Maximize productivity without an executive administrator or transaction coordinator
Nothing quite beats having an administrator and transaction coordinator on your team but if that isn't an option then the next best thing is to leverage technology. If you don't have something to manage your database and transactions then you're most likely losing out on an enormous amount of business.
For example, the average seller will refer their real estate agent 2 times and only 33% of sellers you have worked with will refer you 3 times. The problem lies in organization and following up. If you do not maintain an organized database then you will likely have lost 2 transactions. Now multiply that number by the number of sellers you have worked with last year and multiply that number by the number of years you have been in the business (or plan on being in the business). Lastly, multiply the final number by your average commission. Now slowly cringe and try to pretend that you are not bothered by the amount of money you missed out on. If only you had done something as simple as segmenting your friend list and keeping in touch with your past clients.
Let's fix the problem. Here are 6 different ways technology can increase productivity and ultimately, make you more money:
1. Use a Customer Relationship Manager (CRM)
If you don't know what a CRM is, it is software that organizes all of your customers, their contact information, and can do more than that. CRM's offer a variety of different features, some will manage transactions, analyze your sales performance, track email open rates, sales pipelines, etc. At the end of the day, the only thing that matters is whether or not you use your CRM. If you constantly maintain your database and update your contacts then it will become a gold mine. Pro tip: add notes to your customer profiles every time you contact them so you always know whether you've lost touch with someone (and lost business).
2. Transaction Managers
There's a lot fo great transaction management software out there. Personally, I use the manager built into my CRM but Folio seems to be a fan favorite among real estate agents. Without a doubt, Folio is one of THE BEST transaction managers. Folio plugs directly into your Gmail and upon the first startup, it will scan your emails for any active transactions. When it is configured, any email you click on that is attached to a certain transaction will automatically open a sidebar with all of your transaction information. You can add any important dates such as inspection and financing deadlines, as well as any important vendors. Did I forget to mention that it will keep your client up to date as well? That's right, Folio will also send update emails to you and your clients whenever deadlines are approaching. This alone saves you 1-2 hours from emailing all of your clients.
3. Social Media for Lead Generation
We all see that social media plays a massive role in society and a pretty sizeable part of everyone's life but for some reason, real estate agents continue to ignore the effect that it has. Most agents want to continue cold-calling to build their business or rely solely on referrals. If you are part of the established elite who live off of referrals then we applaud you. However, if you're in the game of lead generating every day for business opportunities then do not sleep on social media. Social media provides a huge opportunity for you to reconnect with people that you haven't talked to you in years. Not to mention, people will literally spoonfeed you topics they want to talk about. All you have to do is engage in the conversation. Social media is the same as real life interactions. Engage in great conversation and then ask for referrals.
4. Your Website
This is hands down one of the most underutilized tools in real estate. Your website can be extremely effective. Just don't fall into the trap of trying to compete with Zillow or Realtor.com. Your website's main purpose should not be property search. Instead, your website should be a point of contact and definitely not the last point of contact. Realistically, you want to use it to pull leads and contact information. If used correctly, you can also maintain your audience's attention on your website. For example, I met an agent who used to be a travel blogger. She didn't run a viral blog but it was just enough to keep all of her friends on Facebook to revisit her website. Now imagine if she shared all her travel stories with her Facebook friends on her real estate agent website? What if she also set up a sales funnel and directed them to landing pages/forms to collect lead and referral information. That would truly be an efficient and effective website.
5. Messenger Bots
Bots have so many different uses for real estate. The best way to prove this point is to try it for yourself. Check out how the Golden State Warriors use their messenger bot. They use it to collect email addresses for their newsletter. That's only one way to use a bot. You can also use a Messenger bot to provide information about properties, provide information about you and your services, or even as a way for your clients to check their transaction details while you are on vacation. If this is news to you then definitely read more on how Messenger bots can help you go on vacation.
Last on the list is auto-dialers. There are lots of auto dialers that will allow you to purchase FSBO and Expired lists as well, but the efficiency comes from auto dialing. It sounds silly but if you are making calls then you might realize 80% of your time is spent listening to the dial tone or actually dialing the number. Watch how much time an auto-dialer will save you.
If you don't have an administrator or transaction coordinator then you should definitely try to add these systems to your real estate business. You might find that you're able to handle much more than previously before.