your brokerage’s ethos and objectives. Each component, from CRM software to lead generation solutions, should be selected with the utmost care. They should harmonize with each other for efficient interoperability and be easy for staff to manage and use. Having compatible tools that integrate easily allows agents to do some plug-and-play, helping brokerages be more cost-efficient.

Agents are not monolithic entities — they have different styles, and how they do business depends on their career stage. Therefore, each agent may use the available tech stack differently. Knowing the different personas within a brokerage will enable you to determine what tools are most appropriate for them. Instead of offering a million tools that may go unused, successful brokerages curate tools that help agents be more productive by addressing their specific needs.

Having a direct line of communication with members will help you better understand which tools are being used. When a tool’s contract is up for renewal, for instance, you can send out surveys to determine whether it is still worth investing in. It is an excellent opportunity to find out if anything can be done to support usage, such as providing additional training or offering a tool that agents may be more interested in.

2. Stay Nimble and Adapt to Market Conditions

There’s an old business saying that 80% of your results come from 20% of your efforts. Brokerages should focus on tools that have the most impact and track usage metrics to negotiate better terms with vendors. It’s all about optimizing for the most efficient and effective solutions.

The fluctuating market conditions call for a nimble approach to business. Strategies such as rethinking tech adoption by focusing on solutions that drive tangible value, such as Local Logic’s industry-leading SDKs, can be valuable for navigating these choppy waters.

Before removing a vendor’s platform that isn’t gaining traction, make sure you ask those who are using it for feedback first. The following questions can not only help you better understand your members’ needs but also ensure that your budget is spent wisely:

• How they are using the product?
• How is it benefiting their business?
• Does a lack of training or a lack of communication about the benefits of the product contribute to the lack of usage?
• What are they willing to pay for it?

3. Set Measurable Goals with Tech Vendors

A good tech partner will grow with you through any market and adapt to your changing needs. Set measurable adoption goals with tech vendors right away to determine if they’re the right fit for your brokerage.

To understand how they can help you achieve your business goals, you might want to ask them:

• What is their tool’s average adoption rate?
• How is adoption measured?
• Do they have scorecards?
• Can a certain adoption rate be achievable within a year?
• Will an account manager be available if ever plans get off track?

Ultimately, it comes down to transparency — tech vendors should provide reports and statistics related to engagement, activity, time spent, and content created.

4. Offer an ‘A La Carte’ Menu for Tailored Services

Brokerages can provide all the tools in the world to their members, but not all of them will be utilized. Fewer than 20% of people actually use the available resources on a daily or monthly basis, or even at all.

Underused tools are often the first line item to be noticed when analyzing budgets. To tackle this, brokerages could take an ‘à la carte’ approach, akin to a customized service menu. Rather than removing tools altogether, agents can select services categorized under different tiers like ‘deluxe’ or ‘enterprise,’ sharing the costs for tools they actually intend to use. This approach maintains availability for those who find value in the services without being a financial drain on the brokerage.

Additionally, when agents have more buy-in and some “skin in the game,” like co-sharing the cost for a premium tool, they are more inclined to use it efficiently and may even become in-house advocates or trainers.

5. Treat Agent Training and Adoption as Investments, not Expenses

Training should never be compromised. Increasing an agent’s proficiency with tools helps boost adoption and usage, justifying the ROI.

It is essential to teach agents how technology can assist them in achieving their goals. To do so, you need to intimately know every piece of technology you support, so you can effectively communicate the value that agents will get out of the tools and resources provided.

A common barrier to adoption is time-to-value, which measures how long it takes an agent to start seeing returns from a tool they choose to adopt. A successful adoption strategy requires ongoing communication of the tool’s benefits and a team on the ground supporting your agents.

6. Empower Agents with Hyperlocal Expertise

As you build authority online, branding your agents and brokers as hyperlocal experts can significantly enhance your brokerage’s visibility and credibility within your target market.

By consistently providing your members with access to valuable insights, market updates, and neighborhood-specific content, you position your brokerage as the go-to resource for local real estate expertise. This not only attracts potential clients but also strengthens your agents and brokers as trusted authorities in the community.

7. Streamline Lead Generation

Looking ahead

Surviving and thriving in a complex real estate market boils down to adaptability, strategic investment, and a laser focus on providing valuable services. By implementing the strategies outlined above to equip agents and brokers with the right tools, brokerages can help their members navigate these turbulent times while ensuring sustainable growth and long-term success.