It may be cliche to say, but technology is advancing at such a fast pace. So fast, in fact, that according to Forbes, ‘the device you’re most likely reading this article on is millions of times more powerful than the NASA supercomputers that put man on the Moon in 1969.’
But it’s not just household devices or NASA computers that have advanced significantly over the years. There are also many PropTech companies out there which are developing at a rapid pace, with new features being released thick and fast.
So much so that the PropTech you signed up to just a year ago likely isn’t the same piece of kit you now have access to…but instead a much smarter, more intuitive, and comprehensive system. The problem is that many agents aren’t aware of what their PropTech can do now and therefore aren’t getting the most out of the software they’re paying for.
How well do you know your PropTech?
Great PropTech shouldn’t remain stationary; it should constantly be evolving and advancing to suit modern consumer mindsets, as well as the changing needs of busy agents.
If you were to ask me how many big developments we’ve released over at Spectre within the last year, it would be in excess of 20. In just 12 months, Spectre has transformed from a predominantly on-market prospecting tool, into an all-encompassing suite of marketing tools powered by artificial intelligence.
So I’m asking you… are you aware of all the new features your PropTech supplier has delivered? Do you regularly look out for product update emails? Do you read the newsletters they send out? If you answered ‘no’ to most of those questions, then you’re more than likely not making the most out of your systems and the modern functionality they now offer.
The importance of regular reviews with your suppliers
At Spectre, I have occasionally spoken to a client who will be paying for our instruction generation tool, as well as other PropTech products, and they didn’t realise the functionality of their other products already exists within Spectre.
This means they’re unnecessarily paying for multiple PropTech subscriptions, as well as overcomplicating their internal processes by jumping between several platforms when they can get all the same functionality in one place.
Therefore, one of the best bits of advice I could give an agent for ensuring they get the most out of their PropTech is to have regular monthly or quarterly reviews with suppliers. If they haven’t approached you about these meetings already (which they should be!), I would strongly suggest reaching out to your account manager and requesting them.
Assigning a dedicated team member to manage your PropTech
According to the Global PropTech Survey by KPMG, ‘the biggest barriers to further digitalisation include the lack of a designated person to drive the strategy and the lack of appropriate in-house talent.’
Without a dedicated person overseeing your PropTech, knowledge of that product can become fragmented, collaboration breaks down, responsibility is shifted and then action is never taken.
Placing responsibility on one team member will focus attention on your PropTech, maximise usage of the system, and help with further establishing a strong working partnership with the account manager for better communication regarding usage and new features.
Measuring the success and usage of your tech stack
If you’re an agency owner, you’ve probably wondered at some point if the PropTech you’ve invested in is providing a good ROI. And rightly so!
However, a good ROI typically comes hand-in-hand with appropriate system and feature usage by you and your team. Circling back around, this is again where having a dedicated team member to oversee your tech stack and continually collaborate with your account manager is vital.
In order to measure the benefit of your PropTech, any good supplier will be happy to send success and usage reports on a regular basis. These insightful reports are a must for getting the most out of your Proptech, as they will allow you to analyse how well your team is using the system, as well as any features not currently being utilised to help boost your ROI.
In my experience, the most successful agencies are not only utilising PropTech to power their processes, but they are also proactive with their account management. They don’t rest on their laurels and instead constantly seek new ways to be better than the competition - taking advantage of all the new and emerging technologies available to them.
So, to all the agents out there using PropTech, I urge you to look out for product update emails, read your monthly newsletters, establish a great relationship with your account managers, and request those all-important reports… because these simple things will help you achieve maximum value from your tech stack and boost your success!
The good news is that if you do the above, you’ll put yourself in the top 5% of agents in my opinion. The great news is, to get an advantage over the competition, you don’t need to spend more on proptech, just get more out of the PropTech you’re already paying for!
*Heather Staff is the co-founder of Spectre and Street.co.uk