“Over the past 10 years, the tech industry has spent $50 billion with the sole purpose of eliminating you (agents).”
Jared James dropped that line within his first three minutes on stage during the Jared James Advance in Orlando on Thursday. He went on to say how that’s currently shifting.
That same industry that was pouring money into getting rid of you, do you know what they are pouring money into now? Technology for you to improve the consumer experience. And that’s an amazing thing.
One of those tech CEOs took the stage an hour later, describing a key component to what clients not only want, but expect: transparency.
Sheila Reddy, CEO of Mosaik, joined Byron Lazine, co-founder of BAM, on stage for a fireside chat titled “The Next Era of Real Estate Tech.” And while we typically think of tech as something that can be implemented in the future, Reddy remains focused on what agents can do right now.
The Shift from Simplicity to Transparency
Reddy quickly honed in on a critical point: real estate technology has historically been built with agents in mind, often prioritizing simplicity.
But as we all know, real estate transactions are inherently complex. Today’s consumers expect more than a straightforward process; they demand transparency and a tailored experience.
Reddy gave an example everyone can relate to: the Domino’s Pizza tracker. It shows people where their order is at every step in the process. What users love about it isn’t that it simplifies the ordering process; what they love is the transparency.
We were looking at the wrong thing. We spent so much time trying to box real estate tech into simplicity. What we really need to focus on is the transparency.
Lazine gave another example with Uber. “When I order an Uber, and it says the Uber is five minutes away, I insist on staring at the screen for the next five minutes,” he said. “Now imagine how our buyer feels—they don’t see anything.”
Bringing Transparency into the Real Estate Transaction
So, what can agents change right now to bring in more transparency?
Despite being a tech CEO, Reddy argues that it isn’t tech.
The tech isn’t actually what’s important. The tech is a vehicle for scaling. So when we say we’re going to do more transactions, what the tech is allowing us to do is do more with less. We’re scaling our expertise. We’re scaling our presence in front of the client. It’s ultimately the people, the agents, your expertise, your relationship—that’s what the consumer is valuing.
Reddy encouraged agents to adopt proactive communication strategies to keep clients informed and build trust throughout the transaction process. “If a fire comes up in a deal that you’re going to put out, take the opportunity to let the client know, ‘Hey, here’s what’s happening, and here’s what I’m going to do. I’ll update you when it’s taken care of,’ or if you’ve already handled it, at least let them know that same day,” Reddy said.
The best part is, “You do this today,” Reddy said. “Get a Google sheet. Get a Google Doc.”
Once you have your Doc, start with the key ingredients of transparency:
- What are the dates clients need to be aware of?
- What are the things that they’re going to need to do?
- What are the updates of the deal?
A lot of that information can be given to the client upfront, and then added to each time you call, text or email with an update.
While communication updates in the form of calls, texts, and emails should never go away, Lazine chimed in that the tech gives the complete picture. Whether it’s Mosaik or a Google Doc, it’s a singular place the client can turn to to see all the updates, conversations, and information. Not only does this allow you to be transparent throughout every step of the transaction, it also showcases your value.
“The magic in any business,” Reddy reminded the audience, “is where people, process and technology come together. So tech is a way to scale.”
Lazine ended the talk with a high note for the industry and words of praise for the CEO the entire industry should know:
“Finally, a tech CEO who does not hate agents. She’s here to help us grow.”
