ReferralExchange LIVE is a new product from ReferralExchange, a lead qualification service and nationwide invite-only referral network with more than 25,000 Realtors. The new program works in three parts: lead verification, lead readiness and lead transaction.
“ReferralExchange network members told us that they were ‘drowning’ in leads from third-party sources and one of their biggest challenges was identifying which ones were truly interested in transacting,” said Scott Olsen, CEO of ReferralExchange, in a statement.
“We have used the power of our data science combined with our well-trained outreach team to support the lead-to-close process — helping agents manage their business at all points in a lead’s lifecycle — with much less stress and aggravation.”
The platform first uses proprietary scrubbing technology to determine which of an agent’s raw, third-party leads are real. Then a licensed customer service team member calls the consumer to qualify and determine their readiness to transact. That consumer is subsequently transferred back to the agent on the phone.
Finally, once the lead has been verified, the agent may decide whether or not to complete the deal themselves or refer it to the network of Realtors around the country.
“We’ve designed this system for maximum flexibility and control,” Olsen added. “It augments an agent’s existing lead generation programs and the agent can decide how they want to handle each lead.”
Many agents use third-party lead generation services. Zillow’s top moneymaker is Premier Agent, its lead generation service for real estate agents, which pulled in $232 million in revenue in the third quarter of 2018 alone.
Zillow similarly introduced an update to Premier Agent in April 2018, in which the company would first vet the potential leads and connect them with an agent over the phone. After blowback from customers, the company brought back unverified leads alongside its newer, vetted leads.
ReferralExchange was founded in 2005. Last year, the network created more than 250,000 agent-to-consumer matches, the company said.