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12 March 2008

Technology Talk: Which Tech Trend is Right for Me?

Posted by Wendy Forsythe

There’s a lot of technology talk in the real estate world these days. Deciding which of the latest technology trains to jump on is a quandary.

Like any investment of time and money, the decision should be made on the potential return in investment. One of the benefits of the online world is it is easily tracked. But many of the tracking mechanisms can be misleading. Hits, page views, and unique visitors are all well and good but they don’t pay the bills at the end of the month. What you really need to monitor is conversion ratios. How many leads are you receiving from your online endeavors and how many of them are turning into closings?

But maybe I’ve put the cart before the horse, because the real question is what online technology trends are the most beneficial to growing a sales associates or brokers business? Online tools are really just prospecting strategies. The success of any prospecting technique depends on the individual. In the offline world, not everyone achieves success by prospecting For Sale By Owners or doing open houses. Your personality and skill set will ultimately dictate your success and we don’t all have to do this business the same way.

The same applies to the online world. Just having a website doesn’t necessarily lead to business. Some agents are reporting great success with blogs. That doesn’t mean blogging will lead to a positive return on investment for everyone. Social media sites like Facebook and MySpace are getting a lot of attention. But a profile on these sites doesn’t mean that incremental business will automatically come your way.

You have to look at the various online technology options and decide which method fits your personality and business profile. Don’t try to incorporate all of them into your business all at the same time. Once you’ve chosen a tool, commit to using it for 6-12 months for a true evaluation of its effect on your business. During this time constantly monitor your return on investment. Lastly, seek the assistance of experts. Leveraging the benefit of someone else’s expertise will speed up your learning curve and results.

To learn more about some of the latest technology trends visit www.inman.com. This is a great site full of lots of information and insight on our industry and technology.

Look for future posts where I’ll examine some of the hottest trends and how they are being used.

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4 thoughts on “Technology Talk: Which Tech Trend is Right for Me?

  1. Great observations Wendy. Basically, it’s not what you have, it’s what you do with it. I have been very fortunate to establish relationships via social media tools, relationships that can have a direct attribution to revenue. That said, it has taken me 18 months to realize any ROI. If you look at the long term potential and the ability to build a “pipeline” of business for agents and brokers via blogging and social media, it boggles the mind, however, it is an effort that requires a great deal of time and effort.

    Looking forward to more of your tech insight!
    MP

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