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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

This tab manager uses AI to organize and focus your web browsing

(TECHNOLOGY) Tabby isn’t the first tab manager we’ve seen, but it is one of the cooler ones. Who wouldn’t want AI to help you organize web browsing?

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Logo for Tabby, a new AI-based tab manager

At one time or another, we have all been a tab hoarder. They start adding up when we are doing research, online shopping, and managing work projects. No matter what it is, we have all let tabs pile up like a stack of dirty dishes. However, several tab manager solutions can help clean up that clutter.

OneTab converts all your tabs into lists that you can later restore individually or all at once. TooManyTabs lets you preview the tabs so you can quickly find what you are looking for. Google Tabs lets you group and color code the tabs for better organization. And now Tabby, an AI-based browser assistant, manages the tabs automatically for you so you are more productive and focused.

“We built it to help everyone navigate on their browser without feeling additional fatigue due to an excess of tabs,” said Merlin Laffitte, one of Tabby’s makers. Because of more online meetings due to the pandemic, Laffitte said that he, along with his colleagues, found it difficult to focus because of the clutter created by the open tabs.

Being in a handful of online meetings myself, I know what he is talking about. Too many open tabs can be distracting and time-consuming. I have heard many people say, “I have the document pulled up.” Then, they can’t find it because it is lost among the ten, twenty, or thirty tabs they have open.

Tabby attempts to solve the pain of tab hoarding by removing unnecessary tabs without a user having to click on anything. In doing so, it makes the browser “focus-friendly.” The way the AI-based plugin works is that it takes into consideration these three main KPIs:

  • The time spent on the tab.
  • The last time you viewed the tab.
  • The frequency of viewing.

Based on these interactions, Tabby scores each tab by relevance, and makes its decision on which tab to close. Whenever a tab is removed from your browser view, Tabby will send you a notification. On the tool’s homepage, you can find the removed tabs and choose whether you would like to restore one. From there, you can also set your preferences to customize Tabby’s behavior. As you continue using it, Tabby will adapt to your habits and learn when to remove a tab when it is not being used.

Tabby is “meant to help you declutter your browser view by removing unnecessary tabs.” Currently, the product has a 5/5 review on Product Hunt, and users seem to like it. With only 25 reviews as of this writing, Tabby is still in its infancy. It’ll be interesting to see how well it does among other tab manager tools as it gains more users.

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Real Estate Technology

This law-tech tool helps tenants navigate eviction notices

(TECHNOLOGY) Law-tech tool Hello Landlord helps struggling tenants meet the eviction moratorium’s rules, but it’s greatest benefit may lie in communication.

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Man seated in trunk of car, head in hands as he considers eviction. New tools may help.

For tenants behind on rent during the pandemic, being shielded from eviction for nonpayment requires strictly following rules in the U.S. Centers for Disease Control’s eviction moratorium that began September 4 and runs through the end of 2020.

Now the makers of website Hello Landlord, which helps tenants give notices to their landlords, have updated their free tool to meet the CDC requirements.

At HelloLandlord.org, tenants submit their information and answer a series of questions, including their landlord’s name and how much money they owe. The site automatically generates a customized letter to the landlord that outlines the tenant’s circumstances and includes a promise to pay the back rent. Tenants also get a declaration document that follows the moratorium order.

In the declaration, tenants must swear they:

  • Earn no more than $99,000 annually (or $198,000 jointly).
  • Can’t pay their rent because of loss of work or extraordinary out-of-pocket medical expenses;
  • Have done their best to get available housing assistance;
  • Would become homeless or have to move into a home with many people, potentially spreading the COVID-19 virus;
  • Will try to make timely partial payments.

No documentation is required, and there are no official forms.

If renters don’t qualify for protection under the new order, the site will create a letter that asks the landlord for flexibility with making rent payments.

Relationships between landlords and renters often start going south because of communication issues. That’s something Hello Landlord’s letters might head off by helping tenants communicate effectively. The letters meet the legal requirements but also sound, well, human, despite being automated. The language is informal, even conciliatory. The tenant empathizes with the landlord – acknowledging that this time is financially hard on them, too – and pledges to work together.

Some sample language: “Although the CDC’s Order may prevent my eviction, I want you to know that I am willing to work with you moving forward during this challenging time.”

Hello Landlord debuted in 2019 and was originally created by SixFifty, a software subsidiary of technology law firm Wilson Sonsini Goodrich & Rosati. They collaborated with LawX, the legal design lab at Brigham Young University’s Law School, and the Innovation for Justice (i4J) Program at University of Arizona College of Law to research causes of and solutions to the eviction crisis.

A second tool, HelloLender.org, helps homeowners create letters to their mortgage lenders asking for accommodation in payments under the CARES Act stimulus program.

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Real Estate Technology

Beef up your security against COVID with this new environmental sensor suite

(TECH NEWS) This new security sensor can help protect your company from COVID-19 and monitor the overall health of your building.

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Office setting, with spaced employees for security against COVID.

Verkada, the cloud-based physical security company, is modernizing the world of enterprise building security by enabling customers to proactively respond to COVID-19 in the office.

In June, Verkada introduced its COVID-19 Response Suite. Part of the this release included People Heatmaps. This new feature allows organizations to “identify areas that are prone to overcrowding, and find ways to disperse traffic”. In other words, it helps ensure employees are practicing social-distancing.

This week, Verkada announced the release of its new environmental sensor product line, and its product, SV11. This all-in-one environmental sensor monitors changes that are happening in your physical space. The product is made from photochemically engineered stainless steel mesh that filters out large particles. The integrated sensors measure air quality, temperature, humidity, motion, and noise. Then, all the data is reported back to users for regular monitoring and analysis.

“The SV11 sensor is a cloud-based sensor that seamlessly integrates with the Verkada ecosystem of products,” said Jeff Chase, a product marketing manager for Verkada, in a recent video. “The SV11 can be used across all indoor environments and can meet the needs for a wide range of use cases, including simple remote monitoring of facilities.”

In the security system’s web-based command platform, users can see all the sensors, and can quickly scan real-time data for each location. Live footage and current readings are easy to view. Custom thresholds can be set for each sensor so a user can receive alerts as they happen. This is helpful so you can know when a server room is getting too warm, or when the TVOC (total volatile organic compounds) level is too high.

“Our customers are responsible for the systems that keep facilities online, and our mission is to give those administrators the best possible tools to do their jobs,” said Filip Kaliszan, CEO and co-founder of Verkada. “Whether it be monitoring the status of a server room, the temperature of a patient room in a hospital, or the air quality of a school, the SV11 gives facilities and staff unprecedented visibility and control over the sites they’re responsible for keeping safe and secure.”

With more companies bringing their workforce back into the office, Verkada’s security system can give them visibility on what’s going on at work. And with the valuable information rendered by the sensors, they can gain insights into what they can do to keep their employees safe.

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