5 Technologies Rosano Partners Is Using To Maximize Revenue
The technologies modernizing commercial real estate are evolving faster than ever before. Here are five innovative tech solutions Rosano Partners is using to transform the industry today.
Rosano Partners, a full-service real estate firm headquartered in Los Angeles, has implemented a revolutionary new system to improve agent progress and performance. Gamification — the utilization of rules of gameplay and game theory, such as point-scoring, competition and incentives, in real-life situations — carries massive implications for productivity in CRE.
Crafting rewards and incentives helps CRE businesses empower agents to increase creativity and problem-solving both in-office and in the field. By applying game theory to its groups and teams, RP increases agent efficiency by boosting motivation, increasing competition, closing deals and ultimately driving more revenue. Annual commission splits and bonus structures don’t encourage agents to adapt to new software or processes that improve efficiency. With communication as their mainstay, providing incentives for agents is another means of effective recruitment and retention.
2) Machine Learning
Algorithms that allow computers to learn without direct programming carry the potential to transform the way real estate operates — from contract writing to lead generation to negotiating. Certain equations can determine the types of properties a buyer is likely to favor, helping brokers narrow down estate showings ahead of time.
At Rosano Partners, associates needed to maximize their outbound campaigns to the prospects most likely to respond. By using machine-learning techniques, the team tailored its messages and identified its targets by using characteristics of recently closed new customers.
As the software becomes more sophisticated, machine-learning algorithms will automatically change or add new information in the company CRM system. Fused with proper data processing and applications, machine learning can be a compelling tool to maximize productivity.
3) Immersive Video Systems
Showing properties is incredibly time-consuming for even the most efficient brokers, particularly in urban markets where driving or taking public transit to meet with clients can take an entire day. While this is part of an agent’s job, it isn’t necessarily convenient for the client.
In early 2016, Rosano Partners wanted to explore next-generation immersive media and offer live property and space viewings. The team started using Matterport, an immersive 3D video system in which clients and agents can tour the space as if they are there in real time, without having to block several hours out of their day.
4) Streamlining Marketing Applications
Younger, more tech-savvy CRE firms are implementing new software platforms to streamline the production and publication of valuable marketing material.
At the helm? Los Angeles-based Rosano Partners, which has adopted Buildout.com to create, consolidate and syndicate its marketing initiatives. With Buildout, listing information is entered once and instantly updated everywhere — marketing materials, website, emails and third-party listing sites. This online marketing management tool was built specifically to help real estate businesses simplify, refine and seamlessly integrate listings in real time.
5) Mobile Productivity Platform
In an industry dependent on a mobilized workforce, desk phones are obsolete and an inconvenient nuisance for real estate sales associates.
In 2016, Rosano Partners amped up business communications with Dialpad, a next-generation cloud-based phone system that allows users to make work calls directly from a computer or mobile app. Enabling agents to connect with clients from anywhere adds flexibility and agility to their workday.
An added feature? Agents can hand off a call to different devices, from a cellphone to a laptop. Advanced analytics offer managers visibility into communication patterns (callers, time of calls, and internal and external messages) and the sales cycle.
Rosano Partners chief operating officer Ian Whitman identified the need for a turnkey solution. “Our company needed it all-voice, video, instant messaging, text and online meeting capabilities. Dialpad has enabled us to operate without hardwired phones and has vastly improved our call retention and follow-up rate,” he said.
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