Brokers Aren’t Just Adopting Technology, They’re Using it Strategically

The Apto CRE Broker Tech Benchmarking Survey is a new report from Apto that set out to measure technology utilization in the CRE industry. That is to say that the survey didn’t just want to know if brokers were using technology but how well they are using it.

Turns out, brokers are using technology strategically. The survey classified brokers as emergent, strategic or leader, with an emergent classification equating to a score of less than 60; strategic equating to a score of 60 to 79; and leader equating to a score of 80 and above. The average score was 64. “I’m not surprised by brokers’ scores on the assessment, and the trend is certainly in the right direction. Most brokers have realized they need to deploy technology strategically to be even more effective in their roles, and they have,” Tanner McGraw, founder and CEO of Apto, tells GlobeSt.com.

Of course, there is still opportunity for brokers to use technology in a more impactful way. “But there’s still plenty of room for improvement, particularly when it comes to using technology to help predict the future, like where your next deal is likely to come from,” says McGraw.

If there was one common thread in the survey, it was the use of CRM database software. This software made a big difference in the quality of technology use. Among users with CRM database software, the average score jumped to 74 compared to those that do not use a CRM database. “The commercial real estate brokerage business is people-driven and data-driven,” McGraw. “CRM database software enables brokers to better manage all of their information on people and properties, and relate the information to each other—in other words, connect the dots. CRM software is baseline software for being a broker. It’s become a must-have.”

Even in the CRM market segment, McGraw notes that there is room for growth. “The true tech leaders among brokers are using CRM software to do even more, like integrate third-party property and market data and visualize on a map where their next deal may come from,” he says.

The pandemic accelerated tech adoption, but it has also driven better usage of technology to complete tasks. “The pandemic made people more comfortable with technology because they had to use it more, so adoption accelerated for sure. But what’s remarkable about human nature is that as we adopt, we also see new ways of doing things, including ways tech can help us do our jobs better,” says McGraw. “Many brokers had epiphanies during the pandemic and realized, ‘Wow, technology can do that? I didn’t know,’ which makes them more likely to continue to use tech and use more of its capabilities.”