Our Sr. Vice President of Strategy, Gorkem Kuterdem recently participated in an ALTA ONE panel as well as Notarize’s Rewired Conference. He, along with fellow panel members, talked about the numerous tech options in our industry and how to filter through the noise to know what you really need. As Gorkem said, “There’s lots of cool stuff but how do you know you need it?”
From iBuyers and automated showings to digital closings, RON (remote online notarization), and one app after the other, it can be hard to focus. So, follow your vision, decide what’s right for you, and know what you CAN’T afford to ignore.
What Matters Most
- Market Focus – Who you are/what do you want to be known for
- Be Relevant – What's important to your customers
- Business P&L – What metrics do you want to elevate/improve
When you look at what matters most, have a deep sense of your brand, how it’s perceived in the market, and what you want to be known for with your employees, customers, and service providers. If it’s being the most innovative, always with the latest app or tool, then execute and win big in that area. If it’s having a strong referral network and online reviews, then provide the most amazing customer service and make it easy for customers to rate your service and refer you as a closing agent.
Whatever your focus, lead your teams, cultivate the culture, evolve with the industry, and deliver at every step of the transaction.
As a business owner, talk to your customers – the REALTOR®, the lender, consumers. Talk to your providers, know what’s important to them and what would make the transaction process easier, more efficient. Talk to your employees, with an eye towards understanding any cultural biases towards new technology. Gain market intelligence. Know what your competitors are providing and if it makes sense for your business. Don’t be a “me too,” but offer features, services, and innovative automation and solutions that provide customers transparency and trust.
Know your numbers. Whether you’re looking to improve the top line, the bottom or both, identify the metrics you want to improve before implementing anything. Are you focused on:
- Improving efficiency and productivity; files per employee (FPE)?
- Seeking deeper automation and integration for limited data error or claims reduction?
- Processing more files per month to increase residential or commercial transaction revenue?
Whatever your focus, or mix thereof, identify the metric(s) and pain points, understand the business impact, share it with business leaders and stakeholders, and have a clear strategy for your return on investment (ROI).
Find pain points and see where process automation or an integration, can accomplish the same thing. Evaluate the impact on your staff and increase their value in other aspects the business.
Identify the qualitative and quantitative impacts of any technology purchase, and align with what’s going to move the needle for you in your market. Couple this with change management and continuous improvement across your organization as an on-going process to grow the business.
So, how do you know if you need the cool tech stuff?
- Know your focus
- Know what’s relevant and Important to your customers
- Know what numbers/metrics move your needle
- Have your return on investment (ROI) thesis in hand
- Have a continuous improvement plan
Don’t just buy and implement because it’s all the hype. Know what will work for your business, customers, and employees. Keep the problem you are solving for in focus as you advance your business forward to lead in your market.
Reach out to us at email@example.com to learn how we empower business transformation.