Using Tech to take the stress out of compliance
You can’t work in real estate and not be concerned about compliance. If you’ve ever had a request from the Department of Fair Trading to produce all documents and correspondence relating to a property sale without even needing to provide a reason, you would know the stress this causes in the entire office, not to mention the time it takes to find and gather all the information.
Shane Slater from The Agency on Sydney’s lower north shore knows this only too well. Although two requests from Fair Trading came 5 years apart, he and others on the team learnt the hard way 5 years ago what can happen when an agent on the team makes a compliance-related error. And no agency is immune to human error. It happens to the best of us. Shane recalls that it took around 5 days of “stress and anxiety” to hunt and gather all the required documentation, from Word documents and PDFs to every piece of email correspondence relating to the property transaction in question.
Learning from that experience, Shane and the team at The Agency now subscribe to revolutionary real estate software from Australian real estate PropTech innovator, Realtair, called Pitch, Sign and Flow. The software removes the potential for human error from pre-listing to listed to sold and settled, making agency-wide compliance a breeze. So when they were asked by Fair Trading to produce all documentation for another property recently it took them only 90 minutes to have everything sent, all because of Pitch, Sign and Flow. And compliance is just one of the boxes this amazing technology ticks. It’s all part of becoming the complete digital agent.
Old-school Agent VS Digital Agent
Today we have two main types of real estate sales agent – the traditional, old school agent and the agent who has fully embraced technology (the Digital Agent). Let’s compare the Old-school Agent with the Digital Agent over 4 key stages of the real estate journey, from the pre-listing stage to the signing of the Agency Agreement.
- Delivering a pre-listing kit to the potential vendor. The Old-school agent would be doing well if he/she manages to have a team member hand a document to the potential vendor within a couple of hours. The Digital Agent sends a custom-built, beautifully presented digital document to the potential vendor within minutes via SMS or email.
- Comparative market analysis. The Old-school Agent would either have to create this document themselves, depending on their proficiency in Word and graphic design, or wait in line for a support staff member to create it for them. This process would take upwards of 2 hours. The Digital Agent is in full control and has no need to wait for anyone. He/she simply enters the property address into Realtair and a stunning report containing all relevant information from various property data sources is generated within minutes.
- The appraisal. The Old-school agent has to call into the office to gather all the necessary paperwork. The Digital Agent can go directly to the property with nothing but their iPad or Smartphone, knowing they have everything they need for the appraisal and listing process, including the Agency Agreement.
- Signing of the Agency Agreement. The Old-school Agent manually completes the Agreement, leaving room for error (our research suggests around 80% of Agency Agreements in any agency contain at least one mistake). This leaves those agencies wide open for failing to meet compliance requirements and therefore the very real possibility of missing out on commission payments. The Digital Agent can complete the Agreement online within minutes, including the signature/s (even if the owners are overseas) with zero room for error.
So would you rather stay old school or become a Digital Agent? Best of all, you don’t have to be tech-savvy to make the switch.
The 5-minute pitch from anywhere
With Realtair’s Pitch application, you can singlehandedly deliver a professional pitch to a prospective vendor from anywhere within just 5 minutes. You could be in the car, enjoying a latte at your favourite café, at soccer training with your kids, on holidays, literally anywhere, any time.
Rick Woodward from The Agency on Sydney’s lower north shore says Realtair’s Pitch software has been “an absolute game changer” for him in so many ways, including the time and money it has saved him. In real estate for three years, he has not had to take on an assistant even though he is writing significantly more business since signing up to Realtair. He told me, “Last Wednesday, I had 5 appraisals in one day. That same evening, I went to sport, sat in the car for 30 minutes, punched them out on my laptop and sent them off as texts to each prospective vendor. So I had 5 appraisals done and sent within half an hour. Two years ago each one of those appraisals would have taken me about 45 minutes to get done. I would have had to do all the research, think of the right words to say and create a professional-looking document. It was just way too slow. And I definitely couldn’t have done all that from the car! These days I’m cutting off my competitors through my speed to the owners. Pitch has given me great cut through.”
Is it any wonder owners are opting for the Digital Agent who is quick, professional and 100% on top of their game over the traditional, old-school agent who doesn’t get back to people for days? Coming soon, our latest TOD Master Class, The Digital Agent, explains how easy it is to become part of the digital future, saving $50k – $70k in support costs and freeing up your time in the process.
3 ways to pitch like a pro
The best real estate sales agents understand that the pitch to sell their services to a prospect begins well before they set foot in the lounge room. They also know that it can take months or even years before some owners feel ready to sell and put their faith in them as their agent.
Developed by agents for agents, Realtair’s Pitch can be used in 3 ways to develop a relationship with an owner and wow them with your professionalism and speed at each of the key stages of their journey to a sale.
- The pre-listing document. This document is tailored to your brand and is designed to introduce yourself and the agency (if you work as part of a team), explain how you work and provide information on a few recent sales in the area. This can be created within minutes of meeting the owners and sent to them as a text or an email.
- The proposal. Once again this is bespoke to your brand and designed to be interactive. It can include as much information as you like and automatically draws in the data you need, such as comparable sales, from various sales data sources. No more research on your part or spending hours putting a traditional paper-based document together, which would likely not look as polished, professional and engaging as a Pitch proposal does.
- As a prospecting tool. The digital document is ideal for prospecting to cold and warm potential clients as well as keeping past purchasers up to date with recent sales in their neighbourhood. These documents act as a conversation starter and look so impressive that they commonly lead to a prospect calling to ask for an appraisal.
You are also alerted in real time each time a prospect opens your Pitch document and how your proposal is browsed, showing what they are most interested in. This is a clear indication of renewed interest, even if it happens months or a year or more down the track.
In real estate you only have one shot to make a great first impression and Pitch fulfils that objective while saving you time and money. It has quickly become the key point of difference for the forward thinking agents who have started using it.
We have recently launched ‘The Digital Agent’, our latest TOD Master Class featuring the former real estate sales practitioner and leader who created Realtair and some of the agents who have transformed their professional and personal lives by going digital using Realtair’s Pitch, Sign and Flow software.
Tech + technique – a match made in Heaven
Technology is infiltrating all industries at an ever-increasing pace and real estate is no exception. The danger with technology, however, is when people use it as a wall to hide behind. Real estate is and always will be about people helping people. So while all agents must adapt and evolve in line with changing consumer needs and wants in today’s digital world, they must do so without sacrificing their relationship building skills and other techniques that allow them to win more listings, sell more properties and generate more referrals. Realtair’s Pitch, Sign and Flow as well as marketing tools like web books deliver the perfect blend of tech and technique making them incredibly powerful tools for the modern real estate professional.
Built by a team of experienced real estate agents and leaders to address the challenge of escalating administrative costs and compliance in real estate, Pitch, Flow and Sign enhances your relationship with owners and consumers while saving you up to around $70k in admin fees. The software marries up perfectly with our web books product for digital multimedia marketing and knowledge books that will blow your clients away. Together they will give you a massive point of difference from your competitors who are still doing things the traditional way.
We all know stock levels are down and the reality is, the current stock levels could be the new norm. Agents need to find better ways to increase their market share and make their businesses more profitable. Becoming a modern Digital Agent who combines world-class tech with technique will achieve those objectives and thrive today and into the future.
Now available, our latest TOD Master Class, The Digital Agent, explains how easy it is to become part of the digital future. We’ll also have a workshop and live webinar focused on how to become a Digital Agent who combines tech with technique. Call our team on 1300 367 412 to learn more.
We have a great new industry webinar, for all agents who would like to know how to Pitch & Win Business With Digital Communications.
This session is a complimentary gift from Realtair.
Register now and book into your preferred date by clicking on the link below.