Agents are being forced to look beyond listings and make better use of the buyer relationships and data already sitting in their CRMs.
With the market slowing, agents have been forced to rely more on their CRMs and their ability to create more opportunities to develop relationships
LockedOn co-founder Luke Newton said that as the market cooled, agents needed to be more aware of how they used their tech stack and database as a combined tool.
“When it’s a sellers market, it’s hot. It’s all about ‘get me people that want to sell, sell the property, easy’,” Newton said
“Now, I’ve got to look after my buyers because things aren’t selling, so I really have to work my hot buyer list better.”
As the market shifts away from a seller-dominated market, Newton said agents were missing the opportunity to really leverage their existing connections.
“Most agents have vast buyer databases that haven’t been nurtured to the degree that sellers have. That’s shifting now.”
He said that rather than being bogged down, agents should employ automation to alleviate the administrative burden.
Creating capacity through workflow
As technology allowed for more flexible workflow delivery, co-founder Iain French said that LockedOn saw a gap in the market and decided to cater their service to agents by developing a mobile app.
“We wanted to flip it on its head a little bit, and instead of the desktop being the primary method for using the CRM, we wanted to switch it so the mobile was the primary method,” French said.
“One of our major focus points has been around agent workflows and just making it easier for them to list and sell.”
Newton said that real estate agents were looking for opportunities to free them up to carry out their roles as efficiently as possible while on the go.
“A lot of the focus is leaning towards that out in the field experience, giving the agent the ability to be mobile, to do their job, but to do it with better technology.”
“You want to be able to do everything in just a couple of clicks and have everything in a central place where you know exactly where to go.”
AI comes with a risk
French said that while AI could provide agents with a significantly streamlined workflow, it could also open them up to danger.
“They see the end goal and think ‘wow, I can do anything and build anything and all it takes is a prompt’.”
“But they don’t know about security, privacy policies, legislation. There is a whole host of things that can go wrong. It’s important to be very responsible in terms of security and privacy.”
He said it was essential for agents to ensure that they understood their own AI tools and whether or not they complied with privacy legislation.
“Instead of just giving AI access to all of our systems with no safeguards, we’re releasing our AI features as we vet them and we see them as safe to use.”
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