By Maddie Jostol
There’s a digital transformation happening. Everything is moving to the cloud. On-premises servers are being replaced, data is constantly being uploaded, exchanged, and shared, and technological advancements are being made to the cloud daily.
First of all: What exactly is “the cloud?” Mashable defines the cloud as “a network of server.” Some servers provide an online service, like Adobe Creative Cloud, and others allow you to store and access data, like Instagram or Dropbox. New to the concept? Check out their cloud for beginners guide.
A few of the major clouds you might recognize include Amazon Web Services, Google, IBM, and Salesforce. Needless to say, with these powerhouses innovating, the cloud computing market is growing rapidly and you better believe the real estate industry is moving to the cloud as well. To put things in perspective, the global cloud computing market has grown from $5.8B in 2008 to $41B in 2012 to now over $128B in 2017. What’s that have to do with real estate? Let’s just say that the amount of money pouring into real estate tech is growing, with venture capitalists investing over $1.1B in real estate technology this year alone.
Yes, the cloud is taking over real estate as well. Let that be seen as an opportunity, however. Cloud migration is gaining rapid adoption for a reason – it’s good for business, and that’s especially true in real estate. Many brokerages feel pains derived from inefficiency, low agent retention, and industry changes. The best part about the cloud is, when it comes to an open platform, it gives you the flexibility to change out technology solutions as necessary, and your data will still be safe in the cloud, ready to integrate with the new solution.
The Moxi Cloud open platform was built to bring the benefits of a cloud-based platform to real estate, delivering brokerages higher flexibility, efficiency, and profitability. It isn’t just about convenience – cloud computing is having a serious impact on companies’ bottom lines. 74% of Tech Chief Financial Officers (CFOs) say cloud computing will have the most measurable impact on their business in 2017, according to Forbes. Companies are investing in the cloud for a reason. Forbes also revealed that 60-70% of all software, services, and technology spending will be cloud-based by 2020.
The power is in the data exchange. When you integrate your systems through data exchange, you find a smoother sales process, more value delivered your agents, increased productivity, and fewer mistakes from manual data entry. Cloud migration is an opportunity for you to get your brokerage’s technology solution up to par. The competition is heating up in real estate and it’s vital that you set your brokerage up for success with the right technology – not to mention, offering technology that will attract and retain agents. So… Got cloud?
With advancements in technologies, brokers are finding that they need to advance their brokerages as well in order to keep up. This doesn’t have to be a drastic, impromptu change, though. We’re challenging brokers to take a step back and think about how they can put systems in place within their brokerage that will align with the changing technological environment of the industry.
Data is power
“More data has been created in the past two years than in the entire previous history of the human race.” – AnalyticsWeek.com
Data is the currency that will give you an ROI on your technology. Data exchange improves productivity and optimizes operations acrossorganizations in all industries. Real estate is no exception, and we’re already seeing that those brokerages who adopt technologies with consideration for the future, are making significant advancements as a business. Data exchange is what enables an agent to auto-fill MLS information into their presentation, managers to see how for their agents are to their unique GCI goals, brokerages to manage their organization’s roster, and financial success.
Open platform allows fast integrations
The ‘plug and play’ concept is great (we clearly live by it), but only if the plugging and playing can be done quickly. Changing technologies can be incredibly painful and costly for businesses and it’s a major pain point for brokerages in today’s world. The reason brokerages are opting for an open platform API is to hedge against these problems in the future, as the solution enables fast integration of new technologies.
The API (Application Programming Interface) is the key to the open platform. It allows brokerages to plug and play the tools they need into one platform. It means that you have the exact technology solutions you need, when you need them. We integrated 12 tool and service providers within two months. That means within just a couple of months, our brokerage clients had a dozen more technology solutions at their fingertips and they’re able to use what they’d like and forget what they don’t.
From the partner’s perspective, it means they’re able to easily integrate with the Moxi Works platform, sharing critical data and improving the user’s workflow. Interested in learning a little more about how the technical integration works? Check out this interview with Melissa Kwan, CEO of Spacio, about how they launched Spacio to a major brokerage in just 2 days with the Moxi Cloud. From the brokers perspective, it means you can easily onboard new tools to your entire brokerage quickly and easily.
A changing environment
Change isn’t somewhere off in the future, it’s happening now. The real estate industry is faced with the opportunity to adapt, embracing technology that will make brokerages more efficient, winning back higher profit margins. Flexibility is vital, as brokerages that stay nimble and adopt the tools that fit their needs, culture, and process, will find success in providing their agents with tools and services that address their pain points. We like to call this flexibility ‘future-proofing.’ Those who strive to be industry leaders (big or small) will advance along with the changing environment.