Let’s face it. The process of buying and selling real estate is broken. With ever increasing channels, tools and technology options, it’s easy to get lost, frustrated, or paralyzed.
Today’s real estate process involves multiple stakeholders who manage and control information using separate CRM, TMS, or LOS platforms — tools that have promised to revolutionize and speed up the way we do business.
Yet, many of these tech tools that promised to deliver change and disruption have instead, created information silos that compartmentalize data and slow down decision-making.
Bigger Investments. Bigger Gaps.
This year alone, according to Inman, approximately $3.5 billion will be invested in real estate technology. That’s a lot of so-called disruption.
Yet, despite this growing investment in technology, most real estate agents, lenders and transaction coordinators today do not have access to information they need to connect and manage the entire, end-to-end buying and selling process seamlessly.
What’s worse, technology silos have further isolated the real estate industry — creating unnecessary complexity, inefficiency and a lack of accountability. Most importantly, the inability to simplify and connect people, data and technology erodes agent value in the minds of consumers.
Consumers and Tech Drive Change
As a result, consumers are beginning to ask themselves, “What’s the point of using an agent or lender? I have access to the same information they do. But I can get it faster…and it costs me less time, money and hassle.”
And if you think agents or lenders can’t become obsolete, look at what happened to travel agencies (Travelocity, Orbitz), cab drivers (Uber, Lyft), hotels (Airbnb), or video rentals (Netflix).
True technology disruptors go beyond the status quo of “we’ve always done it this way” to create new business models and processes — not to disrupt for the sake of disruption — but to create effective change and innovation that meets (and exceeds) consumer expectations.
Game changers stop to examine the entire process (not just the technology behind the process) to see what isn’t working, why it’s broken, and what can be done about it.
Sure, technology in and of itself can be highly disruptive, but only because it serves as the means to amplify, scale and repeat a new and better way of doing things.
Solving the Wrong Problem
Today, our real estate industry faces a crisis. Did you know that, 48% of buyer inquiries are never responded to by an agent? What’s our excuse?
We’ve become stagnant, old, resistant to change. We love being comfortable. “But we’re still making money…” we plead.
We’re so overwhelmed by technology choices or how to manage the process, that many of us are afraid to answer our smart phones — even when we know that there is likely a live human being, a potential paying customer, on the other end.
If tech tools aren’t doing their job in the real estate industry, isn’t it time to challenge the status quo and find a better way?
We don’t necessarily need new technology. Rather we need technology that helps to close the gap between what consumers want and what the industry provides today.
We Stepped Forward: The 5 Biggest Real Estate Pain Points
For over three years, we’ve studied the problem and tested our solution with agents, teams and lenders — and while we can’t necessarily change humans, we can change the way people adopt technology to communicate, connect and grow.
Why does that matter? As working real estate agents, we’re you. We understand what you’re up against as you try to grow and evolve facing rapid-fire technological change.
Like you, we face everyday challenges and threats to success. And we know that to create a truly disruptive solution, we must address the top pain points we believe keep the real estate industry stagnant. Rather than feeling threatened by change, we choose to view the industry’s pain points as key opportunities.
So, what do we see as key areas for improvement?
1. Process Complexity
Fragmented processes in our industry continue to cause complications. Real estate professionals are bogged down with too many things to do, especially time spent on the phone or email tracking down information; time better spent taking care of clients and leads.
There are also many things that can go wrong at any point — from squandered or miscommunicated leads to chain collapses, to not knowing buyers’ approval status, failed inspections, missed deadlines and not being able to locate outstanding paperwork.
It’s a maze of forms, applications, signatures, emails, phone calls, hard copies…it’s all confusing and decentralized. Which leads us to…
2. Inefficiency, Transparency & Accountability
When stakeholders start to hold information to themselves (or their own organization), they mistakenly think they’re creating more value as subject matter experts. But protecting knowledge simply slows down the rate at which information is shared and communicated, causing inefficiency and frustration.
We’d rather see a system where data is democratized, or shared equally, with the common goal of providing complete transparency and accountability. The end result? One common platform for all transactions and communication that delivers superior customer service, streamlined communication, and greater performance accountability.
3. The Changing Customer
Your leads and clients use various, easily accessible online tools to gain instant, real-time access to as much (or more) information about a home, pricing or transaction status as you do. If you’re slow to adopt new technologies or you use complex tools that don’t allow you to pivot quickly, you can’t keep up.
Agents and lenders who don’t stay lean and nimble can’t build momentum and growth. And lost momentum equals lost buyers and sellers. When margins are tight, agile teams that can speed-up and shorten home buying and selling through via targeted marketing, data management, improved communication and activity tracking will stay ahead of customers, as well as competitors.
4. Slow Adoption of New Technology
50% of agents/brokers are over 50 years old — and too many of us are comfortable with the notion that we “already know what we’re doing and don’t have to try anything new.” After all, if it ain’t broke, don’t fix it, right?
Unfortunately, that attitude will leave you in the dust as those under 40 (the other 50%!) embrace technology. Even though the 50+ crowd is still making most technology decisions within a brokerage, power will shift to those that sell and bring in business. Don’t let age become an impediment. Disruptive technology makes things easier, faster, and more intuitive.
Learn, solve, build. Anyone can learn technology at any age — and do it quickly.
5. Scaling a Business (Team)
We work with thousands of agents and teams. We know you know your business, but how do you get everyone on the same page, hold people accountable for taking care of leads and clients and connect to top performing lenders? Right now, you likely use disparate systems that don’t let you get a clear picture of everything that’s in motion.
And if you do see the big picture, how well can access detailed data for better decision-making and growth? Automated processes require higher skill levels, which means you need to be able to drill down data and analytics at the granular level to know exactly who’s a top performer (and why), and who’s just getting by.
What Makes Loomlogic Different
While we recognize the problems within the real estate industry, we don’t buy into the negativity, which is why we’ve set out to do something about the challenges we’re experiencing.
That’s why we’re finally ready to launch an improved version of Loomlogic. More than a CRM, TMS or LOS, Loomlogic is the only real estate tool that helps you manage your exclusive and agent referral network, connect with multiple, top performing lenders, and navigate the escrow process through your transaction coordinator — using one central platform.
With Loomlogic, you’ll now be able to:
- Direct leads, teams, lenders and closings — automatically, from one single platform
- Streamline and speed up the entire real estate transaction process
- Get faster access to the data you need for quick decision-making
- Grow a team rapidly by building a network of referral agents
- Know what’s going on with a client’s loan at any time
- Stay ahead of the competition and get back
- Connect the entire buying and selling process
Loomlogic isn’t looking to replace agents or lenders or transaction coordinators. Like you, we like being real estate agents, serving our communities, and helping people buy and sell homes.
We’d rather explore how we can use innovative technologies to create greater value for agents, teams, lenders, and TCs by staying relevant for the clients and networks we serve.
Yes, we’re disrupting the process and the way things have always been done with new technology. But we’re not trying to be combative. We’re simply looking to create win-win solutions for everyone connected to the home buying and selling process.
To remain relevant as a real estate professional, you don’t have to invent tools or processes; you just need to be open to using them.
Find out how smart agent teams run and grow their real estate business, with the only tool that gives you complete visibility and clarity at every stage in the home buying and selling process.
If you have any questions, or want to know more about Loomlogic or our special offer, feel free to call us direct at 1-877-270-0797.
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