– Inman’s Intel Index report suggests that brokerage leaders have invested heavily in technology advancements throughout 2023, but the ROI is still under wraps.
– The index incorporates survey responses from over 400 different brokerages, offering a comprehensive picture of the industry’s overall sentiment.
– Despite the significant investments, many leaders have expressed indifference or dissatisfaction, with only 21% expressing they were “very satisfied” with their tech investments.
– One interesting find is that where the tech money is going: data analysis, customer relationship management systems and artificial intelligence.
– Leaders of smaller brokerages seem to be happier with their tech investments, with 50% of respondents from firms with fewer than 10 agents stating they were “very satisfied”.
– Greater satisfaction levels among smaller firms could indicate that tech investments have a more profound and immediate impact on smaller operations.
– Despite the vague results so far, brokerage leaders seem to be hopeful for a tech-induced revolution in their workflow and ROI. The “when” is yet to be decided.

A Hefty Bill with Uncertain Returns

Splurging on Tech – A Risky yet Hopeful Endeavor

With the latest findings from Inman’s Intel Index, it’s hard to ignore the somewhat awkward silence that has followed major investments in real estate tech. Whether it’s an optimistic “dot dot dot” or a wary “no comment” scenario is yet to be seen.

Future: Bright or Dim?

Despite all the tech money seemingly thrown into a wishing well, there are glimmers of hope. There’s a clear shift in focus towards data analysis, customer relationship management and AI endeavors. And let’s not forget our happier campers, the smaller brokerages, who appear to be making the tech shindig work for their advantage.

Moral of the Story?

Patience might be the secret sauce here. After all, Rome wasn’t built in a day, and neither is a high-ROI, tech-driven brokerage. Maybe it’s about how the tech investment pie is sliced and served to fit specific needs. And hey, it wouldn’t be a surprise if the tech underdogs — those small but mighty brokerages — turn this into a David vs Goliath story.

But, as in any good mystery, we’re left hanging for the next chapter. Will the ROI finally make a grand entry or will the tech savings keep playing hide and seek? Only time—and Inman’s next report—will reveal whether the leaders’ tech investments pays off or if their money would have been better spent on a Ferris wheel for the office.

So apparently, in the real estate business, it’s not just location, location, location anymore. It’s now technology, impatience, and anticipation. Tune in for the next episode for more ‘As the Tech Investment Turns’.

Original article: https://www.inman.com/2024/02/12/for-proptech-adopters-waiting-is-one-of-the-hardest-parts-triple-i/