As the housing market heated up this year, competition between agents to get buyer and seller attention was fierce and this energy carried right to the top. While agents were putting in the time and work winning business, brokerages were also competing. But the competition isn’t necessarily who you think it is for these brokerages.
The competition stack
Let’s start with the obvious opposition to your brokerage, and that of course is other brokerages in your market trying to win more business and recruit your agents. When it comes to that type of competitor, remember not to get distracted and tied down to what they are doing. Your value proposition and brand are unique, therefore duplicating another business’ model won’t get your business performing the same way. Differentiate your brokerage and implement your own smart strategies by evaluating your business and giving your agents the right support and tools they need to succeed.
The most impactful way to do this is by updating your technology tools and systems. Technology is constantly developing across industries and real estate has benefitted from the influx of innovative software available. The industry as a whole has been challenged to adapt to this new digital experience and there are numerous tech vendors to choose from in addition to rapid consolidation happening across tech companies. This constant tech development leads to improvement and new offerings being added; leading to more opportunities to differentiate your business from your competitors. But keep your unique value proposition in mind and pick vendors that allow you to power of choice to so you aren’t locked into the same offering as your competitor to stand out and win business. Look for a platform that allows you to pick and choose which tech tools you offer and inject them with your brokerage’s brand and content – it’s how you use them that really matters. An open platform system like the MoxiCloud offers immense flexibility and technology choice for your brokerage to create a path for your agents so they can also remain competitive in their market. Creating your own technology mix specifically catered to your unique business needs is what will give you that competitive edge.
Partner or competitor
Competition isn’t always in direct opposition to you or your business. Sometimes the call comes from inside the house aka your technology vendor; scary. That is exactly why it’s so important to review and question how the technology tools you want to implement into your brokerage impact your agents and every aspect of your business. We’ve covered the 6 Critical Questions to Ask when picking a software partner but beyond that, you should be considering how some software “solutions” are more of a problem maker than problem solver due to their direct-to-agent selling. If the technology system you offer as a brokerage is also being sold directly to your agents, without you the brokerage, what dissuades them from taking that technology, leaving and going to another brokerage? How can you ensure that your technology stays with your brokerage and is a value agents want to get or keep? Well, you can’t unless the technology you choose is exclusively sold to brokerages, like MoxiWorks’ suite of productivity tools.
MoxiWorks knows the incredibly important role technology plays in a brokerage and agents’ daily life. Our open platform offers flexibility and the power of choice of a unique set of tech solutions your agents will not want to be without. We aren’t just looking to be your technology vendor today; we are proposing to be your technology partner, for life. When picking a tech vendor that you can partner with not compete with, you are implementing true solutions to your pain points and challenges and not creating more issues, such as increasing agent churn. A beneficial tech partner is flexible enough to scale your business along your growth journey and most important of all, can improve the agent experience.
R & R
Beyond onboarding, the MoxiWorks team makes it a point to give the necessary education, guidance, and training to ensure even the most tech-phobic agent adoption. Agent adoption of your new tech tools is critical because it impacts your business productivity and productivity directly relates and influences retention and recruiting for your brokerage. A productive agent is a profitable agent, and a profitable agent is a happy agent. As a brokerage leader, it’s optimal to prioritize recruitment and retention of good agents and teams to keep a competitive advantage.
Take a step ahead of your competition by providing the best tech and support available in the industry to your agents with MoxiWorks technology. Your agents will leverage their tech mix to increase profits, running leaner and more efficiently across the finish line with a smile.