What real estate can learn from McDonald’s

There’s no doubt technology is important, and I believe in what it can provide us with now and in the future. However, real estate, at its very core, is a relationship business.

I often ask many people I work with to make a list of all the contacts they have a relationship with that they have never spoken to.

When I ask this question, many people look perplexed, and one by one smiles start to move around the room.

You really do have to talk to people to get to know them, build a relationship and for them to trust you. 

Without doubt, the greatest piece of technology that has affected our industry has been the mobile phone. It enables us to build better relationships with more people. 

Technology should provide solutions that industries are looking for. In real estate, tech should provide at least two solutions and possibly more. 

The first is efficiency.

How are we creating more efficiency in the way we conduct our business and work through tasks, and how can that efficiency provide better service to vendors and purchasers?

When efficiency is created, we can use that extra capacity to nurture leads more deeply and effectively.

The future of our industry belongs to those who understand that lead nurturing unlocks better commissions, repeat business, methods of choice and, ultimately, clearance and days on market. 

The second role of technology in real estate is to put us in front of the customer more often and at the right time.

Everyone in society sits on a timeline of living their best life to selling and buying a property.

It is critical that our interactions along that timeline suit the customer so that we can deepen the value that we add. 

I recently spent some time in a friend’s McDonald’s store.

McDonald’s uses technology to make better burgers in a quicker timeframe and uses data to give them an insight into how many burgers they should be making and when.

The net result is creating efficiency and a better customer experience.

Every time technology comes across your desk, you should ask what problem it is solving and whether it gives you more time to build a stronger, more effective relationship with your customer.