3 real estate brokerage pain points that tech companies are trying to solve

From slow assessments to MLS interfaces lagging behind agent needs, a few tech companies are considering solutions for brokers, according to Inman Connect New York panelists.

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Running a real estate agency comes with more than its share of headaches.

Every once in a while, a solution comes along that helps solve a problem that agents and brokers face along the way.

During a panel discussion at Inman Connect New York, representatives from three real estate technology companies discussed some of the big challenges for brokerages that their businesses have been trying to overcome.

Amy Gorce, CEO and Managing Partner of consulting firm PRESTA, led the conversation between President Jeff Allen of CubiCasa, Sales Director Alissa Harper of Inside Real Estate and CEO Frederick Townes of Remine.

Here are three pain points they identified that brokerages are facing and how their tech companies are trying to address them.

1. Expert appraisals jeopardizing the closing process

It’s a familiar refrain for agents across the country.

Their buyer clients eventually find themselves under contract, only to learn that the entire closing process depends on how the lender values ​​the property.

Worse still, lenders take longer to appraise properties and are not beholden to the buyer’s schedule. This can put a buyer at risk of missing their emergency assessment deadline.

This is where Allen’s company and others I hope to intervene. With Fannie Mae and Freddie Mac extension of authorization so-called desktop assessments, there is now an opening for technology companies to streamline this process.

Allen’s platform allows someone with a smartphone to perform a property analysis. The results of this analysis are run through Cubicasa’s artificial intelligence software. The result is a fully rendered and measured floor plan that makes a personal visit by the appraiser unnecessary.

“The specific opportunity we see here is to shorten the window of time in the closing process where everyone is on pins and needles waiting to find out what’s going to happen,” Allen said.

2. Technological overload for agents

Agents have a lot on their plate and technology is supposed to streamline their work.

Yet too often, Harper said, brokers ask agents to learn how to use a variety of unrelated technology platforms to do their jobs.

The typical agent can find themselves overwhelmed by the number of technological tools at their disposal, Harper said.

The brokerage may also find that keeping all of this data in separate places dulls the effectiveness of having it in the first place.

“As a brokerage,” she said, “if you’re not in control of your data – [if] you don’t have a central operating system where agents can engage, where customers can engage — it’s very hard to actually run.

Harper’s core product, kvCORE, was designed to provide most of the primary technology functions a brokerage needs in an interconnected service. From leads to listings, transactions, customer relationships and marketing, this integration is meant to solve that problem, Harper said.

3. Dependence on outdated MLS tools

For Townes, there are two types of brokers: those who rely on the traditional tools provided by an MLS and those who use newer technology to empower their agents.

These older methods can get in the way of what brokerages actually want from their MLS interfaces, Townes said.

“Adoption seems to block activation, and activation is what you need for execution,” Townes said.

Townes’ company is one such company that engages in this activity.

Remine offers a suite of services for MLSs and the brokers who work with them. These services include front-end property searches, the ability to add and edit MLS listings, display of public records and consumer information, and document and transaction management.

Email Daniel Houston