A Practical Guide to PropTech Success

By Modern.tech | June 11, 2024

The PropTech Innovator Network is a group of C-level PropTech executives who meet monthly to discuss the latest technology trends and receive unique insights from influential MLS & Industry leaders. On June 5th, 2024, the Network welcomed special guest Gene Millman, President and CEO at REcolorado. Gene has more than 30 years of real estate experience, has a strong passion for the industry, and was recently featured in the MLS-PropTech Digest. In case you missed the call this month, here is a recap of the conversation with Gene.

 

Gene Millman Conversation Highlights

 

Prioritize Customer Success

Millman emphasized the importance of Multiple Listing Services (MLS) fulfilling their duty to help subscribers make a living. This principle can be extended to all proptech companies: your platform should empower users to achieve their goals. Ensuring that your services are directly contributing to user success is crucial for building long-term relationships and trust.

 

Clarify Your Purpose

Millman urged companies to ask themselves why they are doing what they do. Are you solving a real problem, or are you creating a solution in search of a problem? Understanding the true purpose of your products helps align your team and resources toward meaningful innovation.

 

Tell Your Story

Every company has a story to tell. Millman believes that understanding your "why" should start internally before it can be effectively communicated externally. This shared vision helps ensure that everyone in the company is aligned and working towards the same goals at the same pace. Beyond that, MLSs want to do business with people they like and people they trust. Communicating your story effectively will go a long way.

 

Stop Guessing: Engage with Your Users

Millman advised against making assumptions about what users need. Instead, actively engage with them to gather accurate insights. Conduct surveys, hold focus groups, and use analytics to gather real-world data. This approach ensures that your innovations are based on actual needs rather than assumptions.

 

Cultivate Great Talent

Finally, Millman underscored the importance of surrounding yourself with great talent. Hire individuals who excel in their areas and allow them the freedom to thrive. Keeping communication open and fostering a collaborative environment can drive innovation and success.

By following Gene Millman’s advice, proptech companies can navigate the complexities of the industry more effectively. Success comes from understanding your users, clarifying your purpose, and leveraging your strengths with a talented and aligned team. 

 

Member News & Updates

Eric Stegemann: TRIBUS Group signed more than 110,000 agents to their SSO / IdP platform last month.

Bill Gaul: Buildersupdate.com integrated with MetroList and SWMLS and gained over 20,000 new members.

Alex Gustafson: Oppy released new AI features enabling users "Oppies" to easily read webpages and images or filter contacts and send personalized outreach on the contact's channel of choice.

Matt Kuchar: Showami added rental showings and rental open houses to their offerings for landlords and Property Managers.

Subrao Shenoy: planetRE deployed their product, Aelo AI, to 26,000 agents with their partnership with WeServ.

Zach Gorman: In May, RealReports launched AI document analysis, which instantly summarizes and answers questions about long inspection reports, condo docs, appraisals, and disclosures.

Healy Hynes: Beagel went live with a major EU portal.

 

About the PropTech Innovator Network

Each month, Modern.tech highlights an industry executive who will delve into the intricacies of the organized real estate sector in an exclusive gathering of PropTech Executives. This presents an opportunity for PropTech Innovator Network members to expand their network with high-caliber individuals and acquire insights that are truly unique and unavailable elsewhere. Please request an invitation to join us each month.