Inside Real Estate is paving the way for massive changes that will give brokerages and their agents ultimate control over their customers, for life.
When it comes to agents struggling to generate repeat business over the last several decades, the pain is real. They work tirelessly to help their clients find their dream homes. Their clients loved them and even gave them a great online review. But seven years later, those same clients list their house with someone else.
The real estate industry has tried just about every solution to keep agents “top of mind” in the lengthy gap between transactions. We’ve seen everything from the common recipe mailers, fridge magnets, door drops, and newsletters, to the glamorous holiday parties and unglamorous trash pickups. No doubt there are a few diamonds in all of that creativity, but overall it’s been a pretty consistent failure. We know that an astonishing 93% of consumers indicate that they would work with the same agent in the future; however, the reality is that less than 15% actually do, according to the National Association of REALTORS®. This gap represents a massive amount of time, energy and money being spent to constantly generate new customers vs. reaping the rewards of lifelong repeat & referral business.
It’s not as though agents aren’t trying. But maintaining relationships and providing relevant value to the consumer over the course of many years is no small feat. You can break your budget trying to do monthly mailers for a growing database year after year after year. And reaching out via regular phone calls or door knocking is just not practical for today’s busy agents. Meanwhile consumers are bombarded with information from industry disruptors promising to streamline their real estate experience with lofty claims and flashy tech. . The time between most consumer’s real estate transactions is a battlefield of distraction with many players vying for their business. Until now, no broker or agent has been able to truly deliver a seamless experience for the consumer, one fueled by sophisticated technology that makes them the trusted, lifetime advisor – across the entire homeownership journey.
So what can brokers do for their agents?
Brokerages are feeling the pressure from all directions to compete for and retain top agents. It not only takes a strong brand, excellent culture, and competitive split, you have to bring even more value to the table. Technology is a larger part of the recruiting equation more and more every year because of the enormous competitive advantages it can provide to agents. These technology advantages are becoming the deal breaker for agents.
This brings us back to the ongoing challenge of our industry. He/she who can recruit the best, retain the most, generate repeat business consistently and tap into referrals, WINS.
Knowing the tremendous value of these four “R’s” is why Inside Real Estate prioritizes homeownership technology and continues to find ways for brokerages to maintain consumer relationships that extend well beyond a transaction. Even the most conservative increase of 10% in repeat and referral business is game-changing for agents and brokerages. But the likelihood of tripling that result is becoming realistic. Besides the production increases, you are looking at lower costs to acquire new customers. Add to this the ability to unlock massive profit streams from brokerage and affiliated services, now that you have a devoted audience. And add to that, agents flocking to your brokerage for tech they can’t get elsewhere.
It sounds too good to be true. And it was, up until very recently. Success relies on a brokerage running a robust, centralized tech platform with high adoption. Equally important, this only works if brokerages are supported by a tech partner that understands that the homeownership experience is the next frontier for brokerage growth and sustainability. Finally, you need consumer technology to compete and win against everyone else. All of this has to come together for success. Inside Real Estate just made this possible for their 250,000 brokerages, teams, and agents all operating their award-winning kvCORE Platform.
From purchasing a new home to living in that home to searching for a new home, then transacting and starting all over again – keeping the agent and the brokerage front and center forever is why Inside Real Estate is bullish on this next evolution for real estate brokerages.
There are other businesses trying to take that coveted relationship away from agents. It doesn’t take a lot of imagination to think of who is grabbing up consumer traffic and leads. There are others who may pretend to be operating in the best interest of the brokerage, but by maintaining a consumer-facing brand, it won’t work.
This ‘consumer land grab’ isn’t just coming – it’s happening right now. Agents will flock to brokerages that empower them to take hold of the coveted lifetime consumer relationship with a seamless, tech-enabled experience (before another agent does).
The technology that will change everything
Owning the lifetime homeownership relationship is the most powerful move brokerages can take right now. This technology will become table stakes for brokerages who want to compete — both for repeat and referral business and for recruiting and retaining top agents.
Inside Real Estate has broken technology boundaries by developing the latest homeownership solution in CORE Home, only available through kvCORE. It is designed with the consumer in mind, giving them every tool they need to manage all aspects of their home buying experience, from transaction milestones and moving needs to monitoring value and managing each phase of living in the house, including their next search and sale.
CORE Home is a white-label-only product and will be fully branded to and delivered by agents and brokers, keeping them (and their brand) wired to their clients for the long term. Inside Real Estate is the only company completely taking its brand out of the equation. Brokerages offer this consumer experience under their name, so they reap the benefits of being the tech-forward, human-backed experience that consumers have been craving.
For the 250,000 agents already using kvCORE, congratulations! You’ll be the first agents to bring this new online experience to your clients. For everyone else, get on the kvCORE train now before your agents seek it out elsewhere.