Any individual or entity that operates in the real estate industry knows there are a myriad of real estate software services and solutions that can make the business of real estate more automated and convenient.
As of 2018, there are more than 2 million individuals who hold an active real estate license in the United States. With the number of real estate agents in the U.S increasing every year, the amount of companies offering real estate software solutions is at an all-time high to meet the ever-growing demand.
With so many real estate vendors and software options to choose from, how are you supposed to navigate the terrain and select a vendor or solution that will fit the needs of your company?
Whether you own a realty company, a title agency, or a lending company, it’s crucial to be very serious about the selection process you go through when it comes to real estate software vendors. Making a poor decision could lead to plenty of unhappy clients and more importantly, lost revenue down the road, which nobody can afford in today’s competitive landscape.
To help you make the best choice for your company, we’ve compiled a list of tips for finding the right real estate software for your needs.
Choose Real Estate Software That’s Been Around
With new solutions and vendors popping up every week, it’s tough to know who has a proven track record and who doesn’t. If you want to ensure that you have a better experience with the real estate software solution you choose, it’s smart to find a company to work with that has been in the space for a few years.
We’re not suggesting here that every new company has too many flaws and therefore shouldn’t be considered, but in our experience, more experienced companies have done a much better job at accepting feedback from customers and using that to fine-tune their product. As a result, those companies have been able to grow their revenue over time and offer a more exceptional product. Newer companies don’t always have that luxury.
However, keep in mind that some older companies may not stay on the cutting edge of real estate software technology. As a result, some older companies may have outdated products or slower systems that could cause problems for your company. If they haven’t kept up with the times, their solution may not be sufficient for your needs.
Identify Your Non-Negotiable Features
When it comes to software, you have to be brutally honest with yourself about your non-negotiable features. What does this mean? You have to make a decision on the features or capabilities that you cannot live without.
Maybe for your company, ease of use and device-compatibility are the two non-negotiable features that you cannot go without. If you come across a real estate vendor or software solution that doesn’t offer support for mobile devices and the user-interface seems a little cluttered and difficult to use, you can feel good about saying no to that vendor or software solution. Once you cross that company off the list you’ll just move on to the next.
We should make it clear that there is a difference between non-negotiable features and features that you’d really like to have. Features that you’d really like to have will make your life easier once you implement the solution, but if you don’t have them it won’t be the end of the world. Missing out on a non-negotiable feature however, is a total deal-breaker.
It’s not as simple as it sounds to differentiate between what is crucial to the operation of your business and what is simply a luxury, but if you want to pick the correct real estate software solution you will have to make that distinction at some point.
Here are a few feature categories you might think about as you go through this process:
Obviously there are more categories to consider when evaluating features, but hopefully this is a good starting point.
What Type of Service Level Options are Available?
Software solutions often come with a variety of different service level options. To make sure you are getting what you pay for, it’s crucial to evaluate the different options available to you. Some software solutions are completely DIY and others offer ongoing customer support for day-to-day operation and technical issues. The pricing will vary depending on what you choose, but price isn’t the only thing to consider here. You also should ask yourself the following questions before making a purchase decision:
In most cases, you will need to have a sales call with the actual real estate software vendor to determine what solution is best for your needs. How the sales associates interact with you on a sales call can also be a good indicator of how high quality or low quality the solution is that you’re considering. If you get a good feeling on the sales call, it usually means the company is functioning well. A well-run company will never put someone on the call who doesn’t know their stuff or offers a bad customer experience. If you see those things, run!
Take the Guesswork out of the Equation
If you’re looking for a solution that will help you create a better relationship with your clients, sellers, buyers or partners, TitleCapture may be a good fit for your company. Whether you need a title quote, a seller net sheet or buyer estimate, you can generate them and send them within seconds. Curious to see how it works? Schedule a demo today!