The Apto CRE Broker Tech Benchmarking Survey is a new report from Apto designed to measure technology usage in the CRE industry. That said, the survey wanted to know not only whether brokers were using technology, but also how well they were using it.
It turned out that brokers are using the technology strategically. The survey classified brokers as emerging, strategic, or leading, with an emerging classification corresponding to a score of less than 60; strategic corresponds to a score from 60 to 79; and Leader with a score of 80 or more. The average score was 64. “I’m not surprised by the broker reviews, and the trend is certainly in the right direction. Most brokers have realized that they need to be strategic about technology to be even more effective in their roles, and they have, ”Tanner McGraw, founder and CEO of Apto, told GlobeSt.com.
Of course, there is still an opportunity for brokers to use technology more effectively. “But there is still a lot of room for improvement, especially when it comes to using technology to predict the future, such as where your next business is likely to come from,” says McGraw.
If there was a common thread in the survey, it was the use of CRM database software. This software made a huge difference in the quality of technology usage. Users with CRM database software had an average score of 74 compared to those who did not use a CRM database. “The commercial real estate business is people and data driven,” says McGraw. “CRM database software enables realtors to better manage all of their personal and property information and to relate the information – in other words, to connect the dots. CRM software is the basic software for working as a broker. It has become a must. “
There is also room for growth in the CRM market segment, according to McGraw. “The real technology leaders among brokers use CRM software to do even more, for example to integrate real estate and market data from third-party providers and to visualize on a map where their next business could be coming from,” he says.
The pandemic has accelerated the adoption of technology, but it has also resulted in better use of technology to get things done. “The pandemic has made people more familiar with the technology because they have had to use it more frequently, so it’s sure to have accelerated adoption. But the remarkable thing about human nature is that as acceptance increases, we also see new ways of doing things, including ways that technology can help us do our jobs better, ”says McGraw. “A lot of brokers had revelations during the pandemic realizing, ‘Wow, technology can do that? I didn’t know, which increases the likelihood that they will continue to use technology and use more of their skills. “