We live in a society of instant gratification, one in which the customer has an ever-increasing desire to fulfill a want or need and places customer service oriented businesses (those that are concerned with providing good service) in one of the greatest competitive challenges of their existence. Amazon offers 1 hour delivery, streaming a movie is as easy as pressing a few buttons on your remote and with my Starbucks app, I no longer have to wait in line to place my order. I can place the order, pay for it on the way, then just pick it up and go. As you are ordering at McDonald’s, the food preparers are making your food, as the ordered items appear on a monitor in front of them. Ain’t technology grand? Don’t you wish a real estate transaction was the same way?
The on the go ordering system is great for industries who systematically reproduce and/or deliver the same product or service over and over like a fast food restaurant, but it gets more complicated when systems technology is used in industries that need to tailor their services because the product and customer’s list of ‘must haves’ are unique. Or, when the overall process is unique because of the complex set of issues that can arise during a real estate transaction. Searching for a property among a sea of other competitive buyers, listing a property competitively and accurately, negotiating, coordinating home inspection, lender, appraisal, surveying, title, legal and escrow services (more on these individual services in future blogs) all have complicated processes. Within each of these areas of expertise, things can go wrong that can upset the entire transaction. Sometimes it’s a matter of bad timing, sometimes bad, delinquent or inaccurate communication / coordination and on very rare occasions, it is an issue that cannot be fixed and the transaction is toast. Losing a transaction can be a frustrating and a costly experience for buyers or sellers, but it can also be negligent if it was caused by bad communication on the part of the industry and unfortunately, the industry is riddled with it.
So, how can technology help coordinate a process with a seemingly infinite number of variables waiting to upset the real estate transaction? The keyword here is “coordinate” and it really boils down to constant and systematic communication, which just so happens to be something that with applied technology, we CAN make the transfer of sensitive information more efficient, more specific and more collaborative. Using software platforms to remind us of anticipate deadlines, engage collaborative meetings, and share specific details about things to expect can take the unfortunate surprises out of the transaction and create happy customers. I haven’t yet found an easy to use single system that can keep track of all the tasks that REALTORS® are responsible for keeping track of, but I’m working on designing one. Meanwhile, there are separate systems that facilitate sections of the job easily and flawlessly, keeping unwanted surprises at bay and avoiding sloppy interaction.
Contact me for a consultation on your next big investment, you won’t be disappointed!