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April 15, 2010

Innovation- The Key to Success

by mark mclean

  As I mentioned before, the real estate industry is changing. Just think how far we have come. 20 years ago, we typed out offers, carried pagers, and relied on daily listings delivered in our mailboxes every morning. Now imagine where it is going to be 5 or 10 years from now. The reality is that technology and the internet will continue to play a significant roll in the evolution of industry. How easy will existing companies adapt to these changes? In the book “the Design of Business”, Roger Martin writes that being innovative will give your company the competitive advantage over old school businesses. It seems clear that the big regional and national companies have the capability to throw the necessary resources into the technology pool, but what about the smaller privately owned outfits. How easily will they adapt to the latest innovations.

 Independent boutique companies need not be stressed about embracing technology. With so many books available, including the popular “for dummies” series can give you enough information to get you started. But if your goal is to make an impact, keep or grow your market share, add valuable producing agents to your office, then you need to be serious about every aspect of the internet, blogging and other social networking tools.

 There have been enough articles published that reiterate the notion that nearly 90% of people looking at buying or selling a property start their search on the internet. Therefore, you have to rank high if you are going to get noticed. Your company ranking on search engine websites can be much higher simply by having every agent in your office provide links to your company site from their own. Blogging, provides unique content which will push you up too. And, of course, you need to have a Twitter and LinkedIn account to let people know that you have added content to your blog or website.

 Obviously I am scratching the service of this topic, and hope to address these further in the weeks to come. However, in no way should you downplay the importance of social media. Likewise, advances within the industry, like the latest in digital camera equipment used for virtual tours, or advanced internal accounting and office management software. Most innovations are designed to make operating an office more efficient and ultimately more profitable. There is another benefit; These innovations should also help you recruit and retain an active, happy, and profitable sales team. It instantly gives you the leg up on those companies that view innovations as a scary no man’s land.

 By the way, any innovation adapted early enough puts you in the driver’s seat. It makes you a leader rather than a follower. It is clear that if you don’t keep up with innovations in the real estate brokerage business, any business, you will very quickly find your company behind the eight ball.

 As usual, I am obligated to mention that the comments above may not represent the opinions and views of Bosley Real Estate.

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