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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

Your office could benefit from a more open floor plan

(TECHNOLOGY NEWS) Science proves that open floor plans are more conducive to office productivity, but will it work for everyone?

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open office

If you walk into a tech startup, nine times out of ten you’ll find an open seating/bull-pen style seating. Whereas traditional work environments are divided up into departments with individual offices and cubicles, open office floor plans put all employees in the same room. Studies have shown that cubicles don’t increase productivity. As a matter of fact, people are more productive when they are sitting close together, but can see each other.

Pros of openness

Some of the advantages of an open office floor plan are obvious. These kinds of offices are economical because you can fit more people and more desks in less space, and because it is more efficient to heat, cool, and light one large room than several small rooms.

Open office plans also facilitate communication between managers and their employees, and between departments.

Rather than taking the stairs or hiking down the hall to collaborate with another person, you can simply holler across the room.

Cons of openness

Unfortunately, all of that hollering can sometimes be pretty distracting. A University of Sydney study found that half of workers in open offices say that the most frustrating part of their workplace is the “lack of sound privacy.”

Open offices are not only noisy, but are also less secure, since everyone can overhear one another.

Employees may get peeved if they can’t concentrate because of all the noise around them, or can’t make a phone call without being overheard.

Dr. Who inspired solution

A startup called Framery Acoustics offers a solution.

They create soundproof phone booths and meeting pods designed to complement open office floor plans.

One of the founders, who previously worked in an open office, complained that his boss talked too loudly on his cellphone. His boss replied, “Well, get me a phone booth.” Thus, Framery Acoustics was born.

Simple solutions

Framery Acoustics is just one company that offers a product suited to appease open office dissenters. Framery Acoustics isn’t ready to give up on openness and neither should you. So, when it comes time to return to your office (if you haven’t already), look for ways to make your office more flexible. Whether it is by providing a quiet capsule for private meetings and phone calls or just having a designated section for meeting, the solution is out there.

Compromising allows you to reap the benefits of an open office plan, while still ensuring that you and your officemates have privacy and quiet when it is needed.

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Real Estate Technology

3D printed homes are now gaining traction outside of the US and China

(TECHNOLOGY) Other countries are now using 3d printing to build homes to underscore their infrastructure. This shows the viability of the technology!

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3D printing

Recently, we reported that Lennar was using 3D printing to build homes in Austin. In 2014, the BBC reported that China was printing up to 10 homes a day at the low cost of $5000 per home. This trend is making strides in the real estate market, even though there’s still a long way to go. In a move that should give the industry confidence in 3D printing, Indonesia’s Public Works and Public Housing (PUPR) Ministry announced that they are using concrete 3D printing to build homes in rural areas. Eventually, plans are in the works to construct schools.

Using 3D printing to build an infrastructure

Indonesia is the world’s fourth most populous country. As with most countries, housing expenses are climbing in both urban and rural areas. According to Habitat for Humanity, 11.3% of the population lives below the poverty line. For comparison, in September, the U.S. Census Bureau released information that the U.S poverty rate increased to 11.4%, one percentage point over the same time in 2020. Affordable housing is a problem in Indonesia.

“This technology really helps us, so we can build faster, more accurately, and with precision,’ explains Kusumastuti, Indonesia’s Director General of Human Settlements.” The PUPR reports that 3D printing reduces waste and improves construction quality. Considering that up to 70% of housing is built by individuals, not private developers or the government, using 3D printing under the PUPR Ministry is an upgrade in a country that deals with many types of economic disasters, due to its climate.

3D printing’s potential for real estate

As 3D printing is used in more construction projects, not only in the U.S. and China, it’s hoped that the real estate industry embraces the technology. Indonesia isn’t the only country that is trying out 3D printing. 14Trees constructed a school in Malawi using this method already, with the project taking around 18 hours. The company is undertaking more projects in Africa using this technology and more companies are building houses using 3D printing in the United States. It will be exciting to watch how this plays out in the various markets.

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Real Estate Technology

Why everyone and their mother own spy machines (aka smart speakers)

(REAL ESTATE TECHNOLOGY) Regardless of privacy issues with them, what does information about smart speakers, ownership, and usage tell us about future trends?

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smart speakers scare me

I don’t trust smart speakers, but even I can (begrudgingly) admit why they might be convenient. With just a simple wake word, I would be able to do anything from inquire about the weather or turn down my own music from across the room. And the thing is, plenty of people have bought into this sort of sales pitch. In fact, the worldwide revenue of smart speakers more than doubled between 2017 and 2018. And it’s projected that by 2022, the total revenue from smart speakers will reach almost $30 billion.

With over 25% of adults in the United States owning at least one smart speaker, it’s worth figuring out how we’re using this new tech…and how it could be used against us.

First things first: Despite the horror stories we hear about voice-command shopping – like when a pet parrot figured out how to make purchases on Alexa – people aren’t really using their smart speakers to buy things. In fact, in the list of top ten uses for a smart speaker, making a purchase is at the bottom.

Before you breathe a sigh of relief, though, it’s worth knowing where advertisements might crop up in more subtle places.

Sure, people aren’t using their smart speakers to make many purchases, but they’re still using the speakers for other things – primarily asking questions and getting updates on things like weather and traffic. And I get it, why scroll through the internet looking for an answer that Alexa might be able to pull up for you instantly?

That said, it also provides marketers with a great opportunity to advertise to you in a way that feels conversational. Imagine asking about a wait time for a popular restaurant. If the wait is too long, it creates the perfect opportunity for Alexa to suggest UberEats as an alternative (promotion paid for by UberEats, of course).

Don’t get me wrong, this is already happening when you search Google on your phone or computer. Search for a tire company, for instance, and the competitors are sure to appear in your results. But as more and more consumers start turning their attention to smart speakers, it’s worth being aware that they won’t be the only ones.

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