Don’t Let These Tech & Automation Fads Kill Your REI Business
Technology and automation tools can be essential for scaling a profitable real estate investment business today.
However, without a little common sense, jumping on the latest fads can mean you are dooming your business to failure instead of streamlining your way to greater success.
Self-Sabotaging Fads For Real Estate Investors To Be Wary Of
There are countless new apps, software, and automation tools coming out each day. A couple of them may truly be valuable. Most are a distraction.
You should be automating elements of your prospecting, follow up, and systematizing your business so that offers are going out, properties are being sold, and you just have to focus on the big picture of growing your real estate business.
However, some companies have gone to the extreme of trying to go a tech only route, relying on not so intelligent AI tools, and in the process cannibalizing their own businesses.
This is most notable in customer service. Live chat tools became very useful. Users have gravitated to the ability to conveniently chat with businesses online, from their phones, and get real, instant help from humans on the other side. This has been very efficient for brands too.
Now some have tried to replace these human interactions with just chat bots. It doesn’t work. It just becomes a source of frustration. Like old phone systems that just looped customers around, pressing different numbered options.
This problem is compounded by companies like Upwork which have also ended any human customer service or ability to contact them by phone. This is true even for their top revenue producing customers that have helped build and fuel their business for over a decade, and have brought them over $1M in transactions. They are just burning their best and most loyal customers, and brand advocates.
It’s worth noting their stock price has tanked by more than two thirds in the past couple of months because of this. It is probably just the beginning of their downfall. As well as the overall AI bubble, just as we saw with the initial dot com bubble.
The Number One Predictor Of Success
The number one predictor of future business performance is customer happiness.
If customers aren’t happy, the business will go south. This can tank the largest global corporations. It will certainly cut short the life of small businesses as well.
The reverse is also true. Repeat customers are cheaper, more profitable, and easier to work with. They will also help grow your business with referrals.
It’s just basic elementary school math and common sense.
How To Balance Great Service, Efficiency & Profitability
Do use technology for marketing, for following up with those in your CRM, and for enabling prospects to enjoy an automated process, when it works for them.
Just remember that at times many will also need a human. Whether that is by phone, text, email, or chat. Consider that $15 an hour for a great service rep, could help you make or keep a $1M a year customer. Do the math on those returns.
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