Have you ever heard the saying: The more things change, the more they stay the same?

I had that feeling this morning after viewing Mike DelPrete's presentation from Inman Connect, which is an unfiltered assessment of where the industry stands today and what agents can do to find success. 

Twenty-four years ago, I started an intentional journey to try and change the real estate industry. I wanted to bring technology to an industry that was grossly lacking advancements and automations. In many ways, this effort has been successful but in many others, we still have a long way to go.

One of the greatest changes technology has brought to our industry is how leads are generated. But even with the latest AI and machine-learning technology, agents across the globe are letting leads fall through the cracks. In his speech, DelPrete points to the importance of not stopping before "the last mile" in the lead process, referring to the act of nurturing and converting the leads once they are generated. 

Improving Lead Response Time

Arguably, the simplest step in converting a lead is responding to an online request. However, according to DelPrete, 35% of online requests fail to ever get a response, and the average response time is 8 hours and 17 minutes. If you want to improve your lead tracking and response times, here are a few suggestions:

• Enable text messages and push notifications: In today's digital world where a timely response means everything, you shouldn't be waiting until you check your email to get notified of new leads. And you certainly don't want them to get lost in your inbox. With text messages and push notifications, you can get notified of new leads instantaneously.
• Set up an automated response: Automated responses are a great way to let a lead know that you have received their request and will get back to them when you can. But, it's up to you to follow through on that promise and send a personalized response as soon as you have the opportunity.
• Consider lead sharing: If your tech platform allows it, you may want to "partner" with another sales associate at your brokerage and share your leads with them. This way, if one of you is busy, you can cover for one another and ensure that leads are getting timely responses.

Open House Optimization

A long-lived lead generation strategy that remains essential today is hosting an open house. That being said, DelPrete notes in his presentation that 42% of agents do not even ask open house attendees for their contact information, and 62% of attendees never receive a follow-up after the event. Here are some suggestions on how to leverage technology to turn your open houses into lead and transaction-producing machines:

• Have attendees sign in on a mobile device: To collect prospective buyers' names and contact info, you no longer need a sheet of paper. With an iOS and Android app, like Open House Connector®, you can sign customers in on any mobile device. Since it is fully integrated with your CRM, this information is automatically entered into your database so you can generate a customer profile and start signing them up for things like automated reports, listing alerts, and email campaigns.
• Share a post-open-house survey: Automatically sending out a survey through text message or email to all attendees following the open house presents an excellent opportunity to determine what leads are the most serious prospects and what their precise needs and preferences are.
• Send a personal follow-up: This is a golden opportunity to connect with people via phone or text and thank them for stopping by. It is a simple yet impactful step that could make a big difference in the buyer's journey.

The Value of an Agent Hasn't Changed

The final takeaway from DelPrete's presentation was that the value of an agent hasn't changed, and likely still won't change, despite such monumental advancements in technology. The percentage of real estate customers using an agent is currently at an all-time high of 89%. This goes to show that even though technology can enhance the customer experience, consumers still value having a human on the other side of the screen. While technology can streamline processes and provide information, it is no replacement for an agent's intuition, experience, and negotiation skills. Clients still rely on agents for personalized advice and a sense of trust and security.

These are a few suggestions for showing home buyers your value:

• Always have comps with you: If you are working with a buyer and taking them on showings, bring them comps of what has sold recently in that hyper-local market that is similar. This shows them why the home is priced the way it is, building trust in both you and the seller.
• Take an active role in the search process: Buyers do not want to feel like they are putting in all the work when it comes to finding new listings. Be active in their process and proactively ask them if they are interested in seeing one or more of the new listings that just hit the market that day.
• Learn the ins and outs of the home before every showing: To me, a real estate expert not only knows about the market but everything there is to know about a given listing. One of the ways you can show buyers your knowledge of the home, and something they will likely appreciate, is by pointing out details on the mechanicals, such as the age of the furnace, well water vs. city water, and what that means, sewer clean-out, foundation repairs, etc. These are details that a buyer is likely to inquire about at some point down the line anyway, and you can get ahead by coming prepared. 

Win the Race by Blending Technology With Personal Expertise

While it's evident that you can provide value to far more buyers and sellers looking for someone to guide them through a complex process, you don't want to miss out on opportunities to show your value by quitting before the last mile of the race. By leveraging technology, you can ensure this never happens. The best way to meet the needs of the ever-evolving real estate industry is by blending technology with personal expertise.