The disruption to the housing market wrought by the coronavirus pandemic is still going strong and with it, hard times are looming for real estate agents. In fact, there are twice as many real estate agents as there are home listings, leading to an oversaturation of agents in the market. To make it worse, 20% fewer homes were being listed this spring as compared to spring of 2020, as more sellers worry about finding a potential home after selling.
This means that agents are struggling to find listings for their current customers, and supply at both ends of the market — the lower budget end and the high-end — is dwindling. However, an increase in remote connections, virtual showings, and other technologies that can streamline the buying and selling processes can assist savvy agents in staying profitable.
Let’s explore how one of these technologies, document management, is making it easier for agents to stay organized and provide a higher level of customer care to keep them head and shoulders above the competition.
Organizing Your Real Estate Business with Document Management
Organization is the key to keeping your real estate business thriving, especially in a volatile market such as we currently face. Building a network of referrals and satisfied customers is a smart way to grow your business. However, this can only be accomplished if you have contact names and information at your fingertips — and you make an effort to stay in touch.
The Importance of a Database
As a real estate agent, your contacts are the bloodline of your business. Typically, anyone you meet is a potential home buyer or seller, but some are more likely than others to become productive leads. For this reason, you should create a customer database that separates your contacts according to whether they are:
- Hot leads — those ready to buy or to refer other customers to you
- Warm leads — may buy or sell in the near future, or may occasionally refer new clients to you
- Cold leads — not likely to buy or sell and have never referred another contact to you
To expand your sphere of influence, you will want to nurture each of these groups at different levels. Obviously, you will keep in close contact with your hot leads to encourage them to generate more business for you, but do not underestimate the power of connecting and growing your warm and cold lead relationships.
How Document Management Helps You Organize Your Contacts
A document management system (DMS) can assist you in creating an overarching client database that can amplify and strengthen your interpersonal relationships to help you expand your influence — and your business.
After all, real estate is built on relationships, so nurturing your leads is priority one in maintaining strong connections. With DMS, your contacts and even listings they are interested in or interested in selling can be managed in one place. With all correspondence neatly filed and organized, you will never be at a loss as to your last interaction with an important contact. Files can be managed through any number of keywords, key phrases, dates, times, names — just about any way that makes sense for you.
Additionally, a DMS helps you to keep track of all files, leases, sales contracts, listing details, and other information associated with each contact so that you always have the information you need to speak confidently regarding a financial transaction, even at a moment’s notice.
Trust Blue Technologies for the Latest in Document Management Solutions
Busy real estate agents know that time is money. And in today's hypercompetitive marketplace, there is no time to be caught without the proper information needed to help potential clients sell — or buy — a home.
At Blue Technologies, we offer customized document management solutions to help you — or your real estate business — stay ahead of the competition and stay organized. With an entire suite of solutions by leaders in the document management industry, we can offer bespoke solutions that help you get a solid grasp on the things that help your business thrive — document security, easy searchability, intuitive interfaces, and more.