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How top lead generators are raking in cash from agent reviews [study]

At a rapid pace, consumers are putting emphasis on agent reviews, leading to high earnings for those that tap into them as a marketing opportunity.

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Have you ever wondered how some of the top producers are so bad at Twitter yet so good at converting online leads? How some still use their 2008 Blackberry, yet have an easy time of getting people online to pay attention to them and (gasp) trust them? Why are they outproducing the average agent by three times from online agent reviews?

A new study by T3 Experts surveyed nearly 900 real estate professionals to answer all of the questions above, and it appears that there is a shift in consumers’ emphasis on agent reviews that isn’t gradual – it’s rapid, and it’s not just your reputation at stake, it’s your income.

T3 Experts CEO, Jack Miller tells Realuoso, “Consumers are rewarding agents that focus on generating online reviews more significantly than we originally thought when we started the study. There is a small group of agents generating 10x the volume of leads from reviews than everybody else – and we discovered they are also making more income than others. One-third of top lead generators from reviews are selling 50 or more homes a year.”

Study highlights:

According to T3 Experts, below are the main points from the report:

  • Performance Gap – A strong majority of those surveyed believe leads from Agent Reviews are (1) important (72% said they are), and (2) easy to convert (70% believe they are) – and yet only 35% have received at least one lead from Agent Reviews in the past 12 months. Agents need help implementing and better executing strategies relating to Agent Reviews.
  • Social Surprises – Two of the top five most frequently named sources of leads from Agent Reviews are social (Facebook at #2 and LinkedIn at #5). For some, investment in social sites pays dividends.
  • Winning Big – Those getting the most leads from Agent Reviews are getting them in large quantities (with 6% receiving 51 or more during the last 12 months). Payoffs can be substantial for those who make leads from Agent Reviews an intentional, integral part of their online strategy.
  • Portal Power – The table below shows how the role of the portals grew as we moved up the success curve, from “Total Survey Results” to “Top Producers” (those with 51+ sales during the last 12 months) to “Top Lead Generators” (those with 51+ leads from Agent Reviews during the last 12 months). The greater the level of success in generating leads from Agent Reviews, the greater the role of the portals in the process.

zillow trulia

  • Leads Monetize – Comparing transaction sides closed during the last 12 months, Top Lead Generators (1) sold 20+ homes more often (69% vs. 48% for Total Survey Results), sold 30+ homes a lot more often (54% vs. 29%) and sold 51+ homes more than twice as often (31% vs. 13%). As the volume of transaction sides increases, the advantage of the Top Lead Generator widens.

Next steps

It is uncomfortable for many industry professionals to ask for feedback after a transaction, but it is no longer optional. Whether’s it on a real estate portal or through a formal process like RatedAgent.com, asking for ratings means feedback.

One survey participant echoes what we’ve heard increasingly in recent months. “Even when personally referred, they [consumers] still read the reviews! When they find the reviews, they go to our website to see what’s there, then they contact us.” Another noted that only in this last year have people been referring to their online reviews when contacting them. Bingo.

Ratings and reviews are part of the vetting process for agents as consumers seek to have their decision to hire you affirmed, be it through Yelp reviews, Zillow star ratings, or deep feedback on your site. They want unbiased ratings and reviews, and they want to know they’re hiring the best person for their needs. And understanding that process is leading to big bucks for agents and brokers tapping into the trend, regardless of what smartphone they use or how awesome they are at Twitter.

[button link=”https://www.agentgeni.us/t3reviewreport” color=”green1″ icon=”” size=”medium”]Read the full report here[/button]

Note from the Editor: Realuoso has no affiliation with T3 Experts.

Lani is the Chief Operating Officer at The Real Daily and sister news outlet, The American Genius, and has been named in the Inman 100 Most Influential Real Estate Leaders several times, co-authored a book, co-founded BASHH and Austin Digital Jobs, and is a seasoned business writer and editorialist with a penchant for the irreverent.

Real Estate Technology

New tool translates your phone calls into 29 languages – LIVE

(REAL ESTATE TECHNOLOGY) There’s no need for a language to language dictionary any longer. A lingvanex tool allows for real-time translation on phone calls in different languages.

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lingvanex translates in real time

If you’ve read a few things that I’ve written on here, you know that I often marvel at how far remote work has come. The fact that I write this as my dog sits beside me is no small feat.

What teams can accomplish in a virtual setting is pretty impressive, and tools like Slack and Trello are very helpful in this regard. However, remote workers still utilize the tried and true phone call as it remains a tool of efficiency.

This can be especially helpful if you’re working with team members or clients in other countries when a translator may need to be involved. This concept was the inspiration behind the Lingvanex Phone Call Translator.

The new tool translates voice calls into 29 different languages in real time. Working on both mobile phones and landlines, users can call countries all around the world (150 countries in total are available through the app).

This option is cheaper than roaming calls, starting at 18 cents per minute through use of VoIP. The conversation is then transcribed in real time with the details of the conversation being available only to the user, as Lingvanex does not store conversation data.

“We are happy to represent you the Phone Call Translator – a real-time voice translator, which was created to help in solving questions in travel situations and urgent business problems with foreigners or help in communicating with friends abroad,” says Lingvanex. “You can speak your native language when you call through the app. Your partner and you will hear the translation of both callers during the call, the original speech and translation will also be duplicated on the phone screen.”

The app works in a few simple steps: first, download to your device (works on both Android and iOS). Next, register and create application account – during this, you’ll select your default language. Then, you will select the language of the person you are calling. Make the call by dialing the phone number with the country code. Finally, chat it up walkie-talkie style.

Say what you need to say, then Phone Call Translator takes your words and transcribes them for the person on the other end. This could be very helpful as it gives you an extra moment to think about what to say next!

Do you think this will be helpful for you? Let us know below!

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Real Estate Technology

Should digital assistants have empathy? Big investors say yes

(REAL ESTATE TECHNOLOGY) Bonding with your digital assistant might be more likely than you expect with ElliQ. The rising numbers of AI assistants have created unique interactions.

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ElliQ assistant

It sounds crazy to think that you could form an actual bond with something like Siri or Alexa, but actually, humans are pretty dang good at forming emotional connections to machines. For instance, a Canadian company threw an entire retirement party for five mail delivery bots. People will use Roombas as a substitute for companionship, not unlike a cat or dog. Humans just seem to enjoy connection – even if it’s with a lifeless robot.

Intuition Robotics is taking this desire for emotional connection a step further by working to create digital assistants that can more easily bond with their human companions. At the moment, their biggest product is ElliQ, a robotic digital assistant designed to bond with eldery users. In fact, according to Intuition Robotics, their average demographic falls between ages 78 – 97.

And ElliQ seems to be doing its job. The company reports that customers interact with ElliQ regularly throughout the day, even holding conversations with the machine, and are more likely to listen to ElliQ’s suggestions, which often include proactive behavior like getting outdoors or eating more vegetables.

By working to create a more empathetic and emotional digital AI, Intuition Robotics has started to discover a whole world of new possibilities. And they’re just getting started, having recently raised another $36 million to continue research.

One of their plans? Combining these empathetic digital assistants with the automotive industry.

Imagine an assistant that could suggest you pull over when it senses you’re getting drowsy, or provide something to talk to during longer drives. Plus, unlike ElliQ, which stays put while you move around, you and the assistant will be together in a car, making it easier for the AI to learn your preferences and habits.

Of course, this is just the tip of the iceberg for Intuition Robotics, which has recently majorly expanded its workforce. A digital assistant that can provide a better emotional connection to humans has a world of possible applications, from nursing homes to elementary schools.

Don’t get me wrong, there are plenty of reasons to be worried about a more empathetic AI – the marketing capabilities alone are something I’m side-eyeing. That said, humans have been befriending vacuum cleaners and we’ve turned out alright, so for now, let’s focus on the positive possibilities that could come with tech from companies like Intuition Robotics.

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Real Estate Technology

Moving just got a lot easier with this NAR invested app

(REAL ESTATE TECHNOLOGY) Worried about moving? There’s an app for that, updater, and NAR has taken notice. They want to help their customers from beginning to end.

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updater app

Moving isn’t exactly a walk in the park. There’s coordinating movers, finding boxes, cancelling services, changing your mailing address on, well, everything, and that’s just the tip of the iceberg! With so much to do, it’s easy to get overwhelmed but good news: turns out, there’s an app for that. And it’s promising enough that the National Association of Realtors® (NAR) have invested in it.

The app in question is Updater, which serves as a one-stop shop for everything you’d need for a move. Not only can the app help you craft your moving “to-do” list, but with its connection to all sorts of businesses involved in the moving process (from moving truck companies to cable services) you can keep all your prep in one place. Essentially, Updater is designed to make moving as stress-free as possible.

Updater’s current successes have drawn Second Century Ventures, the venture capital section of NAR, to invest in Updater. Which is cool, but why would a company focused on realtors want to help a company that focuses on what happens after a realtor has done their job?

“Updater’s platform delivers unique value to Realtors®, property managers and consumers alike,” said Mark Birschbach, senior VP of Strategic Business at NAR, “This investment is well aligned with SCV’s mission to support and advance technologies throughout the entire real estate ecosystem.”

Plus, Updater is a great tool for realtors to have in their back pocket. If a client seems nervous about moving or overwhelmed, Updater is a great recommendation. Not only does it help the mover, but it shows that the realtor cares about their client’s well-being, even after the deed is signed.

So, what’s next for Updater? Growth. Recently, Updater acquired Bridgevine, a company that works with home subscription services like cable and internet. This merger will allow Updater to offer more options to users while also increasing their reach. This is the first in what will likely be many growth initiatives for Updater.

David Greenberg, founder and CEO of Updater, is also looking forward to the partnership with NAR. “We’re excited to deepen our great relationship with SCV and NAR by investing heavily in the real estate industry and by enabling Realtors® and property managers to deliver an unrivaled moving experience.”

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