Congrats on your new gig leading tech for a real estate firm! Ready to make some magic happen? Here are 6 steps to help you create a killer proptech strategy.
Step 1: Get Your Execs on Board
Leaders set the tone, so it’s crucial to have at least one C-level exec championing your proptech plans. The pandemic showed that businesses need to adapt and embrace new ways of doing things, so this should be an easy sell. Plus, you can highlight that tech-savvy employees are more productive (and presumably happier since they automated boring tasks!).
Step 2: Create a Proptech Strategy Team
Assemble a small, enthusiastic team to drive your proptech initiatives. Ideally, team members’ roles should benefit the most from technology and automation. Don’t let the group get too big – if it takes more than two pizzas to feed everyone, you’re doing it wrong!
Step 3: Identify Your Needs
Figure out what you want to accomplish with technology. Start with small groups to identify areas for improvement, rank the pain points in order of priority, and estimate timelines. Keep in mind that not all problems require tech solutions.
Step 4: Determine Your Budget
Once you know what you need, you should create a budget. It helps to identify opportunities and cost savings and to make your case for executive buy-in.
Step 5: Find Potential Solutions
There are tons of proptech vendors out there, so do your research. Start by working with proptech venture capital groups, but also reach out to peer firms to learn about their experiences. Collaboration benefits everyone.
Step 6: Track Your Progress
Measure your success to see if you achieved your goals. Identify the ideal outcomes for each proptech solution, track progress, and hold your team accountable. Don’t forget to assign team members to key projects to boost engagement.
Conclusion
And that’s it! Follow these 6 steps and you’ll be on your way to create an awesome proptech strategy. Don’t forget to check out our other blog posts for more tips!
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