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point. Because scaling in real estate requires not only moving efficiently (which technology helps with), but also that you have the funds on hand. For instance, none of us could’ve predicted what would happen in 2020, and we saw too many real estate investors struggle during the early stages of the COVID-19 pan - demic, especially with accessing capital. This caused lots of folks to lose out on good deals, sell assets at a loss, and even pause or shut down their operations. HOWDOES YOUR TECH STACK SUPPORTYOUR REAL ESTATE COMPANY’S SUCCESS? Yes, it’s nice to have fancy tools and software. It’s exciting that data is driving a transformation in all aspects of real estate, the use of vir - tual reality is becoming widespread, and tech has begun streamlining the regulatory environment. All real estate entrepreneurs should stay updated on the latest technology trends and make use of tools that improve efficiency and speed. Just remember: Success with proptech hinges on ensuring your tech stack supports your company’s needs and goals. With clear expecta - tions on what to expect out of certain tools, your team has clarity on how to best leverage them. With the right culture and system in place, you’re in a position to benefit greatly from all these new property technologies. And there will be no limit on what you can achieve. Perhaps then, it’s best to end this with another question: How will your tech stack enable your real estate company to speed ahead of the competition? •
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• People: Attract rockstar employees with a clear set of values and culture. Utilize technologies that empower your team to solve challenges quickly and skyrocket your growth. • Operations: Good execution comes with the right strategy and the right people. Employ technology to help bring your forward strategy to life. • Acceleration: Once you have the strategy, people, and operations, it’s time to scale. Leverage technology and take disciplined action to kick your business into high gear. Technology should be used to support these pillars of your busi- ness and build an elite organization. By focusing on those pillars, you can propel your revenue and scale to the next level. Along the way, you should be aware of the common pitfalls of real estate investing. Because even with the best technology, you can still make mistakes, such as not doing your due diligence on deals, being inconsistent in your operations, hav - ing the wrong people in certain posi - tions, and not focusing on where you excel. This is why technology alone won’t get you to the next level. You need the right culture and system. Finally, you must ensure you’re always prepared from a capital stand -
As you can see, the technologies we use serve a specific purpose and propel us towards our goals. From reducing costs and streamlin - ing operations to improving deci - sion-making and client manage - ment, these proptech tools help DLP Real Estate Capital grow quickly, sustainably, and consistently. When you decide on a tech stack, use a similar approach. Don’t just use new tech for the sake of it. It’s easy to get caught up in the hype. But if you can’t define how certain software and tools help you achieve your real estate goals, then you may want to reconsider. To summarize, your tech stack should support your growth goals by adding efficiencies, speed, deci - sion-making, and more. Your team should quickly see its benefit and the tools should be embedded into your organization’s processes and culture. AVOID PITFALLSAS YOUUSE TECHNOLOGYTO SCALE The key to scaling isn’t just about using good technology. It’s about infusing it into your processes so that you strengthen the most vital pillars of your business, which are your: • Strategy: This involves the what, where, and when. Ensure technologies help you make disciplined decisions that focus on your most important goals.
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DonWenner is Founder and CEO of DLP Real Estate Capital.
32 | think realty magazine :: february 2021
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