Technological disruptions are happening more frequently, and to every industry. When you are focusing on managing the relationships you have with your clients while also staying up to date on trends in the market, it may seem like there isn’t enough time to keep up with what’s new in technology as well.
However, it’s important to realize that some technological innovations could make your day-to-day life easier if you can figure out what’s right for you and your clients. So how do you know when it’s time to make the move to the “new tech?”
To find out, we asked members from Forbes Real Estate Council to share their methods for staying up to date on new technological trends, and why that approach works so well for them. Here’s what they have to say:
Members discuss some ways to stay on top of technology trends.
Photos courtesy of the individual members.
1. Look For Tech That Makes Your Life Easier
Always remember that technology is meant to make your and your clients’ lives easier, not harder. Do your research and find those disruptors that align with your goals, objectives and those tasks you don’t like to do. For example, don’t have enough time to call all of your leads? Find a technology that can help you do that, and then focus on what you do best: building and nurturing relationships. – Lisa Fettner, ReferralExchange
2. Keep An Eye On New Tech In Other Industries
In order to stay competitive, we must continually educate ourselves about technologies that may be beneficial to our business and clients. I do this by networking with people in various industries and sharing best practices, ideas, and trends, as technological advancements and disruptors in one industry may soon cross over to another. I prefer this approach as it is proactive versus reactive. – Catherine Kuo, Elite Homes | Christie’s International Real Estate
3. Seek Tech Centered Around Data And Utilize Trial Periods
I believe that any tech that can trustfully digitize the exchange of data should be considered. If a cost-benefit analysis (or common sense) dictates that it’s a good move then you should try it. Check out the trial periods the vendor may have. Your ability to acquire information and execute faster will, of course, benefit your client and your firm. – Michael J. Polk, Polk Properties / Matrix Properties
4. Ask Investors And Syndicators
Technology is constantly changing. In this competitive market, it’s critical to give your business an edge with newer software. There is a simple question I have started asking when I’m talking to other investors and syndicators: “What’s the newest piece of software your team is using? Why?” You will be amazed by how insightful the answers are! – Spencer Hilligoss, Madison Investing
5. Talk With Industry Leaders About Problems That Need Solving
I use Google Alerts to drop info into my inbox, and real estate investing forums help me watch the chatter. But the real answers come from networking with industry leaders. Tech is about solving problems to make things easier. As I go through my day solving problems, I bump into new solutions. But we all have to be mindful of the leading edge versus the bleeding edge when developing. – Ross Hamilton, Connected Investors
6. Learn About Tech Still In Development
Getting out to live events is a great way to stay ahead. This allows you to find out what’s happening on the fringes of technology, and to discover what is new and in the works that you may not be introduced to in the media yet. Get involved in circles where entrepreneurs are pitching and developing new tech before they even finish creating it. – Kent Clothier, Real Estate Worldwide
7. Track Innovative Companies
My advice is to make a list of interesting companies and closely track what they’re doing. A well-curated list like the Forbes Fintech 50 is a good place to start. Meet entrepreneurs, investors and executives, attend and speak at conferences, and read a lot to stay up on emerging trends. – Gary Beasley, Roofstock
8. Watch How Others Are Using New Tech
Personally, I love to be an early adopter, but as a business owner, I’ve seen many tech trends come and go ridiculously fast. I have learned to let others spend their money, vet new tech and provide debugging. As a broker, agent adoption is expensive, time and resource intensive, and frustrating. You only want to engage when fully confident of net gains for your company. –Thomas McCormack, Resources Real Estate